UPDATE 1-Australia's Cochlear cuts outlook as coronavirus dents demand for implants [Reuters]
COCHLEAR PLC UNSP/ADR (CHEOY)
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Source: Reuters
UPDATE 1-Australia's Cochlear cuts outlook as coronavirus dents demand for implants (Adds background on the coronavirus and details) Feb 11 (Reuters) - Australia’s Cochlear Ltd cut its full-year underlying profit forecast on Tuesday, citing an anticipated drop in demand for its hearing implants as hospitals in China defer surgeries due to the coronavirus outbreak. Economic activity in parts of China, a key market for Cochlear, has ground to a halt as authorities look to stem the spread of the deadly coronavirus that has claimed the lives of more than 900 people. Hospitals from China to Hong Kong to Taiwan are pushing surgeries further down the line to curtail the spread of the virus, Cochlear said. The company’s underlying profit for fiscal 2020 is now expected between A$270 million and A$290 million ($180.50 million - $193.87 million), down from an earlier forecast of A$290 million and A$300 million. The lower end of the forecast range takes into account a “significant” drop in sales
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