Cochlear Limited (ASX: COH), a global leader in implantable hearing solutions, today announced its financial results for the half-year ended December 2025. Cochlear reached a key milestone with the launch of the Cochlear™ Nucleus® Nexa™ System in June 2025, the world’s first and only smart cochlear implant system with upgradeable firmware. The company designs, manufactures and supplies implantable hearing solutions globally.
Sales revenue saw a modest increase of 1% to $1,176 million, although it decreased by 2% in constant currency terms. Underlying net profit experienced a 9% decrease, settling at $195 million. However, the company has maintained its interim dividend at $2.15 per share, representing a 72% payout of underlying net profit. The first half result reflects the product registration and contract renewal process for the new system, which took longer than anticipated where price increases were sought, and which is now largely complete.
The company anticipates a robust second half, driven by the widespread availability of the Nucleus Nexa System, significant growth in services, and improved momentum in acoustics. Underlying net profit is expected to be at the lower end of the $435-460 million guidance range provided in August 2025, reflecting the longer than anticipated contracting process for the Nexa Implant System in the first half. Cochlear expects to deliver strong revenue growth in developed markets in the second half from market growth and the broad availability of the Nucleus Nexa implant.
Cochlear is targeting to assist over 60,000 people to hear with a cochlear or acoustic implant in FY26. The company’s guidance is based on foreign exchange rates of 66 cents AUD/USD and 56 cents AUD/EUR. If the Australian dollar remains at its current levels for the balance of FY26, underlying net profit would be expected to reduce by approximately $30 million. The ex-dividend date is 19 March 2026, with payment scheduled for 13 April 2026.
