Announcement • Feb 13
Cochlear Limited Announces an Interim Franked Ordinary Dividend for the Six Months Ended December 31, 2025, Payable on 13 April 2026 Cochlear Limited announced an interim franked ordinary dividend of AUD 2.15 per share has been determined for the six months ended December 31, 2025, in line with last year and representing a payout of 72% of underlying net profit. The interim dividend is franked at 85%. The ex-dividend date is 19 March 2026. The record date for calculating dividend entitlements is 20 March 2026 with the interim dividend expected to be paid on 13 April 2026. The ex-date is March 19, 2026, and the record date is March 20, 2026. Announcement • Jan 08
Cochlear Announces Availability of Nucleus Nexa System to Us Military Veterans Cochlear announced that the Nucleus®? Nexa®? System is now available to eligible US military veterans at VA clinics nationwide. This milestone ensures that veterans with hearing loss have access to Cochlear's most innovative hearing technologies, designed to deliver smarter, more connected hearing experiences. The Nucleus Nexa System is the world's first smart cochlear implant system. The features include upgradeable firmware, internal memory, and with the Power Compact rechargeable battery, is the smallest and lightest sound processor with all day battery life on the market. Paired with the Nucleus 8 Nexa or Kanso®? 3 Nexa sound processors, the system offers intelligent performance that adjusts in real time to changing environments, helping users hear with clarity and comfort. Announcement • Sep 22
Cochlear Limited Announces Franked Ordinary Dividend for the Six Months Ended June 30, 2025, Payable on October 13, 2025 Cochlear Limited announced franked ordinary dividend of AUD 2.15000000 per share for the six months ended June 30, 2025, payable on October 13, 2025. Record Date is September 19, 2025. Ex Date is September 18, 2025. Announcement • Aug 12
Cochlear Limited, Annual General Meeting, Oct 23, 2025 Cochlear Limited, Annual General Meeting, Oct 23, 2025. Location: hybrid meeting, Australia Announcement • Jul 08
Cochlear Limited Launches Smart Cochlear Implant System Cochlear Limited announced the U.S Food and Drug Administration (FDA) approval of the Cochlear™? Nucleus®? Nexa™? System - the world's first and only smart cochlear implant system. Until now, recipients of cochlear implants have been limited to accessing new technology through the external part of their cochlear implant system - the sound processor - and have typically needed a new sound processor to fully experience the benefits of new technology. The new smart Nexa System has upgradeable implant firmware, which for the first time will enable Cochlear recipients to access future innovation through both their implant and sound processor. Recipients will now have access to their best possible hearing experience with both implant and sound processor updates. The Nucleus Nexa System builds upon Cochlear's portfolio of electrodes, which are designed to optimize the electrode-neural interface and protect cochlear health for a lifetime of hearing performance and opens the door to even greater hearing potential for patients into the future. Announcement • Jun 03
Cochlear Limited Introduces the Baha®? 7 Sound Processor and Baha SoundBand Cochlear Limited announced the commercial release of the new Cochlear™? Baha®? 7 Sound Processor and the new non-surgical Baha SoundBand™. Cochlear's bone conduction hearing solutions are designed to improve hearing outcomes for children and adults with conductive hearing loss, mixed hearing loss and single-sided deafness (SSD). The Baha 7 Sound Processor builds upon the same great hearing performance of its predecessor while advancing Cochlear's connectivity. The Baha 7 Sound Processor boasts a 55 db HL fitting range in a small form factor, offering powerful hearing without compromising on discretion. With new Bluetooth LE Audio and Auracast broadcast audio compatibility, the Baha 7 Sound Processor leads the hearing implant industry in streaming technology. As more venues adopt Auracast technology, Baha 7 Sound Processor recipients can access audio streams in places like theaters, concert halls, lecture halls and airports, through an LE Audio-enabled smartphone. The Baha 7 Sound processor is also able to stream directly from any compatible Apple® and Android™ device, as well as a range of wireless accessories. non-surgical Baha Start portfolio now includes the Baha 7 Sound Processor and the new Baha SoundBand. Baha Start is designed to help babies and young children experience the fullness of clear, rich and natural sound as early as possible. Early access to sound is critical to helping children learn and develop on par with their hearing peers. The new SoundBand features a slimmer band with improved adjustability, a lower profile, moveable connector discs and more color options to help young children be as comfortable and confident as possible. The Baha Smart App®? and Baha Fitting Software 7 also have new features aimed to help parents and clinicians treat children for the best possible hearing outcomes. The Baha 7 sound Processor and Baha SoundBand will be available in the United States in late summer 2025. Announcement • Feb 15
Cochlear Limited Announces Ordinary Dividend for the Period of Six Months Ended December 31, 2024, Payable on April 14, 2025 Cochlear Limited announced ordinary dividend of AUD 2.15000000 per security for the period of six months ended December 31, 2024. Record date: March 21, 2025. Ex-date: March 20, 2025. Payment date: April 14, 2025. Buy Or Sell Opportunity • Nov 12
Now 20% overvalued Over the last 90 days, the stock has fallen 10% to €185. The fair value is estimated to be €154, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 7.9%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Upcoming Dividend • Sep 10
Upcoming dividend of AU$2.10 per share Eligible shareholders must have bought the stock before 17 September 2024. Payment date: 10 October 2024. Payout ratio and cash payout ratio are on the higher end at 75% and 82% respectively. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (1.9%). Declared Dividend • Aug 18
Final dividend of AU$2.10 announced Shareholders will receive a dividend of AU$2.10. Ex-date: 17th September 2024 Payment date: 10th October 2024 Dividend yield will be 1.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 15
Cochlear Limited (ASX:COH) announces an Equity Buyback for AUD 75 million worth of its shares. Cochlear Limited (ASX:COH) announces a share repurchase program. Under the program, the company will repurchase up to AUD 75 million worth of its ordinary shares. The program will expire on August 28, 2025. As of August 15, 2024, the company has 65,494,231 shares in issue. Reported Earnings • Aug 15
Full year 2024 earnings released: EPS: AU$5.45 (vs AU$4.57 in FY 2023) Full year 2024 results: EPS: AU$5.45 (up from AU$4.57 in FY 2023). Revenue: AU$2.24b (up 16% from FY 2023). Net income: AU$356.8m (up 19% from FY 2023). Profit margin: 16% (in line with FY 2023). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Announcement • Jul 30
Cochlear Limited Appoints Caroline Clarke as Non-Executive Director, Effective from 2 September 2024 Cochlear Limited (Cochlear) announced the appointment of Caroline Clarke to the Cochlear Board. Ms. Clarke's appointment as a Non-Executive Director will become effective on 2 September 2024. Ms. Clarke has more than 30 years of commercial experience, including 20 years of executive leadership roles at medical devices, medical equipment and healthcare services businesses in large global companies. Ms. Clarke was most recently CEO and Executive Vice President ASEAN Pacific for Philips, responsible for the overall strategy, business and management of the Health Systems and Consumer Personal Health businesses in 14 countries across the region. Caroline is an impressive, people-oriented business leader, driven by making a meaningful impact by improving lives and has demonstrable experience in partnering with leading healthcare institutions to deliver new solutions. Her rounded experience and skills will be invaluable to Cochlear and serve to further enhance the expertise of the Board. Ms. Clarke will become a member of the People and Culture Committee, the Product & Services Innovation Committee and the Nomination Committee. Ms. Clarke holds a bachelor's degree in Business Studies, is a graduate of the Harvard Business School's Advanced Management Program and the Australian Institute of Company Directors, and resides in Sydney, Australia. Announcement • Jul 26
Cochlear Limited Announces Executive Changes Cochlear Limited announced a number of changes to the executive team. Richard Brook will be stepping down as President, Europe and Middle East and Africa (EMEA) at the end of December 2024 after more than 20 years in the role. Richard has overseen a period of substantial growth for EMEA, with an eight-fold increase in revenue during that time. Anthony Bishop, current President, Asia Pacific & Latin America, will be appointed President, EMEA from 1 January 2025. Anthony was appointed President, Asia Pacific in July 2016 and took on responsibility for Latin America in June 2021. He has been responsible for the development and execution of the strategic direction for all its operations in Australia, Asia, the South Pacific and Latin America. Prior to Cochlear, Anthony spent 21 years at Johnson & Johnson Medical in various roles, including marketing, sales and general management around the world, including Managing Director, Johnson & Johnson Medical, Australia/New Zealand. Stu Sayers, current Chief Financial Officer, will be appointed President, Asia Pacific & Latin America from 1 January 2025. Stu was appointed as Chief Financial Officer in February 2021 and was previously President, Services since joining Cochlear in July 2016. Prior to Cochlear, Stu led Amazon's subsidiary Audible in Asia Pacific, as well as E*TRADE and Yahoo!7 in Australia and New Zealand. He previously held senior roles with ANZ and McKinsey. Announcement • Apr 23
Cochlear Limited Announces Company Secretary Changes Cochlear Limited announced the appointment of Ms Kristy Jo and Mr. Rob McGrory each as Company Secretary, effective 22 April 2024. These appointments follow the disclosure at the 2023 Annual General Meeting of the pending retirement of Mr. Ray Jarman as Company Secretary, which is effective 22 April 2024. Ms Jo is now the person responsible for communications with the ASX under Listing Rule 12.6. Announcement • Apr 20
Cochlear Limited Receives Fda Clearance to Lower the Age for the Osia System to 5-Year-Old Cochlear Limited obtained U.S. Food and Drug Administration (FDA) clearance to lower the age of the Cochlear™? Osia System from 12 years-old to 5-years-old for children with conductive hearing loss, mixed hearing loss and single-sided sensorineural deafness (SSD). The Osia System is a new category of bone conduction hearing solutions that uses digital piezoelectric stimulation to bypass damaged areas of the natural hearing system to send sound vibrations directly to the innerear (cochlea). It is the first and only active bone conduction system that allows patients to undergo MRI scans at both 1.5 T and 3.0 T without the need for surgery. Now children as young as 5 will be able to have full access to the Osia System's unique technology that is optimized to deliver high power and clarity, especially in high-frequency sounds, which are important for hearing what others are saying. Adrian was diagnosed with hearing loss at age 4 and started with the Baha® Sound Processor with a Baha Softband before transitioning to the Osia System at age 6. The Osia System has been shown to provide clinically significant improvements in high frequency hearing for children. Upcoming Dividend • Mar 14
Upcoming dividend of AU$2.00 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (1.6%). Reported Earnings • Feb 19
First half 2024 earnings released: EPS: AU$2.92 (vs AU$2.15 in 1H 2023) First half 2024 results: EPS: AU$2.92 (up from AU$2.15 in 1H 2023). Revenue: AU$1.10b (up 24% from 1H 2023). Net income: AU$191.4m (up 35% from 1H 2023). Profit margin: 17% (up from 16% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 11
Upcoming dividend of AU$1.75 per share at 1.2% yield Eligible shareholders must have bought the stock before 18 September 2023. Payment date: 11 October 2023. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (2.0%). Announcement • Aug 19
Cochlear Limited Introduces Next Generation Cochlear Osia System with Ability to Have MRI at 3.0 T Cochlear Limited introduced its next generation Cochlear™ Osia® System with the ability to have an MRI at 3.0 T, designed to improve hearing outcomes for people with conductive hearing loss, mixed hearing loss and single-sided sensorineural deafness (SSD). The new Osia System offers the proven benefits as the current version: excellent hearing outcomes, ease of use, discreetness and reliability. With the introduction of the OSI300 Implant, it is the first and only active bone conduction system that allows patients to undergo MRI scans at both 1.5 T and 3.0 T without the need for surgery. This new patient benefit is made possible by combining the unique properties of the Osia System's Piezo Power™ transducer, which does not contain magnetic material, and the next generation in implant magnet technology. The OSI300 Implant is specifically designed to support access to MRI with no performance degradation after MRI exposure, as there is nothing to be demagnetized as in an electromagnetic transducer. Unlike an axial magnet, which is found in most bone conduction implants and is unsuitable for a patient undergoing an MRI examination at 3.0 T, the OSI300 uses a diametric magnet that sits within a casing and rotates to align with the magnetic field of the MRI machine. The next generation of the Osia System will be available in clinics across the United States this fall and is currently being reviewed by Health Canada. Availability in other countries is subject to regulatory approvals. Announcement • Aug 15
Cochlear Limited to Report Fiscal Year 2024 Results on Aug 15, 2024 Cochlear Limited announced that they will report fiscal year 2024 results on Aug 15, 2024 Reported Earnings • Aug 15
Full year 2023 earnings released: EPS: AU$4.57 (vs AU$4.40 in FY 2022) Full year 2023 results: EPS: AU$4.57 (up from AU$4.40 in FY 2022). Revenue: AU$1.94b (up 18% from FY 2022). Net income: AU$300.6m (up 4.0% from FY 2022). Profit margin: 16% (down from 18% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jul 18
Cochlear Limited Announces Andrew Denver, Non-Executive Director Intention to Retire At AGM to Be Held on 17 October 2023 Cochlear Limited announced that Non-executive Director Andrew Denver has advised his intention to retire from the Cochlear Board at the end of the next annual general meeting which will be held on 17 October 2023. Mr. Andrew Denver joined the Cochlear Board on 1 February 2007 and has served as a member of the Audit and Risk, Medical Science, Nomination and Product & Services Innovation Committees. Upcoming Dividend • Mar 14
Upcoming dividend of AU$1.55 per share at 1.3% yield Eligible shareholders must have bought the stock before 21 March 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 68% and the cash payout ratio is 76%. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (1.7%). Announcement • Nov 16
Cochlear Limited, Annual General Meeting, Oct 17, 2023 Cochlear Limited, Annual General Meeting, Oct 17, 2023. Recent Insider Transactions • Nov 01
Key Executive recently bought €63k worth of stock On the 26th of October, Catriona Deans bought around 500 shares on-market at roughly €126 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Catriona's only on-market trade for the last 12 months. Upcoming Dividend • Sep 15
Upcoming dividend of AU$1.45 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 17 October 2022. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (1.6%). Reported Earnings • Aug 20
Full year 2022 earnings released: EPS: AU$4.40 (vs AU$4.93 in FY 2021) Full year 2022 results: EPS: AU$4.40 (down from AU$4.93 in FY 2021). Revenue: AU$1.65b (up 10% from FY 2021). Net income: AU$289.1m (down 11% from FY 2021). Profit margin: 18% (down from 22% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 11%, compared to a 7.6% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of AU$1.55 per share Eligible shareholders must have bought the stock before 28 March 2022. Payment date: 21 April 2022. Payout ratio is a comfortable 75% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (3.6%). Higher than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improved over the past week After last week's 15% share price gain to €139, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 33x in the Medical Equipment industry in Germany. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €129 per share. Reported Earnings • Feb 24
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: AU$2.57 (down from AU$3.59 in 1H 2021). Revenue: AU$820.7m (up 10% from 1H 2021). Net income: AU$169.3m (down 28% from 1H 2021). Profit margin: 21% (down from 32% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.5%. Over the next year, revenue is forecast to grow 10%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 16
Upcoming dividend of AU$1.40 per share Eligible shareholders must have bought the stock before 23 September 2021. Payment date: 18 October 2021. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (0.8%). Recent Insider Transactions • Aug 28
Independent Non-Executive Director recently bought €58k worth of stock On the 25th of August, Christine McLoughlin bought around 400 shares on-market at roughly €145 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €172k more in shares than they have sold in the last 12 months. Executive Departure • Aug 24
Independent Chairman Roderic Holliday-Smith has left the company On the 20th of August, Roderic Holliday-Smith's tenure as Independent Chairman ended after 16.5 years in the role. We don't have any record of a personal shareholding under Roderic's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 4.83 years. Executive Departure • Aug 24
Independent Chairman Roderic Holliday-Smith has left the company On the 20th of August, Roderic Holliday-Smith's tenure as Independent Chairman ended after 16.5 years in the role. We don't have any record of a personal shareholding under Roderic's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 4.83 years. Reported Earnings • Aug 22
Full year 2021 earnings released: EPS AU$4.97 (vs AU$4.00 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$1.50b (up 13% from FY 2020). Net income: AU$326.5m (up AU$564.8m from FY 2020). Profit margin: 22% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Executive Departure • Jul 20
Non-Executive Independent Director Abbas Hussain has left the company On the 20th of July, Abbas Hussain's tenure as Non-Executive Independent Director ended after 2.6 years in the role. As of March 2021, Abbas still personally held 1.27k shares (€134k worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 4.75 years. Upcoming Dividend • Mar 18
Upcoming Dividend of AU$1.15 Per Share Will be paid on the 20th of April to those who are registered shareholders by the 25th of March. The trailing yield of 1.1% is below the top quartile of German dividend payers (3.3%), but is in line with industry peers (1.1%). Recent Insider Transactions • Mar 02
Independent Non-Executive Director recently bought €104k worth of stock On the 26th of February, Catriona Deans bought around 786 shares on-market at roughly €133 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €246k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Feb 23
New 90-day high: €143 The company is up 4.0% from its price of €138 on 25 November 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €126 per share. Reported Earnings • Feb 21
First half 2021 earnings released: EPS AU$3.59 (vs AU$2.73 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: AU$743.2m (down 1.7% from 1H 2020). Net income: AU$236.2m (up 50% from 1H 2020). Profit margin: 32% (up from 21% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 65% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue beats expectations Revenue exceeded analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 23%, compared to a 15% growth forecast for the Medical Equipment industry in Germany. Is New 90 Day High Low • Jan 06
New 90-day low: €119 The company is down 6.0% from its price of €126 on 08 October 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €120 per share. Is New 90 Day High Low • Nov 19
New 90-day high: €147 The company is up 18% from its price of €125 on 21 August 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €101 per share. 
