Cochlear warns of $30 million coronavirus profit hit

Australian hearing device manufacturer Cochlear Limited says it will take a profit hit of up to $30 million due to the coronoavirus outbreak in China.

The ASX-listed group on Tuesday morning cut its profit guidance for 2020 of $290 million to $300 million, to $270 million to $290 million.

Cochlear says surgeries are not taking place in China because of the coronavirus outbreak. Credit:Edwina Pickles

Cochlear said hospitals across China, Hong Kong and Taiwan were deferring surgeries, including operations to implant its hearing devices, to limit the risk of coronavirus infection.

“It has become clear that the coronavirus will impact the number of cochlear implant surgeries in Greater China, a top-five market for Cochlear,” Cohclear chief executive Dig Howitt said in a statement.


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