Cochlear Plc Ord (CHEOF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr Dick Howitt, CEO and President. Please go ahead. Thank you all for joining and good morning and good to have you with us. We'll get underway. I will present and then stew and then open up for questions after that. So let's get started. And we always like to start with our mission. It not only reminds us of what we're doing and why we're doing, but it's actually at a higher level is a guide to our strategy, looking at the need to raise awareness and change how hearing loss is treated and ensuring that we continue to innovate and support our customers throughout their lifetimes. Okay, so let's jump into the results. Obviously, it was a good first half result, particularly driven by the strength of cochlear implant units. They were obviously higher than we expected with 14%. Growth and services grew strongly as we expected close to the launch of Nucleus 8. I think underlying the result is further indications that our long-term strategy of raising awareness And getting increasing referrals, particularly for older people, is having some impact. We continue to want to see this impact run for longer. But again, in this result, there are some indicators that that strategy is having an impact on overall industry growth. Essentially, it's a strong top line that carried through to our net profit, up 35% in reported terms to $192 million. obviously a little bit lower growth in constant currency. And importantly, our pre-cloud margin at 18%, which is in line with our long-term goal, and 17% once we...