SYDNEY, June 30, 2026, 07:04 AEST
- Cochlear Limited ASX:COH ended Monday up 2.58% at A$121.08. The S&P/ASX 200 (INDEXASX:XJO) added 0.68% to close at 8,823.40.
- The stock has nearly returned to where it stood at the end of June 2016, after dropping roughly 59.7% since the June 2025 financial year close.
- Cochlear lowered its FY26 underlying net profit guidance to A$290 million-A$330 million after the April profit reset. The previous range was A$435 million-A$460 million.
- The ASX cash market sat in pre-open at the dateline, with regular trading set to kick off at 09:59:45 Sydney time.
Cochlear Limited ASX:COH wraps up the final ASX session of FY26 almost flat compared to FY16, even after ten years of sales gains and product launches. The hearing-implant group’s shares ended Monday at A$121.08, just 17 cents under MarketIndex’s close from June 30, 2016 at A$121.25. Shares remain well off the A$300.42 level seen at the end of FY25.
With 65,398,917 shares outstanding, the slump from A$300.42 down to A$121.08 has cut around A$11.7 billion off the company’s equity value on a price-only basis. The company’s market cap is now about A$7.9 billion, less than what the stock has lost since last June.
| Cochlear price marker | Level | Read-through |
|---|---|---|
| Monday close | A$121.08, up 2.58% | Stock bounced, still way below its usual levels |
| Versus FY25 close | -59.7% | Down since A$300.42 on a price basis |
| Versus FY16 close | -0.1% | Nearly flat after ten years |
| Versus 52-week high | -62.1% | Off the A$319.56 peak |
| Versus 52-week low | +36.4% | Up from A$88.74 low |
The stock hasn’t kept up with the broader healthcare rally. MarketIndex put the S&P/ASX 200 Healthcare Index up 16.6% since June 3, now trading above its 50-day moving average for the first time since last August. As of 11:36 a.m. Monday, Cochlear was still down 54.5% for the year and 60.3% since last year—worse than bigger healthcare names in the same snapshot.
| Healthcare stock | Monday sector snapshot move | YTD | One year |
|---|---|---|---|
| Cochlear ASX:COH | added 0.7% | down 54.5% | fell 60.3% |
| CSL Limited ASX:CSL | up 0.7% | off 33.3% | down 51.5% |
| Pro Medicus Limited ASX:PME | gained 2.5% | dropped 12.2% | lower by 30.8% |
| Ramsay Health Care ASX:RHC | rose 2.0% | up 27.7% | gained 22.4% |
| ResMed Inc. (ASX:RMD) | up 1.6% | fell 18.6% | down 25.4% |
Cochlear slashed its FY26 underlying profit outlook back in April to A$290 million–A$330 million. The downgrade followed weaker implant business in developed markets, Middle East delivery and receivables risk, squeezed gross margin, higher restructuring costs, and a stronger Australian dollar. The midpoint is now around 31% lower than the earlier A$435 million–A$460 million forecast.
Cochlear put numbers against the headwinds. The company warned of a possible A$10 million hit to net profit from Middle East receivables, around A$20 million from softer overhead recoveries, and A$18 million-A$25 million tied to reshaping the cost base. Foreign exchange could cost about A$25 million after tax. For the second half, sales growth is forecast at 2%-6% in constant currency.
CEO and President Dig Howitt said hearing loss in adults and seniors is still largely viewed as a “discretionary intervention”. Howitt said Cochlear has seen “strong adoption” for its Nucleus Nexa system and rising market share. The April update showed services as a clean contributor, with third-quarter revenue up 13% in constant currency. Acoustics revenue rose 11%.
Morningstar Australasia’s Lochlan Halloway said June 5 that Cochlear controls around 60% of the global implant market and gets 80% of its revenue from developed markets. Halloway left his A$110 fair value unchanged, calling the stock “slightly undervalued” because he’s “more optimistic than the market” on demand holding up. Cochlear last closed about 10% above that fair value. Morningstar
Analyst price targets are now right around the stock’s latest levels. According to Investing.com, the average 12-month target is A$126.92 from 16 analysts, which is just 4.82% higher than the close on Monday. The split: seven analysts rate it a buy, eight a hold, one a sell. If Cochlear finishes Tuesday below A$121.25, it would exactly match its position from a decade ago on a financial-year close. Staying above that mark means shares are still down roughly 60% from last year’s close.
