Cochlear implant unit sales declined by around 80 per cent across developed markets, with most elective surgeries postponed across the United States and Western Europe, as hospitals prioritise their Covid-19 responses.
Elective surgeries have continued in South Korea and, until recently, Japan. Surgeries in China recommenced in late February and recovered quickly, they are now approaching pre-covid run rates.
Cochlear’s liquidity position has been strengthened through its $1.1 billion raising and $225 million increase in debt facilities. However the business is currently cash flow negative, and expects this will continue in the coming months.
Shares in Cochlear (ASX:COH) are trading 1.69 per cent higher at $184.72.