Bell Potter

Cochlear implant (CI is 62% of total sales rev) sales revenue up 4% to $377.1m and implant units up 10% to 16234. | Services (sound processor upgrades and accessories is 24% of total sales reve) sales revenue down 1% to $144.8m. | Acoustic (Bone conduction and acoustic implants is 14% of total sales rev) up 13% to $82.5m | Net operating cash flow up 39% to $102.3m | Outlook: FY17 net profit guidance maintained at $210-225m, up around 10-20% on FY16. Our FY17 NPAT estimate stands at $223m, in-line with Consensus | Today’s share price reaction: na- market opens 10.00 am (previous close $133.40).


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