Cochlear (COH) CMD 2026 summary

Financial outlook and priorities

• FY27 guidance reaffirmed: low-single-digit constant-currency revenue growth and A$330–350m underlying net profit; July–October in line with expectations, with developed-market CI units up mid-single digits.

• Long-term ambition: 10% annual underlying net profit growth and an 18% net margin; 70% dividend payout and A$200m net cash target.

• FY26 revenue fell 1% and profit fell 22%; FY16–FY25 revenue CAGR was 8% and underlying net profit CAGR was 9%.

• FY27 growth expected across CI, upgrades and Acoustics; Nexa price increases largely landed early in FY26, so growth is expected to be volume-led.

Growth strategy and adult access

• Priorities: expand treatment access, shape the hearing implant category through innovation and transform care; technology and AI enable all three.

• Adult CI penetration is below 5% of the severe-to-profound segment, versus infant penetration above 80%; developed-market adult and senior growth averaged 9% over 10 years through 2025, then was flat last year.

• Medicalized pathways aim to make recognition, evidence-based referral, treatment and payer support more routine; Living Guidelines are adopted in 25+ countries.

• In the US, the professionally supported pathway grew 10% in FY26 and accounts for one-third of the patient journey; a 10-city referrer program aims to increase direct clinic referrals.

Technology and care model

• Nexa smart-implant features include memory, upgradeable firmware and diagnostics; real-world data showed users averaged 48 additional minutes of daily hearing versus non-Nexa users.

• Focused NRT predicted individual outcomes with 50% accuracy versus 12% for prior telemetry; early pilot data showed one-third of patients gained 2 dB in noise.

• Drug-eluting electrodes reduced average additional hearing loss from 20–25 dB to ~12 dB over 12 months; research continues toward clinical use.

• TIKI totally implantable technology targets external-processor-free hearing; pivotal studies have 92 patients enrolled or implanted and >1 million accumulated hours of experience; investigational and subject to approval.

• Connected care combines in-clinic, remote and self-managed services, targeting fewer appointments and less clinical time per adult recipient; FY26 R&D investment was A$323m, ~12% of sales.