February 11, 2020 / 1:10 AM / 8 days ago

BRIEF-Cochlear Says Reduces FY20 Earnings Guidance Due To Coronavirus Impact In Greater China

Feb 11 (Reuters) - Cochlear Ltd:

* REDUCES EARNINGS GUIDANCE FOR FY20 DUE TO CORONAVIRUS IMPACT IN GREATER CHINA

* REDUCES EARNINGS GUIDANCE FOR FY20 FROM $290-300 MILLION TO $270-290 MILLION

* LOW END OF GUIDANCE FACTORS IN A SIGNIFICANT DECLINE IN SALES FOR GREATER CHINA FOR SECOND HALF

* CHINESE SUPPLIERS ARE EXPECTED TO RESUME PRODUCTION OF COMPONENTS AFTER LUNAR NEW YEAR SHUTDOWN

* HOSPITALS IN GREATER CHINA, HONG KONG & TAIWAN DEFERRING SURGERIES, INCLUDING COCHLEAR IMPLANTS, TO LIMIT RISK OF INFECTION FROM VIRUS

* DO NOT EXPECT DISRUPTION TO OUR ABILITY TO SUPPLY PRODUCTS TO CUSTOMERS AT THIS STAGE

* ASSUMES THERE WILL NOT BE ANY MATERIAL DISRUPTION TO SUPPLY CHAIN

* HAVE AT LEAST 3 MONTHS INVENTORY OF MOST COMPONENTS, AND FOR NOW DOES NOT EXPECT ANY DISRUPTION TO SUPPLY PRODUCTS TO CUSTOMERS

* NO ALLOWANCE HAS BEEN MADE FOR ANY IMPACT ON SALES OUTSIDE GREATER CHINA

* CORONAVIRUS WILL IMPACT NUMBER OF COCHLEAR IMPLANT SURGERIES IN GREATER CHINA Source text for Eikon: Further company coverage:

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