Cochlear Limited announced its result of 1HFY23 ended 31 December 2022

Cochlear Limited (ASX: COH) announced its 1HFY23 results as follows:

• The company's balance sheet is strong, with net cash of AU$505 million and operational cash flows adequate to sustain investment and capital expenditure.
• For FY23 the company is expecting its underlying net profit to be in the range of AU$290 to AU$305 million, a 5-10% increase over FY22 underlying net profit and an 8-13% increase when cloud computing-related expenditures are included.
• It has determined an interim dividend of AU$1.55 per share aligned with previous year and signifying a pay-out of 72% of underlying net profit.
• The company will start a market share buyback program to reduce the cash balance to approx. AU$200 million over a number of years. Over the following 12 months, the company plans to buyback up to AU$75 million shares.

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