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Co CochlearⓇ Hear now . And always ASX Announcement 19 February 2021 Cochlear Limited Financial Results For the six months ended December 2020 Cochlear experienced improving momentum across the half as surgeries recovered following COVID shutdowns . The pace of recovery has varied across countries with strong growth recorded in the US , Japan , Korea and China , improving momentum in Western Europe and a slower recovery across most emerging markets . Statutory net profit of $ 236.2m benefited from a number of one - off gains . Underlying net profit¹ of $ 125.3m declined 6 % ( 4 % in constant currency² ) on last year's record – and COVID - free – first half result . Sales revenue declined 4 % ( 1 % in CC ) to $ 742.8m , with the first quarter down 8 % and the second quarter up 7 % ( in CC ) • - Cochlear implant units declined 8 % to 17,377 with developed markets up 5 % and emerging markets down around 30 % • Statutory net profit increased 50 % to $ 236.2m and includes $ 59.0m in patent litigation - related tax & other benefits , $ 34.7m in innovation fund gains and $ 17.2m in COVID government assistance ( after - tax ) Underlying net profit¹ declined 6 % to $ 125.3m ( 4 % in CC ) , driven by a solid recovery in sales revenue and lower operating expenses due to material COVID - related savings The dividend has been re - introduced as a result of improved trading conditions and cash flow generation with an interim dividend of $ 1.15 per share , a payout of 60 % of underlying net profit¹ FY21 underlying net profit guidance¹ of $ 225-245m factors in the continued recovery in surgery rates , albeit with some near - term impact from current COVID shutdowns , and a material impact to second half profits from the strengthening Australian dollar HY21 HY20 Change % Reported Change % cc² Cochlear implant units 17,377 18,894 8 % Sales revenue ( $ m ) 742.8 777.6 4 % 1 % Earnings before interest & tax ( EBIT - $ m ) ¹ 175.6 183.7 4 % 3 % Underlying net profit ( $ m ) ¹ 125.3 132.7 6 % 4 % % underlying net profit margin¹ 17 % 17 % One - off and non - recurring items after - tax ( $ m ) : Patent litigation - related tax & other benefits 59.0 Innovation fund gains³ 34.7 25.0 COVID government assistance 17.2 Statutory net profit ( $ m ) 236.2 157.7 ↑ 50 % 52 % Basic earnings per share Underlying earnings per share Interim dividend per share % payout ratio¹ $ 3.59 $ 2.73 ↑ 32 % $ 1.91 $ 2.30 17 % $ 1.15 $ 1.60 28 % 60 % 70 % ¹Excluding one - off and non - recurring items ( refer p10 ) . ²Constant currency ( CC ) removes the impact of foreign exchange ( FX ) rate movements to facilitate comparability of operational performance ( refer p11 ) ³Includes revaluation of investments and equity accounted losses . Page 1 of 11