Opinion: Like everyone else companies don’t know how long the damage tail will be even after the virus is contained
Tuesday’s profit downgrade by Cochlear represents the second-wave impact for Australian companies in response to the coronavirus crisis. There will doubtless be more before this episode turns the corner.
Like everyone else they don’t know how long the damage tail will be even after the coronavirus is contained.Cochlear is an interesting case. Demand for its product from Chinese patients has been hit hard because there is an understandable reluctance for people to expose themselves to the risk of infection associated with having surgery.
Vitamin maker Blackmores, which is scheduled to provide an update to profit guidance on Wednesday morning, sits fairly neatly in the second wave of affected companies. The coronavirus outbreak has caused Chinese hospitals to put off elective surgery, including surgery using Cochlear's hearing implants.Plenty of other Australian companies that export to China are already seeing their share prices drop in anticipation of falling demand.
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