Anthony Macdonald

ASX listed corporate story of the month in my book.

Cochlear, bluest of blue chip Australian companies.

The Cochlear implant, Professor Graham Clark out of the University of Melbourne developed the Cochlear implant.

mimic the coding of sound.

That's in the late 70s.

They commercialized it, gone global out of Australia.

Super duper story.

One of the true global champions we've got in Australia.

Very, very mission-driven, purpose-led, great purpose, helping people with hearing loss.

Listed in 1995.

So not only was there a good idea that they commercialized, it's turned into a great Australian company.

Now for most of the part since 1995, it's grown revenue and earnings each year and

It's a good business.

Would have been thought to be one of the highest quality businesses on the ASX.

Problem is though, James, it's been stuck in a downgrade cycle since 2024.

So it's basically, it's not selling the volumes it could, should, or would, or has set itself up to do.

So it's gone from being a stellar performer into a serial disapointer as far as investors are concerned.

And the big daddy of the downgrades came this week when Cochlear said its business was

across the board, but particularly in the US, has really slowed.

Yep.