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Bionic ear implant company Cochlear Limited (ASX:COH) has revealed that the voluntary recall of its Nucleus CI500 device will cost between $130 million and $150 million.
Last month Cochlear decided to recall the product following an increase in reported faults but did not at the time estimate the anticipated financial impact.
Coclear says the latest estimate includes a number of non-cash items. The after tax cash cost impact of the provision is expected to be in the range of $20 million and $30 million.
The final cost will be reported in Coclear’s first half results, for the six months to December 31, 2011.
The company also today said it will increase the first half dividend to $1.20 per share, with the view to maintaining the payout at this level.
In the 2011 financial year Cochlear posted a record full year net profit of $180.1 million, up 16 per cent from the year before.
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