Cochlear (ASX:COH) has announced their FY24 underlying net profit guidance to be within the range of A$355 million to A$375 million, highlighting optimism in their financial performance.

The company said that the trading conditions for cochlear implants have been consistently strong in most markets, which paves the way for further business growth.

In the FY24, Cochlear projects high single-digit growth in their cochlear implant units, driven by robust market growth rates.

The company’s services division is also predicted to showcase strong performance, with increasing demand for upgrades to the Nucleus 8 sound processor.

A considerable investment in cloud computing, expected to be around A$34 million, is also on the cards for FY24.

As Cochlear moves forward from the impact of COVID-19, it expects its FY23 market share gains to solidify, and foresees fewer backlog surgeries related to the pandemic.

The company also remains committed to its dividend policy, aiming for a 70% payout of the underlying net profit for FY24.

Expected capital expenditure is set to be between A$70-90 million for FY24.

Cochlear is a global leader in implantable hearing solutions, enhancing the quality of life for individuals who are hearing impaired.