Cochlear chief executive Dig Howitt said the market got ahead of itself in positioning for a higher 2023-24 result than the company delivered, and the hearing implant giant’s forecast for 10 per cent annual revenue growth was sufficiently transparent.

Shares in the $22 billion Sydney-based company fell 9 per cent on Thursday after the rare earnings disappointment, taking back most of the gains made when Cochlear upgraded forecasts in February.