UPDATE 1-Australia's Cochlear H1 profit up 17 pct

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SYDNEY, Feb 12 (Reuters) - Australia's Cochlear Ltd (COH.AX: Quote, Profile, Research), the world's top maker of hearing implants, reported a 17 percent rise in first-half profit on Tuesday, a touch below analysts' forecasts and sending its shares lower.

The company reaffirmed its full-year guidance for core earnings growth of around 15 to 20 percent, subject to moves in the Australian dollar.

Net profit after tax rose to A$57.1 million ($51.4 million) for the six months to Dec. 31, from A$48.8 million a year earlier, slightly below the average analyst forecast for reported net profit of around A$60 million, according to Reuters Estimates.

Cochlear's shares opened 6.5 percent lower, but recovered a little to trade down 5 percent at A$61.75 by 2316 GMT.

The copmany also said it may receive a warning letter from the United States Food and Drug Administration (FDA) relating to one of its operations in Gothenburg, Sweden, following the FDA's first inspection in May 2007.

Cochlear said it would work swiftly with the FDA to resolve any issues.

Cochlear, with a strong growth profile, is liked by analysts as a defensive stock amid current global economic uncertainty. The company has around 70 percent of the global implant market.

Its earnings have been driven by strong sales and by a trend towards implants in both ears.