CooperCompanies Announces First Quarter 2020 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., March 05, 2020 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for the fiscal first quarter ended January 31, 2020.\n Revenue increased 3% year-over-year to $646.2 million. CooperVision (CVI) revenue up 3% to $485.2 million, and CooperSurgical (CSI) revenue up 2% to $161.0 million.GAAP diluted earnings per share $1.82, down 25 cents or 12% from last year's first quarter.Non-GAAP diluted earnings per share $2.69, down 19 cents or 7% from last year's first quarter. See \"Reconciliation of GAAP Results to Non-GAAP Results\" below. Commenting on the results, Albert White, Cooper’s president and chief executive officer said, \"CooperCompanies is off to a strong start to fiscal 2020 as we continue successfully implementing our strategic objectives. The first quarter saw strength in our 1-day silicone hydrogel lens franchises, our MyDay® production improving and the beginning of our MiSight® launch in the U.S. We believe we are well positioned to build on our growth as we move through the year even with the challenges presented from the coronavirus.\" First Quarter Operating Results Revenue $646.2 million, up 3% from last year’s first quarter, up 3% in constant currency.Gross margin 66% compared with 67% in last year’s first quarter. On a non-GAAP basis, gross margin was 67% consistent with 67% last year.Operating margin 17% compared with 18% in last year’s first quarter. On a non-GAAP basis, operating margin was 25% compared with 26% last year.Interest expense $11.6 million compared with $18.2 million in last year's first quarter due to lower average debt balances and interest rates.Total debt outstanding at the end of the quarter was $1,776.7 million with quarter-end cash and cash equivalents of $76.8 million. Adjusted leverage ratio (net debt over adjusted EBITDA) of 1.82x.Cash provided by operations $129.7 million offset by capital expenditures $69.0 million resulted in free cash flow of $60.7 million. First Quarter CooperVision (CVI) Operating Results Revenue $485.2 million, up 3% from last year’s first quarter, up 4% in constant currency.Revenue by category: (In millions) % of CVI Revenue %chg Constant Currency%chg 1Q20 1Q20 y/y y/y Toric$155.1 32% 6% 7% Multifocal51.8 11% 6% 6% Single-use sphere138.1 28% 5% 5% Non single-use sphere, other140.2 29% (2)% (1)% Total$485.2 100% 3%...

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