CooperCompanies Announces First Quarter 2021 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., March 04, 2021 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for its fiscal first quarter ended January 31, 2021. Revenue increased 5% year-over-year to $680.5 million. CooperVision (CVI) revenue up 4% to $507.0 million, and CooperSurgical (CSI) revenue up 8% to $173.5 million.GAAP diluted earnings per share $42.31, up $40.49 from last year's first quarter.Non-GAAP diluted earnings per share $3.17, up $0.48 or 18% from last year's first quarter. See \"Reconciliation of Selected GAAP Results to Non-GAAP Results\" below. Commenting on the results, Al White, Cooper's President and CEO said, \"We've started the year on a positive note, and we're excited about our momentum. Both our businesses performed well, delivering strong operational performance with robust earnings and cash flow. With improved visibility, we are initiating fiscal 2021 guidance and are enthusiastic about our prospects for the remainder of the year, and into the future.\" First Quarter Operating Results Revenue of $680.5 million, up 5% from last year’s first quarter, up 3% in constant currency.Gross margin of 66% compared with 66% in last year’s first quarter. On a non-GAAP basis, gross margin was 68%, up from 67% last year driven by favorable product mix at CooperSurgical and currency.Operating margin of 20% compared with 17% in last year’s first quarter. On a non-GAAP basis, operating margin was 27%, up from 25% last year driven by higher revenue and gross margin.Interest expense of $6.4 million compared with $11.6 million in last year's first quarter driven by lower interest rates and lower average debt.Net debt outstanding at quarter end was $1,695.5 million (total debt of $1,814.6 million less quarter-end cash and cash equivalents of $119.1 million). Adjusted leverage ratio (net debt over adjusted EBITDA) of 2.1x.Cash provided by operations of $147.7 million offset by capital expenditures of $55.9 million resulted in free cash flow of $91.8 million. First Quarter CooperVision (CVI) Operating Results Revenue of $507.0 million, up 4% from last year’s first quarter, up 1% in constant currency.Revenue by category: Constant Currency (In millions) % of CVI Revenue %chg %chg 1Q21 1Q21 y/y y/y Toric$162.3 32% 5% 2% Multifocal57.7 11% 11% 7% Single-use sphere146.0 29% 6% 2% Non single-use sphere, other141.0 28% 1...

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