CooperCompanies Announces First Quarter 2022 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., March 03, 2022 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for its first quarter of fiscal year 2022, which ended January 31, 2022. Revenue increased 16% year-over-year to $787.2 million. CooperVision (CVI) revenue up 11% to $561.5 million, and CooperSurgical (CSI) revenue up 30% to $225.7 million.GAAP diluted earnings per share $1.91, from $42.31 in last year's first quarter due to a significant deferred tax benefit recorded in the prior year period.Non-GAAP diluted earnings per share $3.24, up $0.07 or 2% 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, \"Cooper reported a strong start to fiscal 2022 with CooperVision gaining share led by daily silicone hydrogel and myopia management products, and CooperSurgical posting solid growth driven by fertility. We remain focused on executing on our long-term strategic initiatives along with integrating our Generate Life Sciences acquisition, and closing our pending Cook Medical reproductive health acquisition.\" First Quarter Operating Results Revenue of $787.2 million, up 16% from last year’s first quarter, up 19% in constant currency, up 13% organically.Gross margin of 66% compared with 66% in last year’s first quarter. On a non-GAAP basis, gross margin was 67%, down from 68% last year driven primarily by currency.Operating margin of 17% compared with 20% in last year’s first quarter. On a non-GAAP basis, operating margin was 25%, down from 27% last year driven primarily by currency and higher investing.Interest expense of $6.6 million compared with $6.4 million in last year's first quarter driven by higher average debt levels, partially offset by lower interest rates.Net debt outstanding at quarter end was $2,981.5 million (total debt excluding unamortized debt issuance costs less cash and cash equivalents) up $1,598.1 million from last quarter driven primarily by the acquisition of Generate Life Sciences. Adjusted leverage ratio (net debt over adjusted EBITDA) of 2.71x.Cash provided by operations of $166.0 million offset by capital expenditures of $57.1 million resulted in free cash flow of $108.9 million. First Quarter CooperVision (CVI) Operating Results Revenue of $561.5 million, up 11% from last...

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