CooperCompanies Announces First Quarter 2023 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., March 02, 2023 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for its fiscal first quarter ended January 31, 2023. Revenue increased 9% year-over-year to $858.5 million. CooperVision (CVI) revenue up 4% to $581.3 million, and CooperSurgical (CSI) revenue up 23% to $277.2 million.GAAP diluted earnings per share (EPS) of $1.70, down $0.21 or 11% from last year's first quarter.Non-GAAP diluted EPS of $2.90, down $0.34 or 10% 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 started the year on a positive note with double-digit organic revenue growth and strong operational performances at both CooperVision and CooperSurgical. We're continuing to focus on operational execution combined with prudent investment activity to drive long-term sustainable growth.\" First Quarter Operating Results Revenue of $858.5 million, up 9% from last year’s first quarter, up 16% in constant currency, up 10% organically.Gross margin of 65% compared with 66% in last year’s first quarter. On a non-GAAP basis, gross margin was 66%, down from 67% last year driven primarily by currency and product mix.Operating margin of 17% compared with 17% in last year’s first quarter. On a non-GAAP basis, operating margin was 23%, down from 25% last year driven primarily by currency.Interest expense of $26.1 million compared with $6.6 million in last year's first quarter driven by higher interest rates and a higher average debt balance.Net debt outstanding at quarter end was $2.6 billion (total debt excluding unamortized debt issuance costs less cash and cash equivalents) down $47.7 million from last quarter.Cash provided by operations of $166.6 million offset by capital expenditures of $83.0 million resulted in free cash flow of $83.6 million. First Quarter CooperVision (CVI) Revenue Revenue of $581.3 million, up 4% from last year’s first quarter, up 11% in constant currency, up 10% organically.Revenue by category: Constant Currency Organic (In millions) % chg % chg % chg 1Q23 y/y y/y y/y Toric$ 189.8 4% 11% 11% Multifocal 71.8 9% 17% 17% Single-use sphere 168.3 1% 10% 10% Non single-use sphere, other 151.4 3% 10% 7% Total$ 581.3 4% 11% 10% Revenue by geography: Constant Currency Organic...

More updates from The Cooper Companies, Inc.