CooperCompanies Announces Fourth Quarter and Full Year 2023 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., Dec. 07, 2023 (GLOBE NEWSWIRE) -- CooperCompanies (Nasdaq: COO), a leading global medical device company, today announced financial results for its fiscal fourth quarter and full year ended October 31, 2023. Fourth quarter 2023 revenue of $927.1 million, up 9%, and up 9% organically. Fiscal year 2023 revenue of $3.6 billion, up 9%, or up 10% organically.Fourth quarter 2023 GAAP diluted earnings per share (EPS) of $1.70, up 29%. Fiscal 2023 GAAP diluted EPS of $5.91, down 24%.Fourth quarter 2023 non-GAAP diluted EPS of $3.47, up 26%. Fiscal 2023 non-GAAP diluted EPS of $12.81, up 3%. See \"Reconciliation of Selected GAAP Results to Non-GAAP Results\" below. Commenting on the results, Al White, Cooper's President and CEO, said, \"Fiscal 2023 was another year of record annual revenue driven by share gains in contact lenses and fertility. As we enter fiscal 2024, our teams remain focused on executing on our long-range strategic objectives including gaining market share, driving profitability, launching innovative products and services, and maintaining our fantastic Cooper culture.\" Fourth Quarter Operating Results Revenue of $927.1 million, up 9% from last year’s fourth quarter, up 8% in constant currency, up 9% organically.Gross margin of 65% compared with 63% in last year’s fourth quarter. On a non-GAAP basis, gross margin was 67%, up from 65% last year driven by better operational performance at both CooperVision and CooperSurgical, and favorable currency.Operating margin of 15% compared with 12% in last year’s fourth quarter. On a non-GAAP basis, operating margin was 24%, up from 22% last year driven primarily by strong gross margins and operating expense leverage.Interest expense of $26.3 million compared with $22.9 million in last year's fourth quarter driven by higher interest rates.Net debt outstanding at quarter end was $2.45 billion (total debt excluding unamortized debt issuance costs less cash and cash equivalents).Cash provided by operations of $174.2 million offset by capital expenditures of $145.0 million resulted in free cash flow of $29.2 million. Fourth Quarter CooperVision (CVI) Revenue Revenue of $622.9 million, up 11% from last year’s fourth quarter, up 9% in constant currency, up 11% organically.Revenue by category: Constant Currency Organic (In millions) %chg %chg %chg 4Q23 y/y y/y y/y Tori...

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