CooperCompanies Announces Second Quarter 2021 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., June 03, 2021 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for its fiscal second quarter ended April 30, 2021. Revenue increased 37% year-over-year to $719.5 million. CooperVision (CVI) revenue up 30% to $522.6 million, and CooperSurgical (CSI) revenue up 60% to $196.9 million.GAAP diluted earnings per share $2.36, up $2.13 from last year's second quarter.Non-GAAP diluted earnings per share $3.38, up $1.87 or 123% from last year's second quarter. See \"Reconciliation of Selected GAAP Results to Non-GAAP Results\" below. Commenting on the results, Al White, Cooper's President and CEO said, \"I'm happy to report that CooperVision and CooperSurgical both posted all-time record quarterly revenues which drove record quarterly earnings. Our businesses have rebounded nicely from Covid lows and we're poised for success with daily silicone hydrogel lenses and myopia management leading CooperVision, and fertility and PARAGARD® leading CooperSurgical.\" Second Quarter Operating Results Revenue of $719.5 million, up 37% from last year’s second quarter, up 32% in constant currency.Gross margin of 68% compared with 62% in last year’s second quarter. On a non-GAAP basis, gross margin was 68%, up from 66% last year driven primarily by favorable product mix and currency.Operating margin of 20% compared with 5% in last year’s second quarter. On a non-GAAP basis, operating margin was 27%, up from 17% last year driven by higher gross margin and operating expense leverage.Interest expense of $6.1 million compared with $12.8 million in last year's second quarter driven by lower interest rates and lower average debt levels.Net debt outstanding at quarter end was $1,631.6 million (total debt of $1,737.5 million less quarter-end cash and cash equivalents of $105.9 million). Adjusted leverage ratio (net debt over adjusted EBITDA) of 1.78x.Cash provided by operations of $192.6 million offset by capital expenditures of $49.9 million resulted in free cash flow of $142.7 million. Second Quarter CooperVision (CVI) Operating Results Revenue of $522.6 million, up 30% from last year’s second quarter, up 25% in constant currency.Revenue by category: Constant Currency (In millions) % of CVI Revenue %chg %chg 2Q21 2Q21 y/y y/y Toric$172.8 33% 29% 25% Multifocal58.0 11% 29% 22% Single-use sphere144.5 28% 24% 19...

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