CooperCompanies Announces Second Quarter 2023 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., June 01, 2023 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for its fiscal second quarter ended April 30, 2023. Revenue increased 6% year-over-year to $877.4 million. CooperVision (CVI) revenue up 6% to $589.3 million, and CooperSurgical (CSI) revenue up 4% to $288.1 million.GAAP diluted earnings per share (EPS) of $0.80, down $1.75 or 69% from last year's second quarter.Non-GAAP diluted EPS of $3.08, down $0.16 or 5% 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, \"This was another strong quarter with CooperVision posting its ninth consecutive quarter of double-digit organic revenue growth and CooperSurgical's fertility business posting its tenth consecutive quarter of double-digit organic revenue growth. This consistency is a testament to the strength of our businesses and the hard work of our employees around the world.\" Second Quarter Operating Results Revenue of $877.4 million, up 6% from last year’s second quarter, up 9% in constant currency, up 8% organically.Gross margin of 66% compared with 64% in last year’s second quarter. On a non-GAAP basis, gross margin was similar to last year at 67%.Operating margin of 11% compared with 16% in last year’s second quarter. On a non-GAAP basis, operating margin was similar to last year at 24%.Interest expense of $26.1 million up from $10.8 million in last year's second quarter driven by higher interest rates.Net debt outstanding at quarter end was $2.5 billion (total debt excluding unamortized debt issuance costs less cash and cash equivalents) down $48.5 million from last quarter.Cash provided by operations of $124.2 million offset by capital expenditures of $73.6 million resulted in free cash flow of $50.6 million. Second Quarter CooperVision (CVI) Revenue Revenue of $589.3 million, up 6% from last year’s second quarter, up 10% in constant currency, up 10% organically.Revenue by category: Constant Currency Organic (In millions) % chg % chg % chg 2Q23 y/y y/y y/y Toric$206.3 11% 15% 15% Multifocal 74.1 12% 15% 15% Single-use sphere 165.4 3% 8% 8% Non single-use sphere, other 143.5 2% 5% 2% Total$589.3 6% 10% 10% Revenue by geography: Constant Currency Organic (In millions) % chg % chg % chg 2Q23 y/...

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