CooperCompanies Announces Second Quarter 2024 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., May 30, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (Nasdaq: COO), a leading global medical device company, today announced financial results for its fiscal second quarter ended April 30, 2024. Revenue increased 7% year-over-year to $942.6 million. CooperVision (CVI) revenue up 8% to $635.9 million, and CooperSurgical (CSI) revenue up 6% to $306.7 million.GAAP diluted earnings per share (EPS) of $0.44, up $0.24 or 122% from last year's second quarter.Non-GAAP diluted EPS of $0.85, up $0.08 or 10% 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 pleased to report record quarterly revenues and great operational progress throughout the organization. CooperVision returned to double-digit growth driven by our portfolio of leading silicone hydrogel lenses, and CooperSurgical posted a solid quarter despite some unexpected challenges with a system upgrade in our US distribution center. As we move forward, we're increasing our revenue and earnings guidance by incorporating this past quarter and the momentum we're seeing in the market.\" Second Quarter Operating Results Revenue of $942.6 million, up 7% from last year’s second quarter, up 9% in constant currency, up 8% organically.Gross margin of 67% compared with 66% in last year’s second quarter. On a non-GAAP basis, gross margin was similar to last year at 67%.Operating margin of 17% compared with 11% in last year’s second quarter. On a non-GAAP basis, operating margin was similar to last year at 24%.Interest expense of $28.9 million up from $26.1 million in last year's second quarter driven by higher average debt and higher interest rates.Total debt excluding unamortized debt issuance costs of $2.7 billion and cash and cash equivalents of $112.4 million.Cash provided by operations of $111.0 million offset by capital expenditures of $74.1 million resulted in free cash flow of $36.9 million. Second Quarter CooperVision (CVI) Revenue Revenue of $635.9 million, up 8% from last year’s second quarter, up 10% in constant currency, up 11% organically.Revenue by category: % change y/y (In millions) Currency Constant Acquisitionsand 2Q24 Reported Impact Currency Divestitures Organic Toric and multifocal$310.3 11% 1% 12% —% 12% Sphere, other 325.6 ...

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