CooperCompanies Announces Third Quarter 2020 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., Sept. 03, 2020 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for its fiscal third quarter ended July 31, 2020.\n Revenue decreased 15% year-over-year to $578.2 million. CooperVision (CVI) revenue down 12% to $449.3 million, and CooperSurgical (CSI) revenue down 24% to $128.9 million.GAAP diluted earnings per share $1.12, down $1.28 or 53% from last year's third quarter.Non-GAAP diluted earnings per share $2.28, down $0.95 or 30% from last year's third quarter. See \"Reconciliation of Selected GAAP Results to Non-GAAP Results\" below. Commenting on the results, Albert White, Cooper’s president and chief executive officer said, \"While our third quarter results were negatively impacted by COVID-19, we solidly exceeded expectations as we experienced a faster than expected recovery. Both of our businesses improved as we progressed through the quarter and this momentum continued in August.\" Third Quarter Operating Results Revenue $578.2 million, down 15% from last year’s third quarter, down 14% in constant currency.Gross margin 62% compared with 66% in last year’s third quarter. On a non-GAAP basis, gross margin was 66%, down from 67% last year on higher expenses associated with COVID-19, partially offset by product mix at CooperVision.Operating margin 12% compared with 21% in last year’s third quarter. On a non-GAAP basis, operating margin was 23%, down from 28% last year driven by the decline in gross margins combined with heightened operating expenses as a percent of sales due to COVID-19 related costs.Interest expense $5.7 million compared with $16.7 million in last year's third quarter driven by lower interest rates.Total debt outstanding at the end of the quarter was $1,880.4 million with quarter-end cash and cash equivalents of $127.4 million. Adjusted leverage ratio (net debt over adjusted EBITDA) of 2.23x.Cash provided by operations $112.8 million offset by capital expenditures $45.1 million resulted in free cash flow of $67.7 million. Third Quarter CooperVision (CVI) Operating Results Revenue $449.3 million, down 12% from last year’s third quarter, down 11% in constant currency.Revenue by category: (In millions) % of CVI Revenue %chg Constant Currency%chg 3Q20 3Q20 y/y y/y Toric$147.6 33% (9)% (9)% Multifocal46.9 10% (10)% (10)% Single-use sphere126.5 28% (14)% (13)% N...

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