CooperCompanies Announces Third Quarter 2021 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., Sept. 02, 2021 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for its fiscal third quarter ended July 31, 2021. Revenue increased 32% year-over-year to $763.4 million. CooperVision (CVI) revenue up 24% to $557.5 million, and CooperSurgical (CSI) revenue up 60% to $205.9 million.GAAP diluted earnings per share $12.37, up $11.25 from last year's third quarter.Non-GAAP diluted earnings per share $3.41, up $1.13 or 50% from last year's third 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 am pleased to report another strong quarter with record revenues at both CooperVision and CooperSurgical driving record earnings and robust free cash flow. Our businesses continue to execute at a very high level and we look forward to continued success driven by our daily silicone hydrogel portfolio, our success within myopia management and continuing strength in fertility.\" Third Quarter Operating Results Revenue of $763.4 million, up 32% from last year’s third quarter, up 28% in constant currency.Gross margin of 68% compared with 62% in last year’s third quarter. On a non-GAAP basis, gross margin was 68%, up from 66% last year driven primarily by favorable product mix.Operating margin of 13% compared with 12% in last year’s third quarter. On a non-GAAP basis, operating margin was 27%, up from 23% last year driven by higher gross margin and operating expense leverage.Interest expense of $5.6 million compared with $5.7 million in last year's third quarter.Net debt outstanding at quarter end was $1,507.8 million (total debt of $1,620.0 million less quarter-end cash and cash equivalents of $112.2 million). Adjusted leverage ratio (net debt over adjusted EBITDA) of 1.52x.Cash provided by operations of $223.8 million offset by capital expenditures of $43.6 million resulted in free cash flow of $180.2 million. Third Quarter CooperVision (CVI) Operating Results Revenue of $557.5 million, up 24% from last year’s third quarter, up 20% in constant currency.Revenue by category: Constant Currency (In millions) % of CVI Revenue %chg %chg 3Q21 3Q21 y/y y/y Toric$181.0 32% 23% 19% Multifocal 61.6 11% 31% 26% Single-use sphere 159.3 29% 26% 21% Non single-use sphere, other 155.6 28% 21% 17% Total$557....

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