CooperCompanies Announces Third Quarter 2023 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., Aug. 30, 2023 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for its fiscal third quarter ended July 31, 2023. Revenue increased 10% year-over-year to $930.2 million. CooperVision (CVI) revenue up 11% to $630.2 million, and CooperSurgical (CSI) revenue up 8% to $300.0 million.GAAP diluted earnings per share (EPS) of $1.71, down $0.27 or 14% from last year's third quarter.Non-GAAP diluted EPS of $3.35, up $0.16 or 5% 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, \"We're very pleased to report another strong quarter with record quarterly revenues at both CooperVision and CooperSurgical. Our performance reflects the successful execution of our strategic growth initiatives which would not be possible without the dedication and incredible hard work of our Cooper teams around the world.\" Third Quarter Operating Results Revenue of $930.2 million, up 10% from last year’s third quarter, up 11% in constant currency, up 12% organically.Gross margin of 66% compared with 65% in last year’s third quarter. On a non-GAAP basis, gross margin was similar to last year at 66%.Operating margin of 16% compared with 17% in last year’s third quarter. On a non-GAAP basis, operating margin was 24%, up from 23% last year driven primarily by operating expense leverage.Interest expense of $26.8 million up from $17.1 million in last year's third 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).Cash provided by operations of $142.5 million offset by capital expenditures of $90.9 million resulted in free cash flow of $51.6 million. Third Quarter CooperVision (CVI) Revenue Revenue of $630.2 million, up 11% from last year’s third quarter, up 12% in constant currency, up 13% organically.Revenue by category: Constant Currency Organic (In millions) % chg % chg % chg 3Q23 y/y y/y y/y Toric$215.7 16% 16% 16% Multifocal 80.8 20% 19% 19% Single-use sphere 187.5 14% 16% 16% Non single-use sphere, other 146.2 (2)% (1)% 3% Total$630.2 11% 12% 13% Revenue by geography: Constant Currency Organic (In millions) % chg % chg % chg 3Q23 y/y y/y y/y Americas$248.6 13% 1...

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