CooperCompanies Announces Third Quarter 2024 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., Aug. 28, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (Nasdaq: COO), a leading global medical device company, today announced financial results for its fiscal third quarter ended July 31, 2024. Revenue increased 8% year-over-year to $1,002.8 million. CooperVision (CVI) revenue up 7% to $675.6 million, and CooperSurgical (CSI) revenue up 9% to $327.2 million.GAAP diluted earnings per share (EPS) of $0.52, up $0.09 or 22% from last year's third quarter.Non-GAAP diluted EPS of $0.96, up $0.12 or 14% 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, \"Our strong performance this quarter reflects the strength of our business, the successful execution on our multi-year growth strategy, and the hard work and dedication of our amazing employees. Our momentum is strong, and we are well positioned for success today and into the future.\" Third Quarter Operating Results Revenue of $1,002.8 million, up 8% from last year’s third quarter, up 10% in constant currency, up 8% organically.Gross margin of 66% compared with 66% in last year’s third quarter. On a non-GAAP basis, gross margin was 67%, up from 66% last year. The margin was driven by continuing efficiency gains and product mix, offset by currency.Operating margin of 19% compared with 16% in last year’s third quarter. On a non-GAAP basis, operating margin was 26%, up from 24% last year. The margin was driven by strong gross margin and SG&A expense leverage.Interest expense of $28.5 million compared with $26.8 million in last year's third quarter driven by higher average debt and higher interest rates. On a non-GAAP basis, interest expense was $27.1 million, up from $26.8 million.Cash provided by operations of $207.5 million offset by capital expenditures of $89.0 million resulted in free cash flow of $118.5 million. Third Quarter CooperVision (CVI) Revenue Revenue of $675.6 million, up 7% from last year’s third quarter, up 9% in constant currency, up 10% organically.Revenue by category: % change y/y (In millions) Currency Constant Acquisitions and 3Q24 Reported Impact Currency Divestitures Organic Toric and multifocal$326.4 10% 2% 12% —% 12% Sphere, other 349.2 5% 2% 7% 1% 8% Total$675.6 7% 2% 9% 1% 10% Revenue by geography: % change y/y (In milli...

More updates from The Cooper Companies, Inc.