CooperCompanies Reports Q3 2024 Financial Results

CooperCompanies Reports Q3 2024 Financial Results

SAN RAMON, Calif., Aug. 28, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (NASDAQ:COO), a leading global medical device company, today announced its financial results for the fiscal third quarter ending on July 31, 2024.

Key Financial Metrics

The financial performance data for Q3 2024 compared to consensus estimates and prior periods are as follows:

Interpretation
CooperCompanies demonstrated solid financial performance with an 8% year-over-year increase in total revenue, beating the consensus estimate. The non-GAAP EPS exceeded market expectations at $0.96, reflecting the company's strong operational efficiency and financial management.

Segment Performance

Interpretation
Both segments, CooperVision and CooperSurgical, showed commendable performance with revenue increases of 7% and 9% year-over-year, respectively. These results highlight the robustness of CooperCompanies' diversified portfolio and its ability to drive growth across different business lines.

Operational Highlights

• Gross Margin : Stood at 66%, consistent with the previous year's third quarter.
• Non-GAAP Gross Margin : Increased to 67%, attributed to efficiency gains and a favorable product mix.
• Operating Margin : Improved to 19% from last year's 16%. Non-GAAP operating margin was up to 26% from 24%.
• Interest Expense : Slightly increased to $28.5 million from last year’s $26.8 million.
• Free Cash Flow : Reported at $118.5 million, driven by strong operating cash flow and offset capital expenditures.

Comments from Company Officers

Al White, Cooper's President and CEO, emphasized, "Our strong performance this quarter reflects the strength of our business, the successful execution of 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."

Dividend and Share Repurchase Program

The earnings release did not specify any announcements regarding dividends or share repurchase programs.

Forward Guidance

CooperCompanies raised its fiscal year 2024 financial guidance: - Total Revenue : Expected between $3,892 million and $3,913 million. - CVI Revenue : Expected between $2,606 million and $2,618 million. - CSI Revenue : Expected between $1,286 million and $1,294 million. - Non-GAAP EPS : Estimated at $3.64 to $3.67 for the fiscal year. - Fiscal Q4 2024 Revenue : Projected between $1,015 million and $1,036 million. - Fiscal Q4 2024 Non-GAAP EPS : Expected range of $0.98 to $1.01.

Stock Price Movement

Following the earnings release, CooperCompanies' stock experienced a modest increase of 0.20%.

Summary

CooperCompanies showcased a robust third-quarter performance marked by solid revenue growth across its segments, impressive EPS figures surpassing market expectations, and promising forward guidance. The strong operational results reflect the successful execution of their strategic initiatives, heralding a favorable outlook for the company.