Investors looking for stocks in the Medical - Dental Supplies sector might want to consider either Labcorp (LH) or The Cooper Companies (COO) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks with st ...

SAN RAMON, Calif., Feb. 15, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (NASDAQ:COO) today announced that its four-for-one stock split will become effective on Friday, February 16, 2024, at 5:00 PM ET, and trading is expected to begin on a stock split-adjusted basis at market open on Tuesday, February 20, 2024, under the existing trading symbol "COO". The stock split supports Cooper's desire to make ownership of its stock more accessible to employees and investors. Cooper previously announced on its fourth qua ...

The Cooper Companies’ (COO) wholly-owned subsidiary CooperSurgical and Fulgent Genetics recently announced their partnership to provide exclusive newborn genetic screening panels to Cord Blood Registry (CBR) families.As a result of this collaboration, CBR by CooperSurgical brand will offer families a variety of genetic testing choices by utilizing Fulgent's Picture Genetics platform.Price PerformanceFor the past six months, COO’s shares have lost 0.3% compared with the industry’s decline of 2.3%. The S&P 50 ...

The Cooper Companies, Inc. (COO) is well-poised for growth, backed by strong prospects in its CooperVision (CVI) and CooperSurgical (CSI) business segments. Acquisitions boost the company’s portfolio and buoy optimism. However, unfavorable currency movements and rising costs continue to hurt revenues and margins, respectively.Shares of this currently Zacks Rank #3 (Hold) company have risen 11.3% in the past year compared with the industry's 10.8% growth. The S&P 500 Index has gained 22.1% in the same time f ...

SAN RAMON, Calif., Jan. 25, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (NASDAQ:COO) today announced it will report first quarter 2024 financial results on Thursday, February 29, 2024, at 4:15 PM ET. Following the release, the Company will host a conference call at 5:00 PM ET to discuss the results and current corporate developments. The dial-in number for the call is 800-715-9871 and the conference ID is 5337119. A simultaneous audio webcast and subsequent replay can be accessed at http://investor.coopercos.c ...

Financial Data and Key Metrics Changes - The company reported record revenues of almost $3.6 billion for the fiscal year 2023, representing a 9% increase year-over-year, or 10% on an organic basis [14][47] - For Q4 2023, consolidated revenues were $927 million, up 9% organically year-over-year [15][44] - Non-GAAP earnings per share (EPS) for Q4 was $3.47, up 26% year-over-year [22][46] - Consolidated gross margin improved to 66.7%, up from 65% last year, driven by better operational performance [44] Business Line Data and Key Metrics Changes - CooperVision revenues were $623 million, up 11% organically, while CooperSurgical revenues were $304 million, up 7% organically [15][34] - The daily silicone hydrogel portfolio, particularly MyDay, showed strong growth, with Daily Silicone Hydrogel lenses growing 19% [23][26] - Myopia management revenues reached $35 million, up 41%, with MiSight growing 46% [29] Market Data and Key Metrics Changes - CooperVision's growth was led by the Americas, which grew 12%, EMEA grew 9%, and Asia Pacific grew 10% [22] - The contact lens market grew approximately 7% in calendar Q3, with CooperVision taking market share and growing 10% [31] - The company expects the contact lens market to remain healthy, growing 5% to 7% in the coming year [31] Company Strategy and Development Direction - The company aims to gain market share, drive profitability, and launch innovative products while maintaining its culture [21] - There is a focus on expanding the MyDay product line and addressing capacity constraints to meet demand [40][41] - The company is also investing in geographic expansion and R&D within CooperSurgical, particularly in the fertility market [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong growth despite capacity challenges, particularly for MyDay products [40][56] - The company anticipates a solid Q1 2024, with guidance for CooperVision's organic revenue growth set at 7% to 9% for the year [40][50] - Management highlighted the ongoing demand for contact lenses and the expected long-term growth in the industry due to increasing myopia rates [32][36] Other Important Information - The company announced a four-for-one stock split effective February 16, 2024, to make ownership more accessible [52] - The acquisition of select Cook Medical assets for $300 million is expected to be accretive to non-GAAP earnings per share by approximately $0.20 in fiscal 2024 [49] Q&A Session Summary Question: What is the outlook for CooperVision's revenue growth and pricing strategy? - Management indicated that they expect to achieve around 7% growth in Q1, with capacity constraints impacting potential growth [56][57] - They confirmed that pricing will be at the higher end of market expectations, which is around 2% to 3% [57] Question: How will operating margin expansion be achieved? - Management noted that operating income grew 11% on a constant currency basis and emphasized their focus on improving operating margins [64] Question: Are there any concerns about losing customers due to capacity challenges? - Management reassured that they are not losing customers and continue to gain new wearers, although capacity constraints may limit growth [89] Question: What is the company's strategy regarding foreign exchange impacts? - Management stated that if the dollar weakens, they plan to let the benefits flow through to the bottom line [91] Question: What is the status of the MiSight product and its insurance coverage? - Management indicated that they are in the early stages of insurance coverage for MiSight, with reimbursement rates varying significantly [113][115]

CooperCompanies Fiscal 2024 financial guidance FY24 Guidance* Sales Note: Sales $ in millions; Organic growth excludes the effect of foreign currency fluctuations and the impact of any acquisitions, divestitures, or discontinuations that occurred in the comparable period. Non-GAAP and organic – a reconciliation of these measures are available under the "Reconciliation of Selected GAAP Results to Non-GAAP Results" section in our earning releases and under the "Management's Discussion and Analysis of Financia ...

Part I [Business Overview](index=7&type=section&id=Item%201.%20Business) The Cooper Companies, Inc. is a global medical device company operating through two segments: CooperVision (soft contact lenses) and CooperSurgical (fertility and women's health products and services), focusing on innovation, market penetration, and strategic acquisitions to expand its portfolio and address evolving healthcare needs, while navigating a highly competitive and regulated industry - The Cooper Companies operates through two main business segments: **CooperVision**, focused on soft contact lenses, and **CooperSurgical**, dedicated to fertility and women's health products and services[13](index=13&type=chunk)[29](index=29&type=chunk)[522](index=522&type=chunk) - CooperVision's key products include single-use (MyDay, clariti 1 day) and frequent replacement (Biofinity, Avaira Vitality) silicone hydrogel lenses, with a strategic focus on **myopia management products like MiSight 1 day**, which received FDA and Chinese NMPA approval for slowing myopia progression in children[15](index=15&type=chunk)[17](index=17&type=chunk)[32](index=32&type=chunk)[52](index=52&type=chunk)[55](index=55&type=chunk)[57](index=57&type=chunk) - CooperSurgical offers a broad portfolio including **fertility products** (IVF devices, donor gametes, genomic services), **medical devices for gynecology and obstetrics** (e.g., PARAGARD IUD), and **cryostorage services** (cord blood and tissue), aiming to expand its integrated solutions model through strategic investments and acquisitions[14](index=14&type=chunk)[34](index=34&type=chunk)[36](index=36&type=chunk)[57](index=57&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - Both segments operate in highly competitive markets, emphasizing product quality, differentiation, technological benefits, price, service levels, and reliability, with key competitors including **Johnson & Johnson Vision Care, Alcon, Bausch + Lomb** for CooperVision, and **Vitrolife Group, Cook Medical** for CooperSurgical[46](index=46&type=chunk)[47](index=47&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - The company's products are subject to extensive regulation by the **FDA in the U.S. and various agencies globally**, requiring significant time and resources for approvals, compliance with manufacturing standards (QSR, cGMP), and post-market vigilance, with regulatory changes like **EU MDR/IVDR** posing ongoing compliance challenges[79](index=79&type=chunk)[80](index=80&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[110](index=110&type=chunk)[115](index=115&type=chunk) - As of October 31, 2023, the company had a global workforce of **over 15,000 employees**, with **53% in the Americas, 42% in EMEA, and 5% in Asia Pacific**, emphasizing a people-focused culture, diversity, inclusion, health, safety, and continuous employee development[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[125](index=125&type=chunk)[429](index=429&type=chunk) [Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) The company faces a broad range of significant risks, including adverse macroeconomic conditions, international conflicts, foreign currency fluctuations, and integration challenges from acquisitions, while regulatory complexities, cybersecurity threats, supply chain disruptions, intense competition, and evolving ESG standards also pose material threats to its business, financial condition, and operating results - Global and regional economic conditions, including **inflation, recessionary pressures, and international conflicts**, can adversely affect markets, supply chains, and the company's ability to grow sales and manage costs[127](index=127&type=chunk)[128](index=128&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[152](index=152&type=chunk)[154](index=154&type=chunk)[158](index=158&type=chunk) - Expanding international operations expose the company to risks such as managing a dispersed organization, **foreign currency fluctuations**, compliance with diverse legal and regulatory requirements (e.g., anti-bribery, data privacy, **EU MDR/IVDR**), and challenges in emerging markets[130](index=130&type=chunk)[155](index=155&type=chunk)[157](index=157&type=chunk) - Acquisitions, a key growth strategy, carry risks including **integration difficulties**, failure to achieve anticipated benefits, **increased leverage**, potential loss of employees, and compliance with new regulatory frameworks[160](index=160&type=chunk)[432](index=432&type=chunk) - Disruptions in manufacturing, distribution, and storage operations due to technical issues, natural disasters, **regulatory non-compliance (cGMP)**, or reliance on **sole suppliers for critical raw materials** could materially impact the business[134](index=134&type=chunk)[139](index=139&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[165](index=165&type=chunk)[188](index=188&type=chunk) - **Cybersecurity threats** are increasing in frequency and sophistication, posing risks of system interruptions, data loss, and reputational harm, despite investments in security measures and third-party partnerships[136](index=136&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) - The highly competitive healthcare industry, market consolidation among customers, and changes in third-party payer coverage and reimbursement create **pricing pressures** and may adversely affect demand for products[138](index=138&type=chunk)[153](index=153&type=chunk)[191](index=191&type=chunk) - Failure to adequately protect **intellectual property** (patents, trademarks, trade secrets) or claims of infringement by others could lead to costly litigation, product redesigns, licensing requirements, or limitations on sales[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[193](index=193&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[199](index=199&type=chunk) - **Product liability claims, recalls**, and legal claims related to service offerings (e.g., genomic services, cryopreservation) pose inherent risks, potentially leading to material losses and reputational damage, especially with direct-to-consumer marketing[174](index=174&type=chunk)[200](index=200&type=chunk) - Technological developments by competitors or in alternative vision/healthcare solutions (e.g., **Lasik surgery, new pharmaceuticals**) could limit demand for the company's products and services, emphasizing the need for continuous product innovation and regulatory approvals[180](index=180&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[239](index=239&type=chunk) - Evolving **environmental, social, and corporate governance (ESG) matters**, including climate change, plastic waste, and new disclosure standards (e.g., **EU CSRD, California climate reporting, SEC proposals**), require significant effort and expense to comply with, potentially impacting reputation and investor relations[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[242](index=242&type=chunk)[244](index=244&type=chunk) - The company is subject to rigorous government regulation of **medical devices, pharmaceutical products, and human cells/tissues (HCT/Ps)** in the U.S. and internationally, where failure to comply, delays in approvals, or changes in regulatory policies (e.g., **LDT oversight, post-Roe v. Wade implications**) could severely impact business operations and profitability[187](index=187&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk)[260](index=260&type=chunk)[263](index=263&type=chunk)[264](index=264&type=chunk)[266](index=266&type=chunk)[267](index=267&type=chunk)[271](index=271&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk)[275](index=275&type=chunk)[300](index=300&type=chunk)[302](index=302&type=chunk)[303](index=303&type=chunk) - **Interest rate fluctuations on variable-rate debt** and **foreign currency exchange rate volatility** (primarily British pound, Euro, Japanese yen) can adversely affect financial results, despite hedging strategies[286](index=286&type=chunk)[287](index=287&type=chunk)[313](index=313&type=chunk)[314](index=314&type=chunk)[337](index=337&type=chunk)[338](index=338&type=chunk) - Significant indebtedness could limit financial flexibility, increase vulnerability to adverse economic conditions, and place the company at a competitive disadvantage, while changes in tax laws and geographic income composition could also increase tax expenses[289](index=289&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk)[317](index=317&type=chunk)[340](index=340&type=chunk)[342](index=342&type=chunk)[343](index=343&type=chunk) [Unresolved Staff Comments](index=39&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reported no unresolved staff comments from the SEC - The company has **no unresolved staff comments**[343](index=343&type=chunk) [Properties](index=40&type=section&id=Item%202.%20Properties) The company's principal facilities as of October 31, 2023, include a mix of leased and owned properties globally, primarily for executive offices, manufacturing, research & development, and distribution, with key owned facilities located in the UK, Costa Rica, Puerto Rico, New York, Arizona, and Texas, while leased properties are spread across the Americas, EMEA, and Asia Pacific - The company's principal facilities as of October 31, 2023, are a mix of **leased and owned properties**, suitable and adequate for its businesses[345](index=345&type=chunk) - Owned manufacturing and R&D facilities include locations in the **United Kingdom (303,872 sq ft), Costa Rica (347,329 sq ft), Puerto Rico (115,000 sq ft), New York (493,833 sq ft), Arizona (80,000 sq ft), and Texas (34,453 sq ft)**[345](index=345&type=chunk) Summary of Leased Facilities by Region (as of October 31, 2023) | Location | Approximate Leased Square Feet | | :--------------- | :----------------------------- | | United States | 685,990 | | Puerto Rico | 740,954 | | Canada | 63,836 | | Brazil | 22,048 | | Other Americas | 58,365 | | United Kingdom | 667,384 | | Hungary | 330,245 | | Belgium | 282,108 | | Spain | 181,145 | | Netherlands | 279,288 | | Other EMEA | 148,980 | | Japan | 109,163 | | Australia | 40,139 | | Other Asia Pacific | 92,517 | [Legal Proceedings](index=41&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference to Note 11. Contingencies of the Consolidated Financial Statements, indicating the company is involved in various lawsuits and claims arising in the ordinary course of business, but does not believe their ultimate resolution will have a material adverse effect - Information on legal proceedings is included in **Note 11. Contingencies of the Consolidated Financial Statements**[347](index=347&type=chunk) - The company does not believe that the ultimate resolution of pending legal proceedings or claims will have a **material adverse effect** on its financial condition or results of operations[722](index=722&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company states that Item 4, Mine Safety Disclosures, is not applicable - **Item 4. Mine Safety Disclosures is not applicable** to the company[347](index=347&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=42&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under the symbol 'COO', with 49,525,982 shares outstanding as of December 1, 2023, and the Board of Directors decided to end the semiannual cash dividend of $0.03 per share in December 2023, while no share repurchases occurred in fiscal 2023, with $256.4 million remaining authorized under the 2012 Share Repurchase Program - Cooper's common stock trades on the **Nasdaq Global Select Market** under the symbol '**COO**'[1](index=1&type=chunk)[323](index=323&type=chunk)[522](index=522&type=chunk) - As of December 1, 2023, there were **49,525,982 shares of common stock outstanding**[2](index=2&type=chunk) - The Board of Directors decided to **end the declaration of the semiannual dividend in December 2023**, after previously paying annual cash dividends of **$0.06 per share** ($3.0 million in fiscal 2023 and 2022)[324](index=324&type=chunk)[500](index=500&type=chunk)[676](index=676&type=chunk) - **No share repurchase activity** occurred during the three-month period ended October 31, 2023, or in fiscal 2023, with **$256.4 million remaining authorized** under the 2012 Share Repurchase Program as of October 31, 2023[327](index=327&type=chunk)[472](index=472&type=chunk)[650](index=650&type=chunk) Equity Compensation Plan Information (as of October 31, 2023) | Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (A) | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (B) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column A) (C) | | :---------------------------------- | :-------------------------------------------------------------------------------------------- | :------------------------------------------------------------------------------ | :-------------------------------------------------------------------------------------------------------------------------------------------------------- | | Equity compensation plans approved by shareholders | 1,505,841 | $277.29 | 2,325,881 | | Equity compensation plans not approved by shareholders | — | — | — | | Total | 1,505,841 | $277.29 | 2,325,881 | [Reserved](index=43&type=section&id=Item%206.%20Reserved) Item 6 is reserved and contains no information - **Item 6 is reserved**[353](index=353&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the company's financial performance for fiscal 2023 compared to fiscal 2022, highlighting net sales growth across both segments, changes in operating expenses, and the impact of interest rates and foreign exchange, also covering capital resources, liquidity, and critical accounting estimates, noting the company's optimism for long-term growth despite global economic uncertainties - The company is optimistic about the long-term prospects for the worldwide contact lens and general health care markets, and the resilience and growth prospects for its businesses and products, despite significant global operating risks and uncertainties[357](index=357&type=chunk) Consolidated Net Sales (in millions) | Segment | Fiscal 2023 | Fiscal 2022 | | :------------- | :---------- | :---------- | | CooperVision | $2,423.7 | $2,243.3 | | CooperSurgical | $1,169.5 | $1,065.1 | | Consolidated | $3,593.2 | $3,308.4 | - Consolidated Gross Margin remained relatively flat at **66% in fiscal 2023** compared to 65% in fiscal 2022[390](index=390&type=chunk) Operating Income (in millions) | Segment | Fiscal 2023 | % Net Sales (2023) | Fiscal 2022 | % Net Sales (2022) | % Change (2023 vs. 2022) | | :------------- | :---------- | :----------------- | :---------- | :----------------- | :----------------------- | | CooperVision | $587.7 | 24% | $494.3 | 22% | 19% | | CooperSurgical | $16.1 | 1% | $67.1 | 6% | (76)% | | Corporate | $(70.7) | — | $(53.8) | — | (31)% | | Consolidated | $533.1 | 15% | $507.6 | 15% | 5% | - Interest expense increased by **84% in fiscal 2023 to $105.3 million**, primarily due to higher interest rates[374](index=374&type=chunk)[399](index=399&type=chunk) - The effective tax rate increased to **28.7% in fiscal 2023** from 18.8% in fiscal 2022, mainly due to changes in geographic composition of pre-tax earnings, an increase in the UK statutory tax rate, and capitalization of R&D expenditures[375](index=375&type=chunk)[404](index=404&type=chunk) Cash Flow Summary (in millions) | Activity | Fiscal 2023 | Fiscal 2022 | Fiscal 2021 | | :------------------- | :---------- | :---------- | :---------- | | Operating activities | $607.5 | $692.4 | $738.6 |\ | Investing activities | $(449.0) | $(1,831.2) | $(450.3) |\n| Financing activities | $(173.9) | $1,193.7 | $(311.4) | - Working capital increased significantly to **$735.9 million at October 31, 2023**, from $253.4 million at October 31, 2022, primarily due to repayment of a 364-day term loan and an increase in inventories[377](index=377&type=chunk) - Cash provided by operating activities decreased in fiscal 2023, primarily due to a **$45 million termination fee payment** related to an asset purchase agreement[378](index=378&type=chunk) - Cash used in investing activities was lower in fiscal 2023 compared to fiscal 2022, mainly due to the **$1.6 billion Generate acquisition in fiscal 2022**, partially offset by increased purchases of property, plant, and equipment in 2023[379](index=379&type=chunk) - Cash used in financing activities in fiscal 2023 was primarily due to repayments of **$338.0 million on the 2021 364-day term loan**, partially offset by **$172.6 million drawn on the 2020 Revolving Credit**[469](index=469&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=54&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company is exposed to market risks from changes in interest rates and foreign currency fluctuations, using interest rate swaps to manage variable-rate debt risk and foreign currency forward contracts to minimize short-term foreign currency exchange rate impacts on receivables and payables - The company is exposed to market risks primarily from changes in **interest rates** and **foreign currency fluctuations**[505](index=505&type=chunk) - Interest rates on revolving lines of credit and term loans may vary with the federal funds rate and **SOFR (previously LIBOR)**, with the company using **interest rate swaps** to manage this risk[479](index=479&type=chunk) - Foreign currency risk arises from operations in multiple foreign subsidiaries, with significant exposures to the **British pound, Euro, and Japanese yen**, and **foreign currency forward contracts** are used to minimize short-term impacts on receivables and payables[505](index=505&type=chunk) - A hypothetical **10% increase or decrease in foreign currency exchange rates** against the U.S. dollar would result in an approximate **$95.6 million increase or decrease in operating income** for fiscal year ended October 31, 2023[505](index=505&type=chunk) [Financial Statements and Supplementary Data](index=55&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements, including statements of income, comprehensive income, balance sheets, stockholders' equity, and cash flows for the fiscal years ended October 31, 2023, 2022, and 2021, also including the independent auditor's report, critical audit matters, and detailed notes on significant accounting policies, acquisitions, financing, income taxes, stock plans, employee benefits, and business segments - **KPMG LLP, San Francisco, CA**, served as the independent registered public accounting firm, auditing the consolidated financial statements and internal control over financial reporting[2](index=2&type=chunk)[481](index=481&type=chunk)[513](index=513&type=chunk) - A critical audit matter identified was the evaluation of audit evidence sufficiency over **inventories ($735.6 million)** and **net sales ($3,593.2 million)** due to the decentralized structure and geographic dispersion of manufacturing and distribution locations[486](index=486&type=chunk)[511](index=511&type=chunk) Consolidated Statements of Income (in millions, except EPS) | Metric | 2023 | 2022 | 2021 | | :------------------------- | :---------- | :---------- | :---------- | | Net sales | $3,593.2 | $3,308.4 | $2,922.5 | | Gross profit | $2,357.9 | $2,139.6 | $1,955.8 | | Operating income | $533.1 | $507.6 | $505.8 | | Net income | $294.2 | $385.8 | $2,944.7 | | Basic EPS | $5.94 | $7.83 | $59.80 | | Diluted EPS | $5.91 | $7.76 | $59.16 | Consolidated Balance Sheets (in millions) | Asset/Liability Category | October 31, 2023 | October 31, 2022 | | :----------------------- | :--------------- | :--------------- | | Total current assets | $1,704.9 | $1,533.6 | | Property, plant and equipment, net | $1,632.6 | $1,432.9 | | Goodwill | $3,624.5 | $3,609.7 | | Other intangibles, net | $1,710.3 | $1,885.1 | | Total assets | $11,658.9 | $11,492.3 | | Total current liabilities | $969.0 | $1,280.2 | | Long-term debt | $2,523.8 | $2,350.8 | | Total liabilities | $4,107.9 | $4,317.6 | | Total stockholders' equity | $7,551.0 | $7,174.7 | Consolidated Statements of Cash Flows (in millions) | Cash Flow Activity | 2023 | 2022 | 2021 | | :----------------- | :-------- | :---------- | :-------- | | Operating activities | $607.5 | $692.4 | $738.6 | | Investing activities | $(449.0) | $(1,831.2) | $(450.3) | | Financing activities | $(173.9) | $1,193.7 | $(311.4) | | Net (decrease) increase in cash, cash equivalents, and restricted cash | $(17.7) | $42.0 | $(20.2) | - Key accounting policies include **revenue recognition**, **business combinations**, **income taxes**, **share-based compensation**, and **foreign currency translation**[523](index=523&type=chunk)[524](index=524&type=chunk)[526](index=526&type=chunk)[527](index=527&type=chunk)[528](index=528&type=chunk)[529](index=529&type=chunk)[559](index=559&type=chunk)[589](index=589&type=chunk) - Recent acquisitions include a U.S.-based contact lens company (fiscal 2023), a cryopreservation services company, and **Generate Life Sciences** (fertility services) in fiscal 2022, with CooperSurgical also acquiring select **Cook Medical assets for $300 million** in November 2023[448](index=448&type=chunk)[599](index=599&type=chunk)[601](index=601&type=chunk)[629](index=629&type=chunk) - Total debt as of October 31, 2023, was **$2,569.2 million**, down from $2,763.4 million in 2022, with credit agreements transitioning from **LIBOR to SOFR** effective February 1, 2023[581](index=581&type=chunk)[634](index=634&type=chunk) - The company's defined benefit plan had a funded status of **$(6.9) million at October 31, 2023**, an improvement from $(5.1) million in 2022 and $(31.4) million in 2021, and was soft-frozen effective August 1, 2019, for new employees[662](index=662&type=chunk)[721](index=721&type=chunk) Net Sales by Business Segment (in millions) | Segment | 2023 | 2022 | 2021 | | :------------- | :---------- | :---------- | :---------- | | CooperVision | $2,423.7 | $2,243.3 | $2,152.0 | | CooperSurgical | $1,169.5 | $1,065.1 | $770.5 | | Total Net Sales | $3,593.2 | $3,308.4 | $2,922.5 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=88&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reported no changes in or disagreements with its accountants on accounting and financial disclosure matters - There have been **no changes in or disagreements with accountants** on accounting and financial disclosure[732](index=732&type=chunk) [Controls and Procedures](index=88&type=section&id=Item%209A.%20Controls%20and%20Procedures) The company's management, including the CEO and CFO, concluded that its disclosure controls and procedures were effective at a reasonable assurance level as of October 31, 2023, and also assessed and concluded that the company maintained effective internal control over financial reporting based on the COSO framework - The company's disclosure controls and procedures were **effective at the reasonable assurance level** as of October 31, 2023[704](index=704&type=chunk) - Management concluded that the company's **internal control over financial reporting was effective** as of October 31, 2023, based on the COSO framework[705](index=705&type=chunk)[735](index=735&type=chunk) - There have been **no material changes in the company's internal control over financial reporting** during the fiscal quarter ended October 31, 2023[707](index=707&type=chunk) [Other Information](index=88&type=section&id=Item%209B.%20Other%20Information) The company reported no other information required under Item 9B - **No other information is reported** under Item 9B[737](index=737&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=88&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) The company stated that Item 9C, Disclosure Regarding Foreign Jurisdictions that Prevent Inspections, is not applicable - **Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections is not applicable**[738](index=738&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=89&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding Directors, Executive Officers, and Corporate Governance is incorporated by reference from the company's Proxy Statement for the 2024 Annual Meeting of Stockholders - Information for this item is **incorporated by reference to the 2024 Proxy Statement**[711](index=711&type=chunk) [Executive Compensation](index=89&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding Executive Compensation is incorporated by reference from the company's Proxy Statement for the 2024 Annual Meeting of Stockholders - Information for this item is **incorporated by reference to the 2024 Proxy Statement**[712](index=712&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=89&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters is incorporated by reference from the company's Proxy Statement for the 2024 Annual Meeting of Stockholders, with additional details found in Item 5 - Information for this item is **incorporated by reference to the 2024 Proxy Statement**, with additional details in Item 5[713](index=713&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=89&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information regarding Certain Relationships and Related Transactions, and Director Independence is incorporated by reference from the company's Proxy Statement for the 2024 Annual Meeting of Stockholders - Information for this item is **incorporated by reference to the 2024 Proxy Statement**[714](index=714&type=chunk) [Principal Accounting Fees and Services](index=89&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding Principal Accounting Fees and Services is incorporated by reference from the company's Proxy Statement for the 2024 Annual Meeting of Stockholders - Information for this item is **incorporated by reference to the 2024 Proxy Statement**[758](index=758&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=90&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements filed as part of the report, including consolidated statements of income, comprehensive income, balance sheets, stockholders' equity, and cash flows, along with their related notes and Schedule II Valuation and Qualifying Accounts, also providing a comprehensive index of exhibits incorporated by reference or filed with the report - The report includes **consolidated financial statements** for the years ended October 31, 2023, 2022, and 2021, covering statements of income, comprehensive income, balance sheets, stockholders' equity, and cash flows, along with their related notes[716](index=716&type=chunk) - **Schedule II Valuation and Qualifying Accounts** is also filed as part of this report[716](index=716&type=chunk)[762](index=762&type=chunk) - A detailed exhibit index is provided, listing various documents such as the **Second Restated Certificate of Incorporation, Amended and Restated By-Laws, executive employment agreements, stock incentive plans, credit agreements, and certifications**[719](index=719&type=chunk)[748](index=748&type=chunk)[764](index=764&type=chunk)[766](index=766&type=chunk) [Form 10-K Summary](index=94&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reported no Form 10-K Summary - **No Form 10-K Summary is provided**[769](index=769&type=chunk) [SIGNATURES](index=95&type=section&id=SIGNATURES) This section contains the signatures of the company's principal executive officer, principal financial officer, principal accounting officer, and members of the Board of Directors, certifying the filing of the annual report on Form 10-K as of December 8, 2023 - The report is signed by the President and Chief Executive Officer, **Albert G. White, III**, and other executive officers and directors, certifying its filing on **December 8, 2023**[755](index=755&type=chunk)[772](index=772&type=chunk) [CORPORATE INFORMATION](index=97&type=section&id=CORPORATE%20INFORMATION) This section provides an overview of the company's Board of Directors, Executive Officers, principal subsidiaries (CooperVision, Inc. and CooperSurgical, Inc.), corporate offices, investor relations contact, and independent auditors, also listing the company's stock exchange listing and trademark information - The Board of Directors includes **Robert S. Weiss (Chairman), William A. Kozy (Vice Chairman and Lead Director), and Albert G. White, III (President and CEO)**, among others[775](index=775&type=chunk) - Key executive officers include **Albert G. White, III (President and CEO), Daniel G. McBride (EVP and COO), Brian G. Andrews (EVP, CFO, and Treasurer), and Agostino Ricupati (SVP and Chief Accounting Officer)**[775](index=775&type=chunk) - Principal subsidiaries are **CooperVision, Inc. and CooperSurgical, Inc.**, with corporate offices located in San Ramon, CA[775](index=775&type=chunk) - **KPMG LLP** is the independent auditor, and the company's stock is listed on the **Nasdaq Global Select Market** under ticker symbol '**COO**'[775](index=775&type=chunk)

The Cooper Companies, Inc. (NASDAQ:COO) Q3 2023 Earnings Call Transcript August 30, 2023 5:00 PM ET Company Participants Kim Duncan - VP of IR & Risk Management Albert White - President and CEO Brian Andrews - Executive VP, CFO & Treasurer Conference Call Participants Jonathan Block - Stifel Lawrence Biegelsen - Wells Fargo Securities Jeffrey Johnson - Robert W. Baird Matthew Mishan - KeyBanc Capital Markets Jason Bednar - Piper Sandler Joanne Wuensch - Citigroup Bradley Bowers - Mizuho Securities Patrick W ...

FORM 10-Q _____________________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended July 31, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________ ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 1-8597 The Cooper Compa ...