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The Cooper Companies(COO) - 2024 Q2 - Quarterly Results
COOThe Cooper Companies(COO)2024-05-30 20:25

Financial Performance - GAAP diluted earnings per share (EPS) of 0.44,up1220.44, up 122% from last year's second quarter[2] - Revenue increased 7% year-over-year to 942.6 million, with CooperVision revenue up 8% to 635.9millionandCooperSurgicalrevenueup6635.9 million and CooperSurgical revenue up 6% to 306.7 million[9] - Operating margin of 17%, compared to 11% in last year's second quarter; non-GAAP operating margin remained at 24%[11] - Non-GAAP net income for the quarter was 169.5million,or169.5 million, or 0.85 per share, compared to 153.5million,or153.5 million, or 0.77 per share, in the prior year[21] - Net income for the quarter was 88.9million,comparedto88.9 million, compared to 39.8 million in the prior year, resulting in diluted earnings per share of 0.44,upfrom0.44, up from 0.20[1] - Non-GAAP diluted EPS increased by 0.08to0.08 to 0.85, a 10% rise compared to the same quarter last year[64] Revenue Guidance - The company raised its fiscal year 2024 financial guidance to a non-GAAP diluted EPS of 3.54−3.54 - 3.60[7] - CooperSurgical revenue guidance for fiscal year 2024 is set at 1,272−1,272 - 1,292 million, indicating organic growth of 5% to 7%[15] - The company expects total revenue for fiscal 2024 to be between 3,863millionand3,863 million and 3,905 million, with organic growth projected at 7.5% to 8.5%[39] - CooperVision expects revenue guidance of 2,591−2,591 - 2,613 million, indicating organic growth of 8.5% to 9.5%[69] Operational Efficiency - Operating income increased to 161.7million,upfrom161.7 million, up from 96.3 million in the same quarter last year, indicating improved operational efficiency[1] - Cash provided by operations was 111.0million,resultinginfreecashflowof111.0 million, resulting in free cash flow of 36.9 million after capital expenditures of 74.1million[12]−Non−GAAPoperatingincomeforthethreemonthswas74.1 million[12] - Non-GAAP operating income for the three months was 224.8 million, representing a 24% margin, consistent with the prior year[44] Revenue Breakdown - CooperVision's total revenue of 635.9millionincludeda12635.9 million included a 12% increase in toric and multifocal lenses and a 9% increase in sphere and other lenses[13] - The Americas region reported revenue of 264.4 million, up 9% year-over-year, while EMEA revenue was 237.0million,up13237.0 million, up 13%[37] - CooperVision revenue was 635.9 million, with organic growth of 11% and a currency impact of 2%[58] - CooperSurgical revenue was 306.7million,showingan8306.7 million, showing an 8% increase in constant currency, with a 4% organic growth[68] Financial Position - Total liabilities increased to 4,243.5 million, while stockholders' equity rose to 7,803.9million[30]−Totalassetsreached7,803.9 million[30] - Total assets reached 12,047.4 million, an increase from 11,658.9millionasofOctober31,2023[60]−Thecompanyhastotaldebtof11,658.9 million as of October 31, 2023[60] - The company has total debt of 2.7 billion, with cash and cash equivalents at 112.4million[66]−Currentassetstotaled112.4 million[66] - Current assets totaled 1,859.0 million, up from 1,704.9millioninthepreviousperiod[60]−Goodwillincreasedto1,704.9 million in the previous period[60] - Goodwill increased to 3,761.3 million from 3,624.5million,reflectingongoingacquisitions[60]ResearchandDevelopment−Researchanddevelopmentexpensesincreasedto3,624.5 million, reflecting ongoing acquisitions[60] Research and Development - Research and development expenses increased to 38.9 million from 32.6millionyear−over−year,highlightingthecompany′scommitmenttoinnovation[1]CostManagement−Thecompanyisfocusedonstrategicacquisitionsandoptimizingitscoststructuretoenhanceoverallperformance[40]GrossProfitandMargin−Thecompanyreportedagrossprofitof32.6 million year-over-year, highlighting the company's commitment to innovation[1] Cost Management - The company is focused on strategic acquisitions and optimizing its cost structure to enhance overall performance[40] Gross Profit and Margin - The company reported a gross profit of 631.2 million, representing a gross margin of 67%[19] - Gross profit for the same period was 631.2million,comparedto631.2 million, compared to 582.9 million in the prior year, reflecting a strong performance[1] - Gross margin improved to 67%, up from 66% in the previous year[65]