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Cooper
🇺🇸 NASDAQ:COO
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Jul 31, 2023

Cooper Q3 2023 Earnings Report

CooperCompanies reported strong Q3 2023 results, marked by record revenues in both CooperVision and CooperSurgical, driven by strategic growth initiatives.

Key Takeaways

CooperCompanies announced a 10% increase in revenue to $930.2 million. GAAP diluted EPS was $1.71, while non-GAAP diluted EPS reached $3.35. The company's performance was driven by strong results from both CooperVision and CooperSurgical.

Revenue increased by 10% year-over-year to $930.2 million.

CooperVision revenue was up 11% to $630.2 million.

CooperSurgical revenue increased by 8% to $300.0 million.

Non-GAAP diluted EPS increased by 5% to $3.35.

Total Revenue
$930M
Previous year: $843M
+10.3%
EPS
$0.84
Previous year: $0.8
+5.0%
Gross margin
66%
Previous year: 65%
+1.5%
Operating margin
16%
Previous year: 17%
-5.9%
Gross Profit
$610M
Previous year: $552M
+10.5%
Cash and Equivalents
$117M
Previous year: $246M
-52.4%
Free Cash Flow
$51.6M
Previous year: $217M
-76.3%
Total Assets
$11.7B
Previous year: $11.6B
+1.3%

Cooper

Cooper

Cooper Revenue by Segment

Cooper Revenue by Geographic Location

Forward Guidance

The Company updated its fiscal year 2023 financial guidance. Fiscal 2023 total revenue of $3,578 - $3,595 million (organic growth of 9% to 10%). Fiscal 2023 non-GAAP diluted earnings per share of $12.72 - $12.90.

Positive Outlook

  • Fiscal 2023 total revenue of $3,578 - $3,595 million (organic growth of 9% to 10%)
  • CVI revenue of $2,414 - $2,425 million (organic growth of 10% to 11%)
  • CSI revenue of $1,164 - $1,170 million (organic growth of 7% to 8%)
  • Fiscal fourth quarter 2023 total revenue of $912 - $929 million (organic growth of 7% to 9%)
  • CVI revenue of $613 - $624 million (organic growth of 8% to 10%)

Challenges Ahead

  • CSI revenue of $299 - $305 million (organic growth of 5% to 7%)
  • Fiscal fourth quarter 2023 non-GAAP diluted earnings per share of $3.39 - $3.57
  • Non-GAAP diluted earnings per share guidance excludes amortization and impairment of intangible assets
  • Excludes other exceptional or unusual income or gains and charges or expenses including acquisition and integration costs
  • Company has not reconciled non-GAAP diluted earnings per share guidance to GAAP diluted earnings per share due to the inherent difficulty in forecasting acquisition-related, integration and restructuring charges and expenses

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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