SAN RAMON, Calif., Dec. 05, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (Nasdaq: COO), a leading global medical device company, today announced financial results for its fiscal fourth quarter and full year ended October 31, 2024.

  • Fourth quarter 2024 revenue of $1,018.4 million, up 10%, or up 7% organically. Fiscal year 2024 revenue of $3.9 billion, up 8%, or up 8% organically.
  • Fourth quarter 2024 GAAP diluted earnings per share (EPS) of $0.58, up 38%. Fiscal 2024 GAAP diluted EPS of $1.96, up 33%.
  • Fourth quarter 2024 non-GAAP diluted EPS of $1.04, up 19%. Fiscal 2024 non-GAAP diluted EPS of $3.69, up 15%. See "Reconciliation of Selected GAAP Results to Non-GAAP Results" below.

Commenting on the results, Al White, Cooper's President and CEO said, "Fiscal 2024 was a great year for Cooper having achieved record consolidated revenues, including record CooperVision revenues, record CooperSurgical revenues and record non-GAAP EPS. We look forward to continued success in fiscal 2025 and thank all of our employees for driving these results."

Fourth Quarter Operating Results

  • Revenue of $1,018.4 million, up 10% from last year's fourth quarter, up 9% in constant currency, up 7% organically.
  • Gross margin of 67% compared with 65% in last year's fourth quarter driven by price and efficiency gains. On a non-GAAP basis, gross margin was similar to last year at 67%.
  • Operating margin of 19% compared with 15% in last year's fourth quarter driven by SG&A expense leverage and stronger gross margins. On a non-GAAP basis, operating margin was 26%, up from 24% last year.
  • Interest expense of $27.0 million compared with $26.3 million in last year's fourth quarter. On a non-GAAP basis, interest expense was $25.6 million, down from $26.4 million.
  • Cash provided by operations of $268.1 million offset by capital expenditures of $139.9 million resulted in free cash flow of $128.2 million.

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Fourth Quarter CooperVision (CVI) Revenue

  • Revenue of $676.4 million, up 9% from last year's fourth quarter, up 8% in constant currency, up 8% organically.
  • Revenue by category:
    % change y/y
  (In millions) Reported

 Currency

Impact

 Constant

Currency

 Acquisitions

and

Divestitures

 Organic

  4Q24     
 Toric and multifocal$323.2  9% -% 9% -% 9%
 Sphere, other 353.2  8% (1)% 7% -% 7%
 Total$676.4  9% (1)% 8% -% 8%
                    
  • Revenue by geography:

    % change y/y
  (In millions) Reported

 Currency

Impact

 Constant

Currency

 Acquisitions

and

Divestitures

 Organic

  4Q24     
 Americas$270.5  5% 1% 6% -% 6%
 EMEA 256.6  14% (3)% 11% -% 11%
 Asia Pacific 149.3  7% -% 7% -% 7%
 Total$676.4  9% (1)% 8% -% 8%
                    
Fourth Quarter CooperSurgical (CSI) Revenue

  • Revenue of $342.0 million, up 12% from last year's fourth quarter, up 12% in constant currency, up 5% organically.
  • Revenue by category:
    % change y/y
  (In millions) Reported

 Currency

Impact

 Constant

Currency

 Acquisitions

and

Divestitures

 Organic

  4Q24     
 Office and surgical$202.8  11% -% 11% (11)% -%
 Fertility 139.2  15% -% 15% (2)% 13%
 Total$342.0  12% -% 12% (7)% 5%
                    
Fiscal Year 2024 Operating Results

  • Revenue of $3,895.4 million, up 8% from fiscal 2023, up 9% in constant currency, up 8% organically.
  • CVI revenue of $2,609.4 million, up 8% from fiscal 2023, up 8% in constant currency, up 9% organically, and CSI revenue $1,286.0 million, up 10% from fiscal 2023, up 11% in constant currency, up 5% organically.
  • Gross margin of 67% compared with 66% in fiscal 2023. Non-GAAP gross margin was 67% compared with 66% in fiscal 2023.
  • Operating margin of 18% compared with 15% in fiscal 2023. Non-GAAP operating margin was 25% compared with 24% in fiscal 2023.
  • Cash provided by operations of $709.3 million offset by capital expenditures of $421.2 million resulted in free cash flow of $288.1 million.

Fiscal Year 2025 Financial Guidance

The Company initiated its fiscal year 2025 financial guidance. Details are summarized as follows:

  • Fiscal 2025 total revenue of $4,080 - $4,158 million (organic growth of 6% to 8%)
    • CVI revenue of $2,733 - $2,786 million (organic growth of 6.5% to 8.5%)
    • CSI revenue of $1,347 - $1,372 million (organic growth of 4% to 6%)
  • Fiscal 2025 non-GAAP diluted earnings per share of $3.92 - $4.02
Non-GAAP diluted earnings per share guidance excludes amortization and impairment of intangible assets, and certain income or gains and charges or expenses including acquisition and integration costs which we may incur as part of our continuing operations.

With respect to the Company's guidance expectations, the 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, which are reconciling items between the non-GAAP and GAAP measures. Due to the unknown effect, timing and potential significance of such charges and expenses that impact GAAP diluted earnings per share, the Company is not able to provide such guidance.

Reconciliation of Selected GAAP Results to Non-GAAP Results

To supplement our financial results and guidance presented on a GAAP basis, we provide non-GAAP measures such as non-GAAP gross margin, non-GAAP operating margin, non-GAAP diluted earnings per share, as well as constant currency and organic revenue growth because we believe they are helpful for the investors to understand our consolidated operating results. Management uses supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, to make operating decisions, and to plan and forecast for future periods. The non-GAAP measures exclude costs which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. We provide further details of the non-GAAP adjustments made to arrive at our non-GAAP measures in the GAAP to non-GAAP reconciliations below. Our non-GAAP financial results and guidance are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

To present constant currency revenue growth, current period revenue for entities reporting in currencies other than the United States dollar are converted into United States dollars at the average foreign exchange rates for the corresponding period in the prior year. To present organic revenue growth, we excluded the effect of foreign currency fluctuations and the impact of any acquisitions, divestitures and discontinuations that occurred in the comparable period.

We define the non-GAAP measure of free cash flow as cash provided by operating activities less capital expenditures. We believe free cash flow is useful for investors as an additional measure of liquidity because it represents cash that is available to grow the business, make strategic acquisitions, repay debt, or buyback common stock. Management uses free cash flow internally to understand, manage, make operating decisions and evaluate our business. In addition, we use free cash flow to help plan and forecast future periods.

Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP.

 
THE COOPER COMPANIES, INC. AND SUBSIDIARIES

GAAP to Non-GAAP Reconciliation

Gross Margin, Operating Margin, and EPS

 
 Three Months Ended October 31,Twelve Months Ended October 31,
(In millions) 2024Margin % 2023Margin % 2024Margin % 2023Margin %
GAAP Gross Profit$677.767%$606.565%$2,595.767%$2,357.966%
Acquisition and integration-related charges (1) 2.9-% 7.01% 4.3-% 15.0-%
Exit of business (2) --% 2.51% 2.8-% 7.6-%
Medical device regulations (3) 0.4-% 0.8-% 3.2-% 3.7-%
Business optimization charges (4) 0.6-% 1.6-% 5.0-% 2.4-%
Total 3.9-% 11.9()[\]\\.,;:\s@\"]+)*)|(\".+\"))@((\[[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\])|(([a-zA-Z\-0-9]+\.)+[a-zA-Z]{2,}))$/;return b.test(a)}$(document).ready(function(){if(performance.navigation.type==2){location.reload(true)}$("iframe[data-lazy-src]").each(function(b){$(this).attr("src",$(this).attr("data-lazy-src"))});if($(".owl-article-body-images").length){$(".owl-article-body-images").owlCarousel({items:1,loop:true,center:false,dots:false,autoPlay:true,mouseDrag:false,touchDrag:false,pullDrag:false,nav:true})}var a=$("#display_full_text").val();if(a==0){$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:$("#cms_article_id").val()},dataType:"json",success:function(b){},error:function(b,d,c){}})}$(".read-full-article").on("click",function(d){d.preventDefault();var b=$(this).attr("data-cmsArticleId");var c=$(this).attr("data-productId");var f=$(this).attr("data-href");dataLayer.push({event:"paywall_click",paywall_name:"the_manila_times_premium",paywall_id:"paywall_article_"+b});$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:b,productId:c},dataType:"json",success:function(e){window.location.href=$("#BASE_URL").val()+f},error:function(e,h,g){}})});$(".article-embedded-newsletter-form .close-btn").on("click",function(){$(".article-embedded-newsletter-form").fadeOut(1000)})});$(document).on("click",".article-embedded-newsletter-form .newsletter-button",function(){var b=$(".article-embedded-newsletter-form .newsletter_email").val();var d=$("#ga_user_id").val();var c=$("#ga_user_yob").val();var a=$("#ga_user_gender").val();var e=$("#ga_user_country").val();if(validateEmail(b)){$.ajax({url:"/ajax/sendynewsletter",type:"POST",data:{email:b},success:function(f){$(".article-embedded-newsletter-form .nf-message").html(f);$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000);dataLayer.push({event:"newsletter_sub",user_id:d,product_name:"newsletter",gender:a,yob:c,country:e})},error:function(f,h,g){}})}else{$(".article-embedded-newsletter-form .nf-message").html("Please enter a valid email address.");$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000)}});$(document).on("click",".article-embedded-newsletter-form .nf-message",function(){$(this).removeClass("show");$(this).html("")});
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