CooperCompanies Announces Fourth Quarter and Full Year 2020 Results

SAN RAMON, Calif., Dec. 03, 2020 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for its fiscal fourth quarter and full year ended October 31, 2020.

• Fourth quarter revenue decreased 1% year-over-year to $681.6 million. CooperVision (CVI) revenue down 1% to $506.3 million, and CooperSurgical (CSI) revenue down 4% to $175.3 million.
  
  
• Fourth quarter GAAP diluted earnings per share (EPS) $1.64, down 78 cents or 32% from last year's fourth quarter.
  
  
• Fourth quarter Non-GAAP diluted EPS $3.16, down 14 cents or 4% from last year's fourth quarter. See "Reconciliation of Selected GAAP Results to Non-GAAP Results" below.
  

Commenting on the results, Al White, Cooper’s President and CEO said, "This was a solid quarter where we took market share globally in both contact lenses and fertility. We're continuing to have success with our daily silicone hydrogel portfolio, with unique products like Biofinity Energys^®, and with our myopia management program which includes MiSight^® and our Ortho K lenses."

Fourth Quarter Operating Results

• Revenue $681.6 million, down 1% from last year’s fourth quarter, down 3% in constant currency.
  
  
• Gross margin 62% down from 66% in last year’s fourth quarter. On a non-GAAP basis, gross margin was 68%, up from 67% last year driven by improvements at both CooperVision and CooperSurgical.
  
  
• Operating margin 15% compared with 21% in last year’s fourth quarter. On a non-GAAP basis, operating margin was 27%, down from 28% last year driven primarily by planned MiSight^® investments.
  
  
• Interest expense $6.7 million compared with $14.6 million in last year's fourth quarter driven by lower interest rates and lower average debt.
  
  
• Total debt outstanding at the end of the quarter was $1,793.2 million with quarter-end cash and cash equivalents of $115.9 million. Adjusted leverage ratio (net debt over adjusted EBITDA) of 2.15x.
  
  
• Cash provided by operations $218.3 million offset by capital expenditures $107.0 million resulted in free cash flow of $111.3 million.

Fourth Quarter CooperVision (CVI) Revenue

• Revenue $506.3 million, down 1% from last year’s fourth quarter, down 3% in constant currency.
  
  
• Revenue by category:

										Constant Currency
		(In millions)				% of CVI Revenue		%chg		%chg
		4Q20				4Q20		y/y		y/y
	Toric	$	161.9			32%		4%		2%
	Multifocal	53.2				11%		3%		—%
	The Cooper Companies, Inc. NASDAQ:COO COO Rankings #536 Ranked by Market Cap #2095 Ranked by Dividends COO Latest News May 30, 2024 CooperCompanies Announces Second Quarter 2024 Results May 23, 2024 CooperCompanies’ 2023 Environmental, Social, and Governance Report Highlights Efforts that Benefit People and the Planet May 15, 2024 CooperCompanies to Participate in the Jefferies Global Healthcare Conference May 14, 2024 CooperCompanies to Participate in the William Blair Growth Stock Conference May 1, 2024 The Canadian Association of Optometrists Releases a New “GetEyeWise” Digital Campaign to Bring Awareness About Eye Health and Vision Care COO Stock Data Market Cap 18.61B Float 197.47M Insiders Ownership 0.54% Institutions Ownership 100.45% Short Percent 1.1% Industry Surgical Appliance and Supplies Manufacturing Sector Manufacturing Website Link Country United States of America City SAN RAMON Explore About Rhea-AI Sitemap Legal Terms of Use Cookie Notice Privacy Policy Links RSS feed Patreon Discord Server Facebook Reddit © 2020-2024 StockTitan.net