Medical device maker CooperCompanies (NYSE: COO) announced financial results for the first quarter of 2024, reporting an increase in revenues and adjusted profit.
- First-quarter revenue increased 9% year-over-year to $931.6 million; CooperVision and CooperSurgical revenues grew 7% and 12%, respectively
- On a reported basis, earnings per share was $0.41 in Q1, down $0.02 or 5% from last year’s first quarter
- Unadjusted earnings per share moved up 18% annually to $0.85 during the three months
- Net income decreased to $81.2 million in the January quarter from $84.6 million a year earlier
- Q1 gross margin advanced to 67% from 65% the year-ago quarter; operating margin decreased to 16% from 17%
- Operating cash flow and capital expenditures came in at $122.7 million and $118.1 million, respectively, resulting in cash flow of $4.6 million
- For fiscal 2024, the company expects total revenue to be $3.85-3.90 billion, representing organic growth of 7% to 8%
