CooperCompanies announces revenue growth

CooperCompanies (Nasdaq: COO), a global medical device company operating through two business units, CooperVision and CooperSurgical, announced revenue growth for both its fiscal fourth quarter and for fiscal 2024 ended October 31, 2024. The company reported fourth quarter revenue of $1,018.4 million, up 10 percent from last year’s fourth quarter, up 9 percent in constant currency and up 7 percent organically. Led by strong sales of toric and multifocal contact lenses, CooperVision revenue was $676.4 million in the fourth quarter, up 9 percent from last year’s fourth quarter, up 8 percent in constant currency and up 8 percent organically.

Regionally, EMEA led the way with 14 percent revenue growth, with the Americas reporting 5 percent growth in the fourth quarter of 2024.

“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,” said Al White, Cooper’s president and CEO. “We look forward to continued success in fiscal 2025 and thank all of our employees for driving these results.”

Fourth quarter CooperSurgical revenue was $342.0 million, up 12 percent from last year’s fourth quarter, up 12 percent in constant currency  and up a reported 5 percent organically.

Revenue for fiscal year 2024 was reported as $3,895.4 million, up 8 percent from fiscal 2023, up 9 percent in constant currency and up 8 percent organically. CooperVision revenue was $2,609.4 million, up 8 percent from fiscal 2023, up 8 percent in constant currency and up 9 percent organically. CooperSurgical revenue was $1,286.0 million, a 10 percent increase from fiscal 2023, 11 percent in constant currency and 5 percent organically.

Gross margin was 67 percent in fiscal year 2024 compared with 66 percent in fiscal 2023. Operating margin was 18 percent compared with 15 percent in fiscal 2023.

Cash provided by operations of $709.3 million in 2024 was offset by capital expenditures of $421.2 million and resulted in free cash flow of $288.1 million.

The company also initiated its fiscal year 2025 financial guidance. Fiscal 2025 total revenue is expected in the range of $4,080 million to $4,158 million (organic growth of 6 percent to 8 percent) with CooperVision revenue in the range of $2,733 million to $2,786 million (organic growth of 6.5 percent to 8.5 percent) and CooperSurgical revenue is expected in the range of $1,347 million to $1,372 million (organic growth of 4 percent to 6 percent).

“With our diverse portfolio of products and services, we expect solid revenue growth and margin improvements this coming year as we launch new products, leverage prior investment activity, and reap the benefits of successful integration work,” White noted on a conference call.