Categories Earnings, Health Care

Earnings Summary: CooperCompanies (COO) reports Q2 2023 financial results

Medical device maker CooperCompanies (NYSE: COO) has announced financial results for the second quarter of 2023, reporting lower earnings despite an increase in revenues.

  • Second-quarter revenue rose 6% year-over-year to $877.4 million; CooperVision revenue rose 6% and CooperSurgical revenue moved up 4%
  • Net earnings per share, including special items, came in at $0.80, down 69% from last year’s earnings of $2.55
  • Net income was $39.8 million in the April quarter, compared to $126.6 million in Q2 2022
  • Adjusted earnings decreased to $3.08 per share in Q2 from $3.24 per share in the same period of last year
  • The operating margin was 11%, lower than the 16% margin reported a year earlier
  • Cash provided by operations totaled $124.2 million and free cash flow came in at $50.6 million

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