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