Medical device maker CooperCompanies (NYSE: COO) announced financial results for the third quarter of 2023, reporting an increase in revenues.
- Third-quarter revenue increased 10% year-over-year to $930.2 million; CooperVision and CooperSurgical revenues rose 11% and 8% respectively
- Net income declined to $85.3 million or $1.71 per share in the July quarter from $98.4 million or $1.98 per share a year earlier
- Adjusted earnings per share rose 5% annually to $3.35 during the three-month period
- Gross margin was 66%, up from 65% in last year’s third quarter
- Operating margin decreased to 16% in Q3 from 17% in the comparable period of 2022; adjusted operating margin was 24%
- Interest expense came in at $26.8 million, up from $17.1 million reported a year earlier
- Operating cash flow totaled $142.5 million; adjusted for capital expenditures of $90.9 million, free cash flow was $51.6 million