Medical device maker CooperCompanies (NYSE: COO) announced financial results for the fourth quarter of 2023, reporting an increase in revenues and adjusted profit.
- Fourth quarter revenue came in at $927.1 million, which is up 9% year-over-year. Revenue grew 9% organically
- Q4 net income increased to $84.5 million from $65.6 million in the corresponding period of 2022
- Earnings, on a per-share basis, was $1.70 in the October quarter, higher by 29% compared to last year
- Adjusted earnings per share, excluding special items, increased 26% annually to $3.47 in Q4
- Adjusted gross margin rose to 67% from 65% last year driven by better operational performance at both CooperVision and CooperSurgical, and favorable currency
- The company ended the quarter with an operating cash flow of 174.2 million; offset by capital expenditures of $145.0 million, the free cash flow was $29.2 million