BUSINESS CooperCompanies Announces Revenue Growth for 2024's Third Quarter and Raises Financial Guidance By Staff Thursday, August 29, 2024 12:24 AM SAN RAMON, Calif.—CooperCompanies (Nasdaq: COO), a leading global medical device company which operates through two business units, CooperVision and CooperSurgical, has announced financial results for its fiscal third quarter ended July 31, 2024. The company reported that revenue increased 8 percent year-over-year to $1,002.8 million. CooperVision (CVI) revenue was up 7 percent to $675.6 million, and CooperSurgical (CSI) revenue grew 9 percent to $327.2 million during the quarter. The company also raised its fiscal year 2024 financial guidance.Fiscal 2024 total revenue is now expected in the range of $3,892 million to $3,913 million (organic growth of 8 percent to 8.5 percent). For the same period, CVI revenue is now expected in the range of $2,606 million to $2,618 million (organic growth of 9 percent to 9.5 percent) with CSI revenue expected to be in the range of $1,286 million to $1,294 million (organic growth of 5.5 percent to 6.5 percent)."Our strong performance this quarter reflects the strength of our business, the successful execution of our multi-year growth strategy, and the hard work and dedication of our amazing employees,” said Al White, Cooper's president and CEO. “Our momentum is strong, and we are well-positioned for success, today and into the future.”The company reported overall revenue of $1,002.8 million, up 8 percent from last year’s third quarter, up 10 percent in constant currency and up 8 percent organically. Reported gross margin of 66 percent compared with 66 percent in last year’s third quarter while operating margin of 19 percent compared with 16 percent in last year’s third quarter.Interest expense of $28.5 million compared with $26.8 million in last year's third quarter, the company said, driven by higher average debt and higher interest rates. Cash provided by operations of $207.5 million was offset by capital expenditures of $89.0 million and resulted in free cash flow of $118.5 million.CVI revenue of $675.6 million grew 7 percent compared with last year’s third quarter, an increase of 9 percent in constant currency, and up 10 percent organically. Toric and multifocal lenses led the way with 10 percent reported year-over-year growth. White said on an earnings call that the company’s myopia management portfolio posted growth of 29 percent with MiSight up 50 percent for the quarter.Regionally, the strongest growth in the third quarter year-over-year was in the Americas, which saw a 13 percent revenue increase with sales of $279.8 million.Reported CSI revenue of $327.2 million was up 9 percent compared with last year's third quarter, 10 percent in constant currency, and 5 percent organically, led by 11 percent growth in the office and surgical sectors. In the fertility sector, revenue grew to $129.3 million, up 6 percent year-over-year.The company also reported that fiscal fourth quarter 2024 total revenue is expected in the range of $1,015 million to $1,036 million (organic growth of 7 percent to 9.5 percent). For the same period, CVI revenue is expected to be in the range of $673 million to $685 million (organic growth of 8 percent to 10 percent) with CSI revenue expected at $342 million to $350 million (organic growth of 6 percent to 8 percent), the company said.