BUSINESS CooperCompanies Posts Q2 2023 Revenue Growth and Updates Fiscal Year 2023 Guidance By Staff Friday, June 2, 2023 12:30 AM SAN RAMON, Calif.—CooperCompanies (NYSE: COO) announced late yesterday financial results for its fiscal second quarter ending April 30, 2023. Revenue increased 6 percent year-over-year to $877.4 million. CooperVision (CVI) revenue was up 6 percent to $589.3 million, and CooperSurgical (CSI) revenue increased 4 percent to $288.1 million. Gross margin of 66 percent compared with 64 percent in last year’s second quarter. Operating margin of 11 percent compared with 16 percent in last year’s second quarter.Interest expense of $26.1 million was up from $10.8 million in last year's second quarter driven by higher interest rates. Net debt outstanding at quarter end was $2.5 billion, down $48.5 million from last quarter. Cash provided by operations of $124.2 million offset by capital expenditures of $73.6 million resulted in free cash flow of $50.6 million.Net debt decreased by more than free cash flow due to the positive cash impact from closing the SightGlass Vision joint venture.In March 2022, the company closed its joint venture agreement with EssilorLuxottica for SightGlass Vision. This collaboration of two of the world's leading vision care companies accelerates the commercialization of its novel spectacle lens technologies to expand the myopia management category.In April 2022, the company made the decision to exit its contact lens solutions business. It is anticipated this business will continue operating through the end of the fiscal year.Commenting on the results, Al White, Cooper's president and CEO said, "This was another strong quarter with CooperVision posting its ninth consecutive quarter of double-digit organic revenue growth and CooperSurgical's fertility business posting its 10th consecutive quarter of double-digit organic revenue growth. This consistency is a testament to the strength of our businesses and the hard work of our employees around the world."Second quarter CooperVision revenue grew to $589.3 million, an increase of 6 percent from last year’s second quarter, up 10 percent in constant currency, and up 10 percent organically. Multifocal lenses and toric lenses led the way with revenue increases of 12 percent and 11 percent, respectively, year-over-year. Geographically, the Americas led the way with revenue of $243.3 million, a 9 percent increase year-over-year. EMEA revenue came in at $210 million and Asia Pacific at $136 million, also at 9 percent growth year-over-year.Second quarter CooperSurgical revenue was $288.1 million, an increase of 4 percent from last year's second quarter, up 6 percent in constant currency, and up 5 percent organically. Revenue for office and fertility grew 1 percent year-over-year to $163 million while fertility saw a 9 percent increase in revenue to $125.1 million.Net income for the three months ended April 30, 2023 was $39.8 million compared to $126.6 million for the three months ended April 30 2022.The company updated its fiscal year 2023 financial guidance with fiscal 2023 total revenue of $3,512 million to $3,569 million (organic growth of 7 percent to 9 percent).