BUSINESS CooperCompanies Posts Q3 Revenue Growth and Updates 2023 Fiscal Year Guidance By Staff Thursday, August 31, 2023 12:24 AM SAN RAMON, Calif.—CooperCompanies (NYSE: COO) announced late yesterday financial results for its fiscal third quarter ended July 31, 2023. Revenue increased 10 percent year-over-year to $930.2 million. CooperVision (CVI) revenue was up 11 percent to $630.2 million, and CooperSurgical (CSI) revenue increased 8 percent to $300.0 million. Commenting on the results, Al White, Cooper's president and CEO said, "We're very pleased to report another strong quarter with record quarterly revenues at both CooperVision and CooperSurgical. Our performance reflects the successful execution of our strategic growth initiatives which would not be possible without the dedication and incredible hard work of our Cooper teams around the world."Gross margin of 66 percent compared with 65 percent in last year’s third quarter. On a non-GAAP basis, gross margin was similar to last year at 66 percent. Operating margin of 16 percent compared with 17 percent in last year’s third quarter. On a non-GAAP basis, operating margin was 24 percent, up from 23 percent last year driven primarily by operating expense leverage.Interest expense of $26.8 million was up from $17.1 million in last year's third quarter driven by higher interest rates. Net debt outstanding at quarter end was $2.5 billion. Cash provided by operations of $142.5 million offset by capital expenditures of $90.9 million resulted in free cash flow of $51.6 million.Net income for the three months ended July 31, 2023 was $85.3 million compared to $98.4 million for the same period last year.Third quarter CooperVision revenue grew to $630.2 million, up 11 percent from last year’s third quarter. Multifocal lenses and toric lenses led the way with revenue increases of 20 percent and 16 percent, respectively, year-over-year.Geographically, the Americas led the way with revenue of $248.6 million, a 13 percent increase year-over-year. EMEA revenue came in at $242.2 million and Asia Pacific at $139.4 million with both hitting double digit growth.Third quarter CooperSurgical revenue was $300.0 million, an increase of 8 percent from last year's second quarter, up 9 percent in constant currency, and up 9 percent organically. Revenue for office and surgical grew 8 percent year-over-year to $178.4 million while fertility saw a 9 percent increase in revenue to $121.6 million.The company also updated its fiscal year 2023 financial guidance with fiscal 2023 total revenue of $3,578 million to $3,595 million (organic growth of 9 percent to 10 percent). Fiscal fourth quarter 2023 total revenue was updated to $912 million to $929 million (organic growth of 7 percent to 9 percent).