Executive Summary
The Cooper Companies Inc reported exceptional results for Q2 2024, achieving record quarterly revenues of $943 million, representing an 8% increase year-over-year. This growth was primarily driven by CooperVision, which returned to double-digit growth with an 11% increase in revenue. CooperSurgical, despite operational challenges related to a systems upgrade, managed a respectable 4% revenue growth. Management highlights include successful expansion in the silicone hydrogel lens portfolio and strategic investments that are beginning to bear fruit, with a focus on increased production capacity amidst robust market demand. Looking ahead, management has raised guidance for both revenue and earnings as they capitalize on operational momentum and innovative product offerings.
Key Performance Indicators
Revenue
942.60M
QoQ: 1.18% | YoY:7.43%
Gross Profit
580.90M
61.63% margin
QoQ: 1.29% | YoY:-0.34%
Operating Income
161.70M
QoQ: 5.62% | YoY:67.91%
Net Income
88.90M
QoQ: 9.48% | YoY:123.37%
EPS
0.45
QoQ: 9.76% | YoY:125.00%
Revenue Trend
Margin Analysis
Key Insights
- **Revenue**: $943 million, +8% YoY, with CooperVision at $636 million (+11% YoY) and CooperSurgical at $307 million (+4% YoY).
- **Gross Profit**: $580.9 million with a gross margin of 61.6%, up from 61.5% in the previous year.
- **Operating Income**: $161.7 million, improving operating margin to 17.2%.
- **Net Income**: $88.9 million, reflecting a 123% increase YoY.
- **EPS**: $0.45 reported, $0.85 on a non-GAAP basis, +10% YoY.