The Cooper Companies Inc (STU:CP60)

€ 98.65 1.25 (1.28%) Market Cap: 19.78 Bil Enterprise Value: 22.05 Bil PE Ratio: 61.55 PB Ratio: 2.78 GF Score: 90/100

Q2 2024 Cooper Companies Inc Earnings Call Transcript

May 30, 2024 / 09:00PM GMT

Release Date Price: €82.85 (-0.24%)

Transcript 10-Q8-K

Key Points

Positve

Record quarterly revenues of $943 million, up 8% year-over-year.
CooperVision returned to double-digit revenue growth, driven by silicone hydrogel lenses.
Margins improved due to leveraging prior investment activity.
Strong performance in MyDay daily silicone hydrogel lenses, with 18% growth.
MiSight myopia management portfolio grew 39%, showing strong demand.

Negative

Unexpected challenges with system upgrades impacted U.S. distribution center.
CooperSurgical's medical devices declined 6% due to shipping interruptions.
Foreign exchange negatively impacted earnings by $0.07 in the quarter.
Higher cost contact lens inventory expected to impact Q3 gross margin.
PARAGARD expected to have a negative impact in Q3 due to destocking.

Operator

Thank you for standing by, and welcome to The Cooper Companies Second Quarter 2024 Earnings Conference Call. (Operator Instructions). Thank you.

I'd now like to turn the call over to Kim Duncan, Vice President of Investor Relations and Risk Management. You may begin.

Kim Duncan

Cooper Companies Inc - Vice President of Investor Relations & Risk Management

Good afternoon and welcome to The Cooper Companies Second Quarter 2024 Earnings Conference Call. During today's call, we will discuss the results and guidance included in the earnings release and then use the remaining time for questions.

Our presenters on today's call are Al White, President and Chief Executive Officer; and Brian Andrews, Chief Financial Officer and Treasurer.

Before we begin, I'd like to remind you that this conference call will contain forward-looking statements, including revenues EPS, operating income, tax rate, FX and other financial guidance and expectations, strategic and operational initiatives, market and regulatory conditions and trends and product

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