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Revenue increased 10% year-over-year to $445.2 million
The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal first quarter ended January 31, 2015.
– Revenue increased 10% year-over-year to $445.2 million. CooperVision (CVI) revenue up 13% to $369.3 million. CooperSurgical (CSI) revenue down 4% to $75.8 million.
– GAAP earnings per share (EPS) $1.25, down 22 cents or 15% from last year’s first quarter.
– Non-GAAP EPS $1.75, up 17 cents or 11% from last year’s first quarter. See “Reconciliation of Non-GAAP Results to GAAP Results” below.
Commenting on the results, Robert S. Weiss, Cooper’s president and chief executive officer said, “We’ve started fiscal 2015 with a strong quarter. In addition to solid operational performance, our integration of Sauflon is going very well along with our US launch of clariti®. Although currency continues to create headwinds, we’re raising our EPS guidance and remain very enthusiastic about our prospects for the remainder of the year, and into the future.”
First Quarter GAAP Operating Highlights:
– Revenue $445.2 million, up 10% from last year’s first quarter, up 5% pro forma (defined as constant currency and including Sauflon revenue in both periods).
– Gross margin 62% compared with 65% in last year’s first quarter. Gross margin was negatively impacted primarily by currency and integration related expenses in part offset by favorable product mix. Excluding integration related expenses, gross margin was 64% vs. 65% last year.
– Operating margin 16% compared with 20% in last year’s first quarter. The decrease was primarily due to integration related expenses and increased amortization arising from the Sauflon acquisition. Excluding these costs, operating margin would have been 23% vs. 22% last year.
– Depreciation $29.3 million, up 23% from last year’s first quarter. Amortization $13.6 million, up 81% from last year’s first quarter primarily due to the Sauflon acquisition.
– Total debt increased $13.0 million from October 31, 2014, to $1,395.3 million, primarily due to the repurchase of shares.
– Interest expense increased to $3.9 million compared with $1.7 million in last year’s first quarter primarily due to higher debt associated with the acquisition of Sauflon.
– Cash provided by operations $79.8 million, capital expenditures $65.0 million, and excluding acquisition costs of $13.3 million resulted in free cash flow of $28.1 million.
First Quarter CooperVision (CVI) GAAP Operating Highlights
– Revenue $369.3 million, up 13% from last year’s first quarter, up 6% pro forma, up 7% pro forma excluding solutions which are included in the “non single-use sphere, other” category below.
