CooperCompanies (NYSE: COO) today announced financial results for
its fiscal fourth quarter and full year ended October 31, 2021.
- Fourth quarter revenue increased 11%
year-over-year to $759.1 million. Fiscal 2021 revenue increased 20%
to $2,922.5 million.
- Fourth quarter GAAP diluted earnings
per share (EPS) $2.21, up 57 cents or 35% from last year's fourth
quarter. Fiscal 2021 GAAP diluted EPS $59.16, up 1,131% from fiscal
2020.
- Fourth quarter Non-GAAP diluted EPS $3.28, up 12 cents or 4%
from last year's fourth quarter. Fiscal 2021 non-GAAP diluted EPS
$13.24, up 37% from fiscal 2020. See "Reconciliation of Selected
GAAP Results to Non-GAAP Results" below.
Commenting on the results, Al White, Cooper's President and CEO
said, "We closed this fiscal year with record annual revenue,
profits and cash flow. We continued taking market share globally in
both contact lenses and fertility, and delivered on our strategic
objectives including investing and growing our myopia management
franchise. As we enter 2022, we have momentum and are well
positioned to continue executing on our growth strategies across
both businesses."
Fourth Quarter Operating Results
- Revenue $759.1 million, up 11% from
last year’s fourth quarter, up 11% in constant currency.
- Gross margin 66% compared with 62%
in last year’s fourth quarter. On a non-GAAP basis, gross margin
was 67%, down from 68% last year driven primarily by currency.
- Operating margin 17% compared with
15% in last year’s fourth quarter. On a non-GAAP basis, operating
margin was 25%, down from 27% last year driven primarily by
investment activity.
- Interest expense $5.0 million
compared with $6.7 million in last year's fourth quarter driven by
lower average debt levels.
- Cash provided by operations $174.5
million offset by capital expenditures $65.0 million resulted in
free cash flow of $109.5 million.
- Net debt outstanding at quarter end was $1,383.1 million (total
debt of $1,479.0 million less quarter-end cash and cash equivalents
of $95.9 million). Adjusted leverage ratio (net debt over adjusted
EBITDA) of 1.4x.
Fourth Quarter CooperVision (CVI) Revenue
- Revenue $564.8 million, up 12% from
last year’s fourth quarter, up 11% in constant currency.
- Revenue by category:
|
|
|
|
|
|
|
|
Constant Currency |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
4Q21 |
|
4Q21 |
|
y/y |
|
y/y |
|
Toric |
$ |
181.3 |
|
|
32 |
% |
|
12 |
% |
|
12 |
% |
|
Multifocal |
61.3 |
|
|
11 |
% |
|
15 |
% |
|
15 |
% |
|
Single-use sphere |
166.5 |
|
|
29 |
% |
|
12 |
% |
|
12 |
% |
|
Non single-use sphere,
other |
155.7 |
|
|
28 |
% |
|
9 |
% |
|
8 |
% |
|
Total |
$ |
564.8 |
|
|
100 |
% |
|
12 |
% |
|
11 |
% |
|
|
|
|
|
|
|
|
Constant Currency |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
4Q21 |
|
4Q21 |
|
y/y |
|
y/y |
|
Americas |
$ |
217.9 |
|
|
39 |
% |
|
6 |
% |
|
6 |
% |
|
EMEA |
213.9 |
|
|
38 |
% |
|
17 |
% |
|
15 |
% |
|
Asia Pacific |
133.0 |
|
|
23 |
% |
|
13 |
% |
|
14 |
% |
|
Total |
$ |
564.8 |
|
|
100 |
% |
|
12 |
% |
|
11 |
% |
Fourth Quarter CooperSurgical (CSI) Revenue
- Revenue $194.3 million, up 11% from
last year's fourth quarter, up 11% in constant currency.
- Revenue by category:
|
|
|
|
|
|
|
|
Constant Currency |
|
|
(In millions) |
|
% of CSI Revenue |
|
%chg |
|
%chg |
|
|
4Q21 |
|
4Q21 |
|
y/y |
|
y/y |
|
Office and surgical products |
$ |
112.7 |
|
|
58 |
% |
|
3 |
% |
|
3 |
% |
|
Fertility |
81.6 |
|
|
42 |
% |
|
23 |
% |
|
24 |
% |
|
Total |
$ |
194.3 |
|
|
100 |
% |
|
11 |
% |
|
11 |
% |
Fiscal Year 2021 Operating Results
- Revenue $2,922.5 million, up 20%
from fiscal 2020, up 18% in constant currency.
- CVI revenue $2,152.0 million, up 17%
from fiscal 2020, up 14% in constant currency, and CSI revenue
$770.5 million, up 31% from fiscal 2020, up 30% in constant
currency.
- Gross margin 67% compared with 63%
in fiscal 2020. Non-GAAP gross margin 68% up from 67% in fiscal
2020.
- Operating margin 17% compared with
13% in fiscal 2020. Non-GAAP operating margin 26% up from 23% in
fiscal 2020.
- GAAP diluted EPS $59.16, up 1,131%
from fiscal 2020. Non-GAAP diluted EPS $13.24, up 37% from fiscal
2020.
- Cash provided by operations $738.6 million offset by capital
expenditures of $214.4 million resulted in free cash flow of $524.2
million.
Fiscal Year 2022 Financial GuidanceWe continue
to monitor and evaluate the scope, duration and impact of the
ongoing COVID-19 pandemic on our operations and financial results.
While we still view resurgences as a significant risk factor to our
outlook, we are initiating our fiscal year 2022 guidance*. Details
are summarized as follows:
- Fiscal 2022 total revenue $3,032 -
$3,090 million (up 6% to 8% in constant currency)
- CVI revenue $2,225 - $2,267 million
(up 6% to 8% in constant currency)
- CSI revenue $807 - $823 million (up
6% to 8% in constant currency)
- Fiscal 2022 non-GAAP diluted
earnings per share $13.60 - $14.00 (up 9.5% to 12.5% in constant
currency)
* Note: Our fiscal year 2022 guidance does not include the
Generate Life Sciences acquisition announced on November 10th,
2021.
Non-GAAP diluted earnings per share guidance excludes
amortization and impairment of intangible assets, and other
exceptional or unusual income or gains and charges or expenses
including acquisition, integration and manufacturing related costs
which we may incur as part of our continuing operations.
With respect to the Company’s guidance expectations, the Company
has not reconciled non-GAAP diluted earnings per share guidance to
GAAP diluted earnings per share due to the inherent difficulty in
forecasting acquisition-related, integration and restructuring
charges and expenses, which are reconciling items between the
non-GAAP and GAAP measure. Due to the unknown effect, timing and
potential significance of such charges and expenses that impact
GAAP diluted earnings per share, the Company is not able to provide
such guidance.
Reconciliation of Selected GAAP Results to Non-GAAP
ResultsTo supplement our financial results and guidance
presented on a GAAP basis, we use non-GAAP measures that we believe
are helpful in understanding our results. The non-GAAP measures
exclude costs which we generally would not have otherwise incurred
in the periods presented as a part of our continuing operations.
Our non-GAAP financial results and guidance are not meant to be
considered in isolation or as a substitute for comparable GAAP
measures and should be read only in conjunction with our
consolidated financial statements prepared in accordance with GAAP.
Management uses supplemental non-GAAP financial measures internally
to understand, manage and evaluate our business and make operating
decisions. These non-GAAP measures are among the factors management
uses in planning and forecasting for future periods. We believe it
is useful for investors to understand the effects of these items on
our consolidated operating results. Our non-GAAP financial measures
may include the following adjustments, and as appropriate, the
related income tax effects and changes in income attributable to
noncontrolling interests:
- We exclude the effect of
amortization and impairment of intangible assets from our non-GAAP
financial results. Amortization of intangible assets will recur in
future periods; however, the amounts are affected by the timing and
size of our acquisitions. Impairment of intangible assets is a
non-recurring cost.
- We exclude the effect of acquisition
and integration expenses and the effect of restructuring expenses
from our non-GAAP financial results. Such expenses generally
diminish over time with respect to past acquisitions; however, we
generally will incur similar expenses in connection with any future
acquisitions. We incurred significant expenses in connection with
our acquisitions and also incurred certain other operating expenses
or income, which we generally would not have otherwise incurred in
the periods presented as a part of our continuing operations.
Acquisition and integration expenses include direct effects of
acquisition accounting, such as inventory fair value step-up and
items such as personnel costs for transitional employees, other
acquired employee related costs and integration related
professional services. Restructuring expenses include items such as
employee severance, product rationalization, facility and other
exit costs.
- We exclude other exceptional or
unusual charges or expenses and gains or income. These can be
variable and difficult to predict, such as COVID related
charges, certain litigation expenses, changes in fair value of
contingent considerations, and product transition costs, that are
not what we consider as typical of our continuing operations.
Investors should consider non-GAAP financial measures in addition
to, and not as replacements for, or superior to, measures of
financial performance prepared in accordance with GAAP.
- We report revenue growth using the
non-GAAP financial measure of constant currency so that revenue
results may be evaluated excluding the effect of foreign currency
rate fluctuations. To present this information, current period
revenue for entities reporting in currencies other than the United
States dollar are converted into United States dollars at the
average foreign exchange rates for the corresponding period in the
prior year.
- We define the non-GAAP measure of
free cash flow as cash provided by operating activities less
capital expenditures. We believe free cash flow is useful for
investors as an additional measure of liquidity because it
represents cash that is available to grow the business, make
strategic acquisitions, repay debt, buyback common stock or to fund
dividend payments. Management uses free cash flow internally to
understand, manage, make operating decisions and evaluate our
business. In addition, we use free cash flow to help plan and
forecast future periods.
- We exclude unrealized and realized
gains and losses on our minority investments as we do not believe
that these components of income or expense have a direct
correlation to our ongoing operations.
THE COOPER COMPANIES, INC. AND
SUBSIDIARIES Reconciliation of Selected GAAP
Results to Non-GAAP Results (In millions,
except per share
amounts) (Unaudited) |
|
|
Three Months Ended October 31, |
|
|
2021 |
|
|
|
2021 |
|
2020 |
|
|
|
2020 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
257.2 |
|
|
$ |
(10.3 |
) |
|
A |
$ |
246.9 |
|
|
$ |
257.6 |
|
|
|
$ |
(37.2 |
) |
|
A |
$ |
220.4 |
|
Operating expense excluding amortization |
|
$ |
337.2 |
|
|
$ |
(14.0 |
) |
|
B |
$ |
323.2 |
|
|
$ |
289.7 |
|
|
|
$ |
(11.4 |
) |
|
B |
$ |
278.3 |
|
Amortization of intangibles |
|
$ |
36.1 |
|
|
$ |
(36.1 |
) |
|
C |
$ |
— |
|
|
$ |
34.2 |
|
|
|
$ |
(34.2 |
) |
|
C |
$ |
— |
|
Other expense (income), net |
|
$ |
2.0 |
|
|
$ |
(0.6 |
) |
|
D |
$ |
1.4 |
|
|
$ |
(0.3 |
) |
|
|
$ |
— |
|
|
|
$ |
(0.3 |
) |
Provision for income taxes |
|
$ |
11.3 |
|
|
$ |
7.5 |
|
|
E |
$ |
18.8 |
|
|
$ |
12.5 |
|
|
|
$ |
7.1 |
|
|
E |
$ |
19.6 |
|
Diluted earnings per share |
|
$ |
2.21 |
|
|
$ |
1.07 |
|
|
|
$ |
3.28 |
|
|
$ |
1.64 |
|
|
|
$ |
1.52 |
|
|
|
$ |
3.16 |
|
Weighted average diluted shares used |
|
49.9 |
|
|
|
|
49.9 |
|
|
49.6 |
|
|
|
|
|
49.6 |
|
A |
Fiscal 2021 GAAP cost of sales includes $10.3 million of costs
primarily related to integration and other manufacturing related
costs, resulting in fiscal 2021 GAAP gross margin of 66% as
compared to fiscal 2021 non-GAAP gross margin of 67%. Fiscal 2020
GAAP cost of sales includes $37.2 million of costs primarily
related to COVID-19 and other manufacturing related costs,
resulting in fiscal 2020 GAAP gross margin of 62% as compared to
fiscal 2020 non-GAAP gross margin of 68%. |
B |
Fiscal 2021 GAAP operating
expense includes $14.0 million of costs, primarily comprised of
$9.3 million of costs related to the increase in fair value of
contingent considerations and costs related to acquisition and
integration activity. Fiscal 2020 GAAP operating expense includes
$11.4 million primarily related to integration activities and
European Medical Devices Regulation (MDR) implementation
costs. |
C |
Amortization expense was $36.1
million and $34.2 million for the fiscal 2021 and 2020 periods,
respectively. Items A, B, and C resulted in fiscal 2021 GAAP
operating margin of 17% as compared to fiscal 2021 non-GAAP
operating margin of 25%, and fiscal 2020 GAAP operating margin of
15% as compared to fiscal 2020 non-GAAP operating margin of
27%. |
D |
Fiscal 2021 other expense
(income), net includes $0.6 million of losses on minority
investments. |
E |
Fiscal 2021 includes changes in
provision for income taxes that arise primarily from the above
adjustments and intra-group asset transfers. Fiscal 2020 included
changes that arise primarily from the above adjustments. |
THE COOPER COMPANIES, INC. AND
SUBSIDIARIES Reconciliation of Selected GAAP
Results to Non-GAAP Results (In millions,
except per share
amounts) (Unaudited) |
|
|
Twelve Months Ended October 31, |
|
|
2021 |
|
|
|
2021 |
|
2020 |
|
|
|
2020 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
966.7 |
|
|
|
$ |
(29.4 |
) |
|
A |
$ |
937.3 |
|
|
$ |
896.1 |
|
|
$ |
(90.1 |
) |
|
A |
$ |
806.0 |
|
Operating expense excluding amortization |
|
$ |
1,303.9 |
|
|
|
$ |
(86.4 |
) |
|
B |
$ |
1,217.5 |
|
|
$ |
1,085.8 |
|
|
$ |
(30.9 |
) |
|
B |
$ |
1,054.9 |
|
Amortization of intangibles |
|
$ |
146.1 |
|
|
|
$ |
(146.1 |
) |
|
C |
$ |
— |
|
|
$ |
137.2 |
|
|
$ |
(137.2 |
) |
|
C |
$ |
— |
|
Interest expense |
|
$ |
23.1 |
|
|
|
$ |
— |
|
|
|
$ |
23.1 |
|
|
$ |
36.8 |
|
|
$ |
(4.0 |
) |
|
D |
$ |
32.8 |
|
Other (income) expense, net |
|
$ |
(8.8 |
) |
|
|
$ |
11.4 |
|
|
E |
$ |
2.6 |
|
|
$ |
8.5 |
|
|
$ |
(7.0 |
) |
|
E |
$ |
1.5 |
|
Provision for income taxes |
|
$ |
(2,453.2 |
) |
|
|
$ |
2,536.3 |
|
|
F |
$ |
83.1 |
|
|
$ |
28.1 |
|
|
$ |
29.4 |
|
|
F |
$ |
57.5 |
|
Diluted earnings per share |
|
$ |
59.16 |
|
|
|
$ |
(45.92 |
) |
|
|
$ |
13.24 |
|
|
$ |
4.81 |
|
|
$ |
4.83 |
|
|
|
$ |
9.64 |
|
Weighted average diluted shares used |
|
49.8 |
|
|
|
|
|
49.8 |
|
|
49.6 |
|
|
|
|
49.6 |
|
A |
Fiscal 2021 GAAP cost of sales includes $29.4 million of costs
primarily related to integration and other manufacturing related
costs, resulting in fiscal 2021 GAAP gross margin of 67% as
compared to fiscal 2021 non-GAAP gross margin of 68%. Fiscal 2020
GAAP cost of sales includes $90.1 million of costs primarily
related to COVID-19 and other manufacturing related costs,
resulting in fiscal 2020 GAAP gross margin of 63% as compared to
fiscal 2020 non-GAAP gross margin of 67%. |
B |
Fiscal 2021 GAAP operating
expense includes $86.4 million of costs, primarily comprised of
$66.1 million of costs related to the increase in fair value of
contingent considerations and costs related to acquisition and
integration activity. Fiscal 2020 GAAP operating expense includes
$30.9 million primarily related to acquisition, integration
activities and European MDR implementation costs. |
C |
Amortization expense was $146.1
million and $137.2 million for the fiscal 2021 and 2020 periods,
respectively. Items A, B, C resulted in fiscal 2021 GAAP operating
margin of 17% as compared to fiscal 2021 non-GAAP operating margin
of 26%, and fiscal 2020 GAAP operating margin of 13% as compared to
fiscal 2020 non-GAAP operating margin of 23%. |
D |
Fiscal 2020 interest expense
includes $4.0 million pertaining to the write-off of debt issuance
costs related to the repayment and refinancing of the 2016
revolving credit facility and 2017 Term Loan. |
E |
Fiscal 2021 other (income)
expense, net primarily consists of an $11.6 million gain due to
CooperVision's acquisition of all of the remaining equity interest
of a privately-held medical device company in January 2021. Fiscal
2020 other expense (income), net includes $7.0 million of losses on
minority investments. |
F |
Fiscal 2021 includes changes in
provision for income taxes that arise primarily from $2,527.1
million of tax benefit related to the recognition of deferred tax
assets from an intra-group transfer of intellectual property and
goodwill to a UK subsidiary in the first quarter and remeasurement
of deferred tax assets caused by the UK enactment of a 25%
corporate tax rate in the third quarter. Fiscal 2021 also includes
changes that arise primarily from the above adjustments and
intra-group asset transfers. Fiscal 2020 included changes that
arise primarily from the above adjustments. |
Conference Call and Webcast The
Company will host a conference call today at 5:00 PM ET to discuss
its fiscal fourth quarter and full year 2021 results and current
corporate developments. The live dial-in number for the call is
855-643-4430 (U.S.) / 707-294-1332 (International). The participant
passcode for the call is “Cooper”. A simultaneous webcast of the
call will be available through the "Investor Relations" section of
the CooperCompanies website at http://investor.coopercos.com and a
transcript of the call will be archived on this site for a minimum
of 12 months. A recording of the call will be available beginning
at 8:00 PM ET on December 2, 2021 through December 9, 2021. To hear
this recording, dial 855-859-2056 (U.S.) / 404-537-3406
(International) and enter code 266737.
About
CooperCompaniesCooperCompanies ("Cooper") is a global
medical device company publicly traded on the NYSE (NYSE: COO).
Cooper operates through two business units, CooperVision and
CooperSurgical. CooperVision brings a refreshing perspective on
vision care with a commitment to developing a wide range of
high-quality products for contact lens wearers and providing
focused practitioner support. CooperSurgical is committed to
advancing the health of women, babies and families with its
diversified portfolio of products and services focusing on medical
devices and fertility & genomics. Headquartered in San Ramon,
Calif., Cooper has a workforce of more than 12,000 with products
sold in over 100 countries. For more information, please
visit www.coopercos.com.
Forward-Looking Statements This earnings
release contains "forward-looking statements" as defined by the
Private Securities Litigation Reform Act of 1995. Statements
relating to guidance, plans, prospects, goals, strategies, future
actions, events or performance and other statements of which are
other than statements of historical fact, including our 2022
Guidance and all statements regarding the expected impact of the
ongoing COVID-19 pandemic on our business, and statements regarding
acquisitions including the acquired companies' financial position,
market position, product development and business strategy,
expected cost synergies, expected timing and benefits of the
transaction, difficulties in integrating entities or operations, as
well as estimates of our and the acquired entities' future
expenses, sales and earnings per share are forward looking. In
addition, all statements regarding anticipated growth in our net
sales and anticipated market conditions, planned product launches
and expected results of operations are forward-looking. To
identify these statements look for words like "believes,"
"outlook," "probable," "expects," "may," "will," "should," "could,"
"seeks," "intends," "plans," "estimates" or "anticipates" and
similar words or phrases. Forward-looking statements
necessarily depend on assumptions, data or methods that may be
incorrect or imprecise and are subject to risks and
uncertainties.
Among the factors that could cause our actual results and future
actions to differ materially from those described in
forward-looking statements are: the effects of the ongoing COVID-19
pandemic and related economic disruptions and new governmental
regulations on our business, results of operations, cash flow and
financial condition, including but not limited to the potential
impact on our sales, operations and supply chain; adverse changes
in the global or regional general business, political and economic
conditions, including the impact of continuing uncertainty and
instability of certain countries, that could adversely affect our
global markets, and the potential adverse economic impact and
related uncertainty caused by these items, including but not
limited to, the ongoing COVID-19 pandemic, inflation, and
escalating global trade barriers, including additional tariffs, by
countries such as China; changes in tax laws or their
interpretation, changes in statutory tax rates, and adverse
outcomes in tax disputes including but not limited to, the United
States (U.S.), the United Kingdom (UK) and other countries may
affect our taxation of earnings recognized in foreign
jurisdictions, result in unexpected tax liabilities, and/or
negatively impact our effective tax rate; foreign currency exchange
rate and interest rate fluctuations including the risk of
fluctuations in the value of foreign currencies or interest rates
that would decrease our net sales and earnings; our existing and
future variable rate indebtedness and associated interest expense
is impacted by rate increases, which could adversely affect our
financial health or limit our ability to borrow additional funds;
acquisition-related adverse effects including the failure to
successfully achieve the anticipated net sales, margins and
earnings benefits of acquisitions, integration delays or costs and
the requirement to record significant adjustments to the
preliminary fair value of assets acquired and liabilities assumed
within the measurement period, required regulatory approvals for an
acquisition not being obtained or being delayed or subject to
conditions that are not anticipated, adverse impacts of changes to
accounting controls and reporting procedures, contingent
liabilities or indemnification obligations, increased leverage and
lack of access to available financing (including financing for the
acquisition or refinancing of debt owed by us on a timely basis and
on reasonable terms); adverse changes in global political and
economic conditions, and related uncertainty caused by the United
Kingdom's withdrawal from the European Union (EU) and its potential
impact on, among other things, the movement of goods and materials
in our supply chain, additional regulatory approvals and
requirements, and increased tariffs and duties; compliance costs
and potential liability in connection with U.S. and foreign laws
and health care regulations pertaining to privacy and security of
personal information, such as HIPAA and the California Consumer
Privacy Act (CCPA) in the U.S. and the General Data Protection
Regulation (GDPR) requirements in Europe, including but not limited
to those resulting from data security breaches; a major disruption
in the operations of our manufacturing, accounting and financial
reporting, research and development, distribution facilities or raw
material supply chain due to the ongoing COVID-19 pandemic,
integration of acquisitions, man-made or natural disasters,
cybersecurity incidents or other causes; a major disruption in the
operations of our manufacturing, accounting and financial
reporting, research and development or distribution facilities due
to technological problems, including any related to our information
systems maintenance, enhancements or new system deployments,
integrations or upgrades; market consolidation of large customers
globally through mergers or acquisitions resulting in a larger
proportion or concentration of our business being derived from
fewer customers; disruptions in supplies of raw materials,
particularly components used to manufacture our silicone hydrogel
lenses; new U.S. and foreign government laws and regulations, and
changes in existing laws, regulations and enforcement guidance,
which affect areas of our operations including, but not limited to,
those affecting the health care industry including the contact lens
industry specifically and the medical device or pharmaceutical
industries generally, including but not limited to the EU Medical
Devices Regulation (MDR) and the EU In Vitro Diagnostic Medical
Devices Regulation (IVDR); legal costs, insurance expenses,
settlement costs and the risk of an adverse decision, prohibitive
injunction or settlement related to product liability, patent
infringement or other litigation; limitations on sales following
product introductions due to poor market acceptance; new
competitors, product innovations or technologies, including but not
limited to, technological advances by competitors, new products and
patents attained by competitors, and competitors' expansion through
acquisitions; reduced sales, loss of customers and costs and
expenses related to product recalls and warning letters; failure to
receive, or delays in receiving, regulatory approvals or
certifications for products; failure of our customers and end users
to obtain adequate coverage and reimbursement from third-party
payors for our products and services; the requirement to provide
for a significant liability or to write off, or accelerate
depreciation on, a significant asset, including goodwill, other
intangible assets and idle manufacturing facilities and equipment;
the success of our research and development activities and other
start-up projects; dilution to earnings per share from acquisitions
or issuing stock; impact and costs incurred from changes in
accounting standards and policies; environmental risks,
including increasing environmental legislation and the broader
impacts of climate change; risks related to environmental, social
and corporate governance (ESG) issues, including those related to
climate change and sustainability; and other events described in
our Securities and Exchange Commission filings, including the
“Business”, “Risk Factors” and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" sections
in the Company’s Annual Report on Form 10-K for the fiscal year
ended October 31, 2020, as such Risk Factors may be updated in
quarterly filings.
We caution investors that forward-looking statements reflect our
analysis only on their stated date. We disclaim any intent to
update them except as required by law.
Contact:
Kim DuncanVice President, Investor Relations and Risk
Management925-460-3663ir@cooperco.com
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Condensed Balance Sheets(In
millions)(Unaudited)
|
October 31,2021 |
|
|
October 31,2020 |
|
ASSETS |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
95.9 |
|
|
$ |
115.9 |
|
Trade receivables, net |
515.3 |
|
|
435.4 |
|
Inventories |
585.6 |
|
|
570.4 |
|
Other current assets |
179.3 |
|
|
152.5 |
|
Assets held-for-sale |
89.2 |
|
|
— |
|
Total current assets |
1,465.3 |
|
|
1,274.2 |
|
Property, plant and equipment, net |
1,347.6 |
|
|
1,281.9 |
|
Operating lease right-of-use assets |
257.0 |
|
|
260.2 |
|
Goodwill |
2,574.0 |
|
|
2,447.3 |
|
Other
intangibles, net |
1,271.5 |
|
|
1,289.0 |
|
Deferred
tax assets |
2,546.6 |
|
|
80.1 |
|
Other
assets |
144.2 |
|
|
104.8 |
|
Total
assets |
$ |
9,606.2 |
|
|
$ |
6,737.5 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current
liabilities: |
|
|
|
Short-term debt |
$ |
82.9 |
|
|
$ |
409.3 |
|
Other current liabilities |
647.5 |
|
|
595.1 |
|
Liabilities held-for-sale |
1.7 |
|
|
— |
|
Total current liabilities |
732.1 |
|
|
1,004.4 |
|
Long-term debt |
1,396.1 |
|
|
1,383.9 |
|
Deferred
tax liabilities |
24.1 |
|
|
25.8 |
|
Long-term tax payable |
139.6 |
|
|
162.0 |
|
Operating lease liabilities |
231.7 |
|
|
236.8 |
|
Accrued
pension liability and other |
140.6 |
|
|
99.8 |
|
Total liabilities |
2,664.2 |
|
|
2,912.7 |
|
Stockholders’ equity |
6,942.0 |
|
|
3,824.8 |
|
Total
liabilities and stockholders' equity |
$ |
9,606.2 |
|
|
$ |
6,737.5 |
|
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Statements of Income(In millions, except
per share amounts)(Unaudited)
|
Three Months Ended October 31, |
|
Year Ended October 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net sales |
$ |
759.1 |
|
|
$ |
681.6 |
|
|
$ |
2,922.5 |
|
|
$ |
2,430.9 |
|
Cost of sales |
257.2 |
|
|
257.6 |
|
|
966.7 |
|
|
896.1 |
|
Gross profit |
501.9 |
|
|
424.0 |
|
|
1,955.8 |
|
|
1,534.8 |
|
Selling, general and
administrative expense |
311.6 |
|
|
264.2 |
|
|
1,211.2 |
|
|
992.5 |
|
Research and development
expense |
25.6 |
|
|
25.5 |
|
|
92.7 |
|
|
93.3 |
|
Amortization of
intangibles |
36.1 |
|
|
34.2 |
|
|
146.1 |
|
|
137.2 |
|
Operating income |
128.6 |
|
|
100.1 |
|
|
505.8 |
|
|
311.8 |
|
Interest expense |
5.0 |
|
|
6.7 |
|
|
23.1 |
|
|
36.8 |
|
Other expense (income),
net |
2.0 |
|
|
(0.3 |
) |
|
(8.8 |
) |
|
8.5 |
|
Income before income
taxes |
121.6 |
|
|
93.7 |
|
|
491.5 |
|
|
266.5 |
|
Provision for income
taxes |
11.3 |
|
|
12.5 |
|
|
(2,453.2 |
) |
|
28.1 |
|
Net income attributable to
Cooper stockholders |
$ |
110.3 |
|
|
$ |
81.2 |
|
|
$ |
2,944.7 |
|
|
$ |
238.4 |
|
|
|
|
|
|
|
|
|
Earnings per share -
diluted |
$ |
2.21 |
|
|
$ |
1.64 |
|
|
$ |
59.16 |
|
|
$ |
4.81 |
|
|
|
|
|
|
|
|
|
Number of shares used to
compute diluted earnings per share |
49.9 |
|
|
49.6 |
|
|
49.8 |
|
|
49.6 |
|
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