Record Q1 Revenues and Earnings
The Cooper Companies reported record Q1 revenues of $965 million, a 4% increase year-over-year, with earnings and free cash flow exceeding expectations despite currency impacts.
Strong Performance in CooperVision
CooperVision reported revenues of $646 million, up 4% and 6% organically, with significant growth in the Americas (8%), EMEA (6%), and Asia Pac (3%).
Myopia Management Growth
The myopia management portfolio grew 20%, with MySite up 27%. Planning for the launch of MyDay MySite outside the US is underway.
Free Cash Flow and Debt Reduction
Free cash flow was $101 million, and net debt decreased to $2.44 billion, with the bank-defined leverage ratio reducing to 1.91 times.
Efficiency Gains and Margin Improvement
Consolidated gross margin improved to 68.7% from 67.3% due to efficiency gains, and operating income rose by 6.5%.