SAN RAMON, Calif.—CooperCompanies (Nasdaq: COO), a global medical device company, has announced financial results for its fiscal second quarter ended April 30, 2024. CooperCompanies reported revenues under two major segments—CooperVision (CVI) and CooperSurgical (CSI). The company reported that overall revenue increased 7 percent year-over-year to $942.6 million. CVI revenue was up 8 percent to $635.9 million and CSI revenue grew 6 percent to $306.7 million, according to the announcement. "I'm pleased to report record quarterly revenues and great operational progress throughout the organization," said Al White, Cooper's president and CEO.

"CooperVision returned to double-digit growth driven by our portfolio of leading silicone hydrogel lenses, and CooperSurgical posted a solid quarter despite some unexpected challenges with a system upgrade in our U.S. distribution center. As we move forward, we're increasing our revenue and earnings guidance by incorporating this past quarter and the momentum we're seeing in the market," White said.

The company reported net income for Q2 was $88.9 million compared with $39.8 million in the previous year.

CVI revenue during Q2 was $635.9 million, up 8 percent from last year’s second quarter, led by sales of toric and multifocal lenses, which grew 11 percent in the quarter. Sphere lenses revenue increased 5 percent in the quarter. CVI revenue increased 10 percent in constant currency and was up 11 percent organically. Regionally, CVI revenue increased 13 percent year-over year in EMEA and 9 percent in the Americas, according to the announcement.

Office and surgical led the way in CSI revenue, according to the company, with 12 percent reported revenue growth to $182.9 million. Total revenue of $306.7 million increased 6 percent from last year's second quarter and was up 8 percent in constant currency and 4 percent organically.

The company said gross margin was 67 percent compared with 66 percent in last year’s second quarter. Operating margin was 17 percent compared with 11 percent in the same period last year. Interest expense was reported at $28.9 million, up from $26.1 million in last year's second quarter and was driven by higher average debt and higher interest rates, CooperCompanies said. Total debt, excluding unamortized debt issuance costs, totaled $2.7 billion in Q2 and cash and cash equivalents were $112.4 million. Cash provided by operations of $111.0 million, offset by capital expenditures of $74.1 million, resulted in free cash flow of $36.9 million, the company said.

The company also raised its fiscal year 2024 financial guidance. Fiscal 2024 total revenue is now expected in the range of $3,863 million to $3,905 million (organic growth of 7.5 percent to 8.5 percent). Full-year CVI revenue is now expected in the range of $2,591 million to $2,613 million (organic growth of 8.5 percent to 9.5 percent) with CSI revenue expected in the range of $1,272 million to $1,292 million (organic growth of 5 percent to 7 percent), according to the announcement.