The Cooper Companies (COO) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenues of $3.9 billion in fiscal 2024, with both CooperVision and CooperSurgical posting all-time highs and 8% year-over-year growth.

• Q4 delivered record revenues of $1,018.4 million, up 10% year-over-year, and record non-GAAP quarterly earnings.

• Entered fiscal 2025 focused on market share gains, profitability, and strategic investments in innovation and capacity.

• GAAP diluted EPS for fiscal 2024 was $1.96, up 33% year-over-year; non-GAAP diluted EPS was $3.69, up 15%.

Financial highlights

• Q4 consolidated revenues grew 10% year-over-year (7% organically); CooperVision up 9% (8% organically), CooperSurgical up 12% (5% organically).

• Non-GAAP EPS for Q4 increased 19% to $1.04; full-year non-GAAP EPS up 15% to $3.69.

• Gross margin for Q4 was 67%, up from 65% last year; operating margin improved to 26% non-GAAP.

• Free cash flow for Q4 was $128.2 million; full-year free cash flow was $288.1 million.

• Net debt reduced to $2.48 billion; total debt at $2,583.7 million as of October 31, 2024.

Outlook and guidance

• Fiscal 2025 consolidated revenue guidance: $4,080–$4,158 million, up 6%–8% organically.

• CooperVision revenue guidance: $2,733–$2,786 million (6.5%–8.5% organic growth); CooperSurgical: $1,347–$1,372 million (4%–6% organic growth).

• Non-GAAP EPS guidance for FY25: $3.92–$4.02, reflecting 10%–13% growth.

• Currency headwinds expected: ~1.5% to revenues, ~4% to earnings.

• CapEx expected at ~11% of revenue; free cash flow projected at $350–$400 million.