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Cooper Companies (NYSE: ) 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.
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 Guidance
We 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.