Cooper Companies Q3 Earnings: Price Target Cuts Spark Share Decline

Cooper Shares Fall After Price Target Cuts Following Fiscal Q3 Results. Cooper Companies Inc., a global medical device company, saw its shares decline after price targets were cut following its Q3 results. The company operates in two business units: CooperVision and CooperSurgical. CooperVision focuses on the contact lens industry, while CooperSurgical serves the fertility and women's health care market through its diversified portfolio of products and services.

San Ramon, Calif. — Shares of Cooper Companies Inc. (COO) have fallen following a cut in its price targets and the release of its fiscal third-quarter earnings report. The global medical device company operates in two business units: CooperVision and CooperSurgical.

CooperVision, which focuses on the contact lens industry, saw its shares decline after the company reported earnings that fell short of analysts' expectations. The company's stock was down 12% to $65.53 midday Thursday, following a 29% decline year-to-date [3].

The company reported fiscal third-quarter earnings of $98.3 million, with net income of 49 cents per share. This result beat Wall Street expectations, with analysts forecasting earnings of $1.07 per share [1]. However, revenue of $1.06 billion did not meet Street forecasts, which averaged $1.07 billion [1].

Cooper Companies also lowered its full-year revenue guidance to $4.08 billion to $4.1 billion from $4.11 billion to $4.15 billion. The company cited weaker sales trends for its Clariti contact lens brand and softening e-commerce trends in the Asia-Pacific region as reasons for the cut [3].

The company expects its per-share earnings to range from $1.10 to $1.14 for the current quarter ending in October, and full-year earnings in the range of $4.08 to $4.12 per share [1].

CooperSurgical, which serves the fertility and women's health care market, saw its operating income impacted by inventory and long-lived asset write-offs related to a product line exit [2].

The company remains optimistic about the long-term prospects for the contact lens and general health care markets, despite facing risks such as global economic uncertainties, regulatory developments, and supply chain disruptions [2].

References:
[1] https://www.sfchronicle.com/business/article/the-cooper-companies-fiscal-q3-earnings-snapshot-21018434.php
[2] https://www.tradingview.com/news/tradingview:e8316956be77f:0-cooper-companies-inc-sec-10-q-report/
[3] https://www.marketwatch.com/story/cooper-cos-continues-slide-after-cut-to-fiscal-year-revenue-view-1818efd0