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In the last reported quarter, the company’s earnings beat the Zacks Consensus Estimate by 5.49%. Its earnings beat estimates in three of the trailing four quarters and met once, delivering an average surprise of 3.87%.
The Zacks Consensus Estimate for revenues is pegged at $1.03 billion, indicating a 10.8% increase from the year-ago quarter’s level. The consensus mark for earnings is pinned at $1.00 per share, implying a 15% improvement from the prior-year period’s reported number.
Factors to Note
Cooper Companies reports revenues under two major segments — CooperVision (CVI) and CooperSurgical (CSI). Both these segments have displayed strength in the past few quarters. This trend is likely to have continued in the fourth quarter of fiscal 2024.
CVI displayed strength in the third quarter, with revenues of $675.6 million. The top line increased 9% year over year on a constant currency basis and 7% on a reported basis.
Cooper Companies has been witnessing higher demand for contact lenses, driven by customers' recent global transition to daily contact lenses. During the third quarter, the company’s lens business grew 13% in Americas, 7% in EMEA and 7% in Asia-Pacific region. Category-wise, torics and multifocals grew 12%, and spheres grew 8%. Within modalities, daily silicone hydrogel lenses — MyDay and clarity — grew 13%, and silicone hydrogel FRP lenses — Biofinity and Avaira —grew 11%. Myopia management portfolio posted growth of 29%, with MiSight up 50%. The company has been growing faster than the market for the past few quarters. This strength is likely to support an accelerated growth rate in the upcoming quarterly results.
COO is driving growth by introducing new products like MyDay Energys with its DigitalBoost technology and upgraded clariti multifocal. The back-to-school campaign in the United States drove a significant increase in consumption, a trend that is likely to have continued in the soon-to-be-reported quarter.
The segment’s revenues for the fourth quarter of fiscal 2024 are projected to be in the range of $673-$685 million (organic growth of 8-10%). This momentum is likely to be reflected in the upcoming quarterly results.
CSI also displayed strength in the third quarter of fiscal 2024, with revenues of $327.2 million. The top line increased 10% year over year on a constant currency basis and 9% on a reported basis.
The segment benefited from fertility as well as surgical products. This trend is likely to have continued in the quarter to be reported. Sales are likely to have been driven by robust demand for the PARAGARD device. Continued demand for medical devices across its minimally invasive gynecological surgical portfolio and labor and delivery portfolio, coupled with the rising demand for stem cell storage, is likely to have boosted growth for office and surgical products during the fiscal fourth quarter.
Strong demand for fertility products is also likely to have continued in the quarter on the back of fertility clinics increasing patient activity, upgrading to new technologies, and opening and expanding facilities in several markets. The company’s recently-launched cryo management software, as well as FastTrack genomics testing, is likely to have aided sales on the back of heightened uptake, especially in European countries.
CSI revenues are expected to be between $342 and $350 million in the fourth quarter of fiscal 2024 (6-8% organic growth). This strength is likely to be reflected in the upcoming quarterly results.
COO completed two acquisitions — ZyMot and obp Surgical — earlier this year. These deals should have brought in additional revenues during the fourth quarter.
Earnings Beat Likely
Our proven model predicts an earnings beat for Cooper Companies this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.
Earnings ESP: COO has an Earnings ESP of +1.25%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3.
Other Stocks to Consider
Here are some other medical stocks worth considering, as these, too, have the right combination of elements to post an earnings beat this reporting cycle.
GKOS has an earnings growth rate of 15.4% for 2024. Its earnings beat estimates in the last reported quarter. It has a trailing four-quarter average earnings surprise of 3.24%.
Henry Schein (HSIC - Free Report) has an Earnings ESP of +0.16% and a Zacks Rank of 3 at present.
HSIC has an estimated earnings growth rate of 6% for 2024. The company’s earnings beat estimates in the last reported quarter. It delivered a trailing four-quarter average earnings surprise of 2.85%.
West Pharmaceutical Services (WST - Free Report) has an Earnings ESP of +0.43% and a Zacks Rank #3 at present. WST’s earnings are estimated to decline 17.8% in 2024.
WST’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 8.04%.
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Strong Segmental Sales to Drive Cooper Companies Q4 Earnings?
The Cooper Companies, Inc.’s (COO - Free Report) fourth-quarter fiscal 2024 results are scheduled to be released on Dec. 5, after the closing bell.
In the last reported quarter, the company’s earnings beat the Zacks Consensus Estimate by 5.49%. Its earnings beat estimates in three of the trailing four quarters and met once, delivering an average surprise of 3.87%.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Q4 Estimates
The Zacks Consensus Estimate for revenues is pegged at $1.03 billion, indicating a 10.8% increase from the year-ago quarter’s level. The consensus mark for earnings is pinned at $1.00 per share, implying a 15% improvement from the prior-year period’s reported number.
Factors to Note
Cooper Companies reports revenues under two major segments — CooperVision (CVI) and CooperSurgical (CSI). Both these segments have displayed strength in the past few quarters. This trend is likely to have continued in the fourth quarter of fiscal 2024.
CVI displayed strength in the third quarter, with revenues of $675.6 million. The top line increased 9% year over year on a constant currency basis and 7% on a reported basis.
Cooper Companies has been witnessing higher demand for contact lenses, driven by customers' recent global transition to daily contact lenses. During the third quarter, the company’s lens business grew 13% in Americas, 7% in EMEA and 7% in Asia-Pacific region. Category-wise, torics and multifocals grew 12%, and spheres grew 8%. Within modalities, daily silicone hydrogel lenses — MyDay and clarity — grew 13%, and silicone hydrogel FRP lenses — Biofinity and Avaira —grew 11%. Myopia management portfolio posted growth of 29%, with MiSight up 50%. The company has been growing faster than the market for the past few quarters. This strength is likely to support an accelerated growth rate in the upcoming quarterly results.
COO is driving growth by introducing new products like MyDay Energys with its DigitalBoost technology and upgraded clariti multifocal. The back-to-school campaign in the United States drove a significant increase in consumption, a trend that is likely to have continued in the soon-to-be-reported quarter.
The Cooper Companies, Inc. Price and EPS Surprise
The Cooper Companies, Inc. price-eps-surprise | The Cooper Companies, Inc. Quote
The segment’s revenues for the fourth quarter of fiscal 2024 are projected to be in the range of $673-$685 million (organic growth of 8-10%). This momentum is likely to be reflected in the upcoming quarterly results.
CSI also displayed strength in the third quarter of fiscal 2024, with revenues of $327.2 million. The top line increased 10% year over year on a constant currency basis and 9% on a reported basis.
The segment benefited from fertility as well as surgical products. This trend is likely to have continued in the quarter to be reported. Sales are likely to have been driven by robust demand for the PARAGARD device. Continued demand for medical devices across its minimally invasive gynecological surgical portfolio and labor and delivery portfolio, coupled with the rising demand for stem cell storage, is likely to have boosted growth for office and surgical products during the fiscal fourth quarter.
Strong demand for fertility products is also likely to have continued in the quarter on the back of fertility clinics increasing patient activity, upgrading to new technologies, and opening and expanding facilities in several markets. The company’s recently-launched cryo management software, as well as FastTrack genomics testing, is likely to have aided sales on the back of heightened uptake, especially in European countries.
CSI revenues are expected to be between $342 and $350 million in the fourth quarter of fiscal 2024 (6-8% organic growth). This strength is likely to be reflected in the upcoming quarterly results.
COO completed two acquisitions — ZyMot and obp Surgical — earlier this year. These deals should have brought in additional revenues during the fourth quarter.
Earnings Beat Likely
Our proven model predicts an earnings beat for Cooper Companies this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.
Earnings ESP: COO has an Earnings ESP of +1.25%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3.
Other Stocks to Consider
Here are some other medical stocks worth considering, as these, too, have the right combination of elements to post an earnings beat this reporting cycle.
Glaukos (GKOS - Free Report) has an Earnings ESP of +0.53% and a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
GKOS has an earnings growth rate of 15.4% for 2024. Its earnings beat estimates in the last reported quarter. It has a trailing four-quarter average earnings surprise of 3.24%.
Henry Schein (HSIC - Free Report) has an Earnings ESP of +0.16% and a Zacks Rank of 3 at present.
HSIC has an estimated earnings growth rate of 6% for 2024. The company’s earnings beat estimates in the last reported quarter. It delivered a trailing four-quarter average earnings surprise of 2.85%.
West Pharmaceutical Services (WST - Free Report) has an Earnings ESP of +0.43% and a Zacks Rank #3 at present. WST’s earnings are estimated to decline 17.8% in 2024.
WST’s earnings surpassed estimates in three of the trailing four quarters and missed once, delivering an average surprise of 8.04%.