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The Cooper Companies, Inc. (NYSE:COO) today announced financial results for the fiscal fourth quarter and full year ended October 31, 2015.
Fourth quarter revenue decreased 3% year-over-year to $455.5 million. Fiscal 2015 revenue increased 5% to $1,797.1 million.
Fourth quarter GAAP earnings per share (EPS) $0.75, up 12 cents or 19% from last year’s fourth quarter. Fiscal 2015 GAAP EPS $4.14, down 25% from fiscal 2014.
Fourth quarter non-GAAP EPS $2.00, up 5 cents or 3% from last year’s fourth quarter. Fiscal 2015 non-GAAP EPS $7.44, up 2% from fiscal 2014. See “Reconciliation of Non-GAAP Results to GAAP Results” below.
Fourth quarter free cash flow $46.2 million and adjusted free cash flow $60.9 million. Fiscal 2015 free cash flow $147.9 million and adjusted free cash flow $216.4 million.
Commenting on the results, Robert S. Weiss, Cooper’s president and chief executive officer said, “I am pleased to report record revenue and record non-GAAP EPS for the year. We accomplished this through market share gains across our geographies, success with the Biofinity® family of products and a continued push into 1 Day silicone hydrogel with clariti and MyDay. As we enter fiscal 2016, we remain encouraged by our business trends and believe we are well positioned for sustained growth going forward.”
Fourth Quarter GAAP Operating Highlights
Revenue $455.5 million, down 3% from last year’s fourth quarter, up 4% pro forma (defined as constant currency and including acquisitions in both periods).
Gross margin 56% compared with 60% in last year’s fourth quarter. Gross margin was negatively impacted primarily by currency and integration and facility start-up costs, offset in part by growth in Biofinity. Excluding integration and facility start-up costs, gross margin was 64% vs. 63% last year.
Operating margin 9% compared with 8% in last year’s fourth quarter. On a non-GAAP basis, operating margin was 24% vs. 23% last year.
Depreciation $37.0 million, up 30% from last year’s fourth quarter due primarily to $6.5 million of accelerated depreciation related to the Sauflon acquisition. Amortization $13.1 million, down 7% from last year’s fourth quarter.
Total debt increased $42.1 million from July 31, 2015, to $1,350.0 million, primarily due to the acquisition of Reprogenetics and stock buybacks, offset by operational cash flow generation.
Interest expense increased to $4.8 million compared with $3.3 million in last year’s fourth quarter primarily due to higher debt and interest rates associated with the acquisition of Sauflon.
Cash provided by operations $104.5 million and capital expenditures $58.3 million resulted in free cash flow of $46.2 million. Excluding acquisition and integration costs of $14.7 million, adjusted free cash flow was $60.9 million.
Fourth Quarter CooperVision (CVI) GAAP Operating Highlights
Revenue $373.4 million, down 3% from last year’s fourth quarter, up 5% in constant currency, up 7% in constant currency excluding solutions which are included in the “non single-use sphere, other” category below.
