Cooper Companies ended its strategic review and will keep CooperSurgical. Its board unanimously judged sale offers not in shareholders’ best interest and raised the buyback authorization from $2 billion to $3 billion; $445 million has been repurchased this fiscal year.
In Q3, revenue and organic revenue each grew 1% year over year, while adjusted diluted EPS rose 4% to $1.15. Adjusted gross margin declined 60 basis points amid higher manufacturing costs and currency fluctuations; CooperVision posted flat organic growth amid challenges in Asia-Pacific and the Americas.
The company identified plans to expand CooperVision’s global sales and marketing organization, cut costs and improve efficiency, accelerate product launches, and revise inventory and logistics initiatives.
