SAN RAMON, Calif.—CooperCompanies (NYSE: COO) announced financial results for its fiscal fourth quarter and full year ended Oct. 31, 2023. Fourth quarter 2023 revenue was $927.1 million, up 9 percent, and up 9 percent organically. Fiscal year 2023 revenue was $3.6 billion, also up 9 percent, or 10 percent organically. Commenting on the results, Al White, Cooper's president and CEO, said, "Fiscal 2023 was another year of record annual revenue driven by share gains in contact lenses and fertility.

"As we enter fiscal 2024, our teams remain focused on executing on our long-range strategic objectives including gaining market share, driving profitability, launching innovative products and services, and maintaining our fantastic Cooper culture," White said.

Gross margin was 65 percent compared with 63 percent in last year’s fourth quarter. On a non-GAAP basis, gross margin was 67 percent, up from 65 percent last year, driven by better operational performance at both CooperVision and CooperSurgical, and favorable currency. Operating margin was 15 percent compared with 12 percent in last year’s fourth quarter. Net debt outstanding at quarter end was $2.45 billion.

Fourth quarter CooperVision (CVI) revenue was $622.9 million, up 11 percent from last year’s fourth quarter, up 9 percent in constant currency and up 11 percent organically. Multifocal contact lenses revenue was $79 million, a 22 percent increase in revenue year-over-year. Toric lenses had a revenue of $216.8 million, an increase of 18 percent during the same period. Overall, contact lens revenue increased 11 percent year-over year.

Geographically, CooperVision revenue increased 13 percent year-over-year in the Americas to $257.9 million and 11 percent overall.

Fourth quarter CooperSurgical (CSI) revenue was $304.2 million, up 6 percent from last year's fourth quarter, up 7 percent in constant currency and up 7 percent organically. Office and surgical had revenue of $182.9 million, up 3 percent, while fertility generated revenue of $121.3 million, up 12 percent.

For fiscal year 2023, revenue was $3,593.2 million, up 9 percent from fiscal 2022, up 11 percent in constant currency, and up 10 percent organically. CVI revenue was $2,423.7 million, up 8 percent from fiscal 2022, up 11 percent in constant currency, up 11 percent organically. CSI revenue was $1,169.5 million, up 10 percent from fiscal 2022, up 11 percent in constant currency and up 8 percent organically.

Net income for three months ended Oct. 31, 2023 was $84.5 million compared to $65.6 million for the same period last year. For the year ended Oct. 31, 2023, net income was $294.2 million compared to $385.8 million in 2022.

The company initiated its fiscal year 2024 financial guidance. Fiscal 2024 total revenue was stated at $3,809 million to $3,877 million (6 percent to 8 percent organic growth vs. fiscal year 2023) with CVI revenue of $2,548 million to $2,594 million (7 percent to 9 percent organic growth vs. fiscal year 2023) and CSI revenue of $1,261 to $1,283 million (4 percent to 6 percent organic growth vs. fiscal year 2023).

The company also announced that its board of directors has approved a four-for-one split of CooperCompanies' common stock to make stock ownership more accessible to employees and investors. The stock split is expected to be effective after close of trading on Feb. 16, 2024.