Why Cooper Companies stock triumphed on Thursday

A trading session following the release of the latest set of quarterly results, The Cooper Companies (COO 11.84%) posted a double-digit share price gain on Thursday. That matched double-digit growth in profitability for the specialty medical supply company, which saw its stock rise nearly 12%. With this performance, Cooper crushed the flat lining S&P 500 index in the Thursday session.

Improvements on both the top and bottom lines

For the fiscal third quarter, Cooper’s revenue totaled just over $1 billion, which was a strong improvement (8%) over the same period in fiscal 2023. Most of that revenue came from the Company’s traditional contact lens supply business; it enjoyed a 7% increase in sales to nearly $676 million. The rest came from its $327 million CooperSurgical unit. This figure represented an increase of 9% year-on-year.

Non-GAAP (adjusted) net income, meanwhile, came in at just under $192 million, or $0.96 per share. Again, this improved on the year-ago period as it was 15% higher.

Analyst estimates for Q3 were not immediately available.

Like other medical device and supply companies, Cooper is well-positioned to continue to take advantage of America’s “cuddle.” The citizens of this country are aging overall as medical advances and the trend toward healthy lifestyles and dietary choices persist. Many observers predict that the share of older Americans in the total population will increase in the coming decades.

A bright future ahead

Cooper also provided guidance for its full current fiscal year (2024). Management expects total revenue to be just over $3.89 billion to just over $3.91 billion. If realized, that would mean an increase of at least 8% from the 2023 figure. Non-GAAP earnings should be between $3.64 and $3.67 per share.