Shares of global medical device major CooperCompanies (NASDAQ:COO) rose by nearly 7% today after its first-quarter results blew past estimates. With a year-over-year increase of 9%, revenue of $931.6 million came in ahead of expectations by $15.7 million. Similarly, EPS of $0.85 comfortably cruised past consensus by $0.07.
In Q1, revenue in COO’s CooperVision segment increased by 7% to $621.5 million. In tandem, revenue in its CooperSurgical segment jumped by 12% to $310.1 million. This uptick was driven by gains in COO’s contact lenses and fertility solutions.
Further, a combination of efficiency and pricing gains helped the company improve its gross margin by 200 basis points to 67%. For Fiscal Year 2024, the company estimates total revenue in the range of $3,847 million to $3,897 million. EPS for the year is seen landing between $3.50 and $3.58.
Is COO a Good Buy?
Separately, COO executed a four-for-one stock split last month. The company’s shares started trading on a split-adjusted basis on February 20. Today’s price gains further add to a nearly 16% jump in COO’s stock price over the past year. Overall, the Street has a Moderate Buy consensus rating on CooperCompanies alongside an average price target of $100.04. However, analysts’ views on the stock could see changes following its earnings report.
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