Cooper Companies beats quarterly revenue estimates, lifts annual forecast

Cooper Companies beat Wall Street revenue estimates for the third quarter on Wednesday and lifted its annual forecast, betting on demand for its contact lenses.

Shares of the medical device maker rose 4.19 per cent to $98.50, after the bell.

The increased adoption of daily disposable lenses has led to supply constraints within the industry, even as Cooper experiences strong demand.

Peer Alcon  reported a smaller-than-expected increase in second-quarter sales last week, hit by weak performance in its business units and adverse currency exchange effects.

CooperVision, the company's contact lens division, reported quarterly sales of $675.6 million, surpassing analysts' expectations of $670.62 million, according to LSEG data.

Sales of the company's surgical division, which specializes in fertility and and women's care devices, increased by 9 per cent to $327.2 million in the quarter, above estimates of $326.95 million.

Cooper sees its annual adjusted profit per share to be in the range of $3.64 to $3.67, higher than $3.54 to $3.60 it previously expected.

For the fiscal 2024, the company sees its revenue to be between $3.89 billion and $3.91 billion.

Analysts on average expect the company to report a revenue of $3.89 billion and a profit of $3.57 per share for 2024.

The company posted total revenue of $1 billion, for the quarter ended July 31, beating analysts' estimate of $997.30 million.

On an adjusted basis, the company reported a profit of 96 cents, ahead of analysts' expectations of 91 cents.