Medical device company CooperCompanies (NASDAQ: COO) will be reporting earnings this Wednesday after market close. Here’s what to expect.
CooperCompanies beat analysts’ revenue expectations last quarter, reporting revenues of $1.08 billion, up 7.9% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ organic revenue estimates and a beat of analysts’ EPS estimates.
Is CooperCompanies a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting CooperCompanies’s revenue to grow 3.5% year on year, slowing from the 5.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. CooperCompanies has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at CooperCompanies’s peers in the medical devices & supplies - diversified segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Baxter delivered year-on-year revenue growth of 5.3%, beating analysts’ expectations by 6%, and Neogen reported flat revenue, topping estimates by 6%. Baxter traded up 5.6% following the results while Neogen was also up 28.1%.
Read our full analysis of Baxter’s results here and Neogen’s results here.
Investors in the medical devices & supplies - diversified segment have had steady hands going into earnings, with share prices up 1.3% on average over the last month. CooperCompanies is down 8.4% during the same time and is heading into earnings with an average analyst price target of $81.50 (compared to the current share price of $70.30).
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