The Cooper Companies, Inc. Investigation - COO

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The Cooper Companies, Inc. (NASDAQ: COO)

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The Cooper Companies, Inc. Investigation Details

The Cooper Companies, Inc. shares fell nearly 15% after the Company reported a third-quarter revenue miss driven primarily by proactive U.S. channel destocking at its CooperVision business. The Company reported consolidated revenue of approximately $1.07 billion compared to the roughly $1.10 billion expected by analysts. CooperVision revenue came in at approximately $717 million for the quarter, behind consensus, a sequential decline, and essentially flat year-over-year. Management considerably revised its full year guidance, from a previous full year revenue projection of $4.285 - $4.321 billion (organic growth of 3.5% to 4.5%), to a reduced $4.229 - $4.252 billion (organic growth of 2% to 3%). According to CEO Albert White, the "entire reason for the reduction in revenue guidance for CooperVision was tied to just channel inventory." More particularly, CooperVision was guided to negative 2% to flat organic growth for the fourth quarter. The investigation concerns whether The Cooper Companies, Inc. adequately disclosed the impact of U.S. channel inventory reductions and destocking at CooperVision ahead of the third-quarter revenue shortfall.

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