Medical device company CooperCompanies (NASDAQ: COO) will be announcing earnings results this Wednesday after market hours. Here’s what investors should know.
CooperCompanies beat analysts’ revenue expectations by 0.8% last quarter, reporting revenues of $1.00 billion, up 6.3% year on year. It was a satisfactory quarter for the company, with an impressive beat of analysts’ full-year EPS guidance estimates.
Is CooperCompanies a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting CooperCompanies’s revenue to grow 6.1% year on year to $1.06 billion, slowing from the 7.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.07 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. CooperCompanies has missed Wall Street’s revenue estimates four 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. Boston Scientific delivered year-on-year revenue growth of 22.8%, beating analysts’ expectations by 3.4%, and Stryker reported revenues up 11.1%, topping estimates by 1.6%. Boston Scientific traded up 2.9% following the results while Stryker was down 4.1%.
Read our full analysis of Boston Scientific’s results here and Stryker’s results here.
There has been positive sentiment among investors in the medical devices & supplies - diversified segment, with share prices up 4.4% on average over the last month. CooperCompanies is up 2.3% during the same time and is heading into earnings with an average analyst price target of $93.27 (compared to the current share price of $74.61).
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