Cooper Companies drops after cutting annual forecast
COO•Shares fall after guidance cut
Shares of medical device maker Cooper Companies, COO.O, were down 15.6% at $53.6 after the bell after the company cut its annual forecast.
- COO updated its full-year revenue outlook to between $4.23 billion and $4.25 billion, missing analysts' estimates of $4.31 billion, according to data compiled by LSEG.
- It expects annual adjusted EPS of between $4.51 and $4.55, below estimates of $4.63.
- For the fourth quarter, it sees revenue of $1.06 billion to $1.08 billion and adjusted EPS of $1.05 to $1.09.
Inventory reduction weighs on results
A reduction in U.S. channel inventory weighed on results and is expected to continue affecting the current quarter.
Cooper also completed a strategic review that included evaluating a potential sale of its CooperSurgical unit, but its board unanimously decided to retain the business.
As of the last close, the stock was down 22.55% year to date.
