Cooper Companies Lowers Annual Profit Forecast
Cooper Companies lowered its annual profit and revenue forecasts as weak demand for contact lenses impacted third-quarter sales. Shares fell significantly in extended trading following the announcement. The company also decided to retain its CooperSurgical unit.
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COOPER COS INC cut its annual profit forecast on Wednesday evening, sending shares down 15% in extended trading after third-quarter revenue missed Wall Street estimates. The medical device maker pointed to soft contact lens demand and lower United States channel inventory. The adjustment marks a sharp pivot for the California-based firm, which simultaneously concluded a strategic review of its surgical unit.
