India, June 4 -- Cooper Companies, Inc. (COO) on Thursday posted a net loss due to a substantial litigation-related charge tied to a 2023 product recall. However, the company reported higher revenues for the quarter.
The medical device maker reported a net loss of $77.9 million, or $0.40 per share, compared with net income of $87.7 million, or $0.44 per share, in the prior-year quarter.
Results were impacted by a $271.6 million pre-tax litigation-related charge related to resolving substantially all claims arising from CooperSurgical's December 2023 voluntary embryo culture media recall.
Excluding special items, adjusted income rose to $237.4 million, or $1.21 per share, from $193.5 million, or $0.96 per share, a year ago.
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