PLEASANTON, Calif.—The Cooper Companies (NYSE:COO) announced that revenue for the fiscal first quarter ended January 31, 2016 rose 1 percent year-over-year to $449.6 million, or 5 percent on a pro forma basis. Gross margin slipped to 58 percent from 62 percent in last year's first quarter. Gross margin was negatively impacted primarily by currency and product mix. First quarter free cash flow $44.4 million and adjusted free cash flow $56.7 million.

Commenting on the results, Robert S. Weiss, Cooper's president and chief executive officer said, "I am pleased with the strong start to our fiscal year. CooperVision continued to gain market share driven by growth in Biofinity and its 1-Day silicone hydrogel products. CooperSurgical made a lot of progress and posted strong results. We are increasing our guidance for the year to reflect our first quarter performance and the impact of improving currency on earnings, and we remain very optimistic about the underlying fundamentals of our business."

CooperVision (CVI) generated $364.3 million in revenue, down 1 percent from last year's first quarter, but up 4 percent in constant currency. Gross margin was 57 percent compared with 62 percent in last year's first quarter. Gross margin was negatively impacted primarily by currency and product mix, the company said. On a non-GAAP basis, gross margin was 61 percent versus 64 percent last year.

Sales of toric contact lenses accounted for $107.5 million, down 1 percent from year-ago, but up 4 percent on a constant currency basis. Multifocal contact lenses generated 40.3 million in sales, down 5 percent from year-ago, and flat in constant currency. Single-use sphere generated sales of $90.8 million, an 8 percent increase over year-ago, and a 13 percent increase in constant currency. Non single-use spheres and other lenses accounted for $125.7 million in sales, down 6 percent from year-ago, but up 4 percent in constant currency.

CooperSurgical (CSI) posted revenue of $85.3 million, up 12 percent from last year's first quarter, up 6 percent pro forma. Gross margin 63 percent, compared with 64 percent in last year's first quarter. Gross margin was negatively impacted primarily by acquisitions. On a non-GAAP basis, gross margin was 64 percent, the same as last year.

On March 1, 2016, Cooper Companies closed $1.83 billion in new five-year senior unsecured credit facilities (replacing a $1 billion revolving line of credit and new $830.0 million term loan). The proceeds of the term loan were used to repay certain existing indebtedness and will also be used to reduce the $700 million term loan due August 2017 and for general corporate purposes, the company said.