The Cooper Companies Reports 'Strong Start' to Year as Revenue Increases 6 Percent in First Quarter

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PLEASANTON, Calif.—The Cooper Companies Inc., (NYSE:COO) a leading vision care company, reported Tuesday that companywide revenue for its first quarter, which ended Jan. 31, increased 6 percent year-over-year to $628.1 million. The CooperVision (CVI) segment, which includes the company’s contact lens portfolio, achieved 6 percent growth in revenue, which totaled $470.1 million in the period. The CooperSurgical (CSI) saw its revenue climb 9 percent to $158.0 million, according to the announcement. The company said its diluted earnings per share (on a GAAP basis) totaled $2.07, an increase of 182.6 percent from the year-ago first quarter.

“We're off to a strong start to the year as we continue successfully implementing our strategic objectives, such as investing in key partnerships, increasing promotional activity, and investing in the infrastructure of our business,” Cooper Companies president and chief executive officer Albert White said in the announcement. “These efforts are all tied to producing strong, sustainable revenue growth and we're seeing them pay off.”

In the CooperVision segment, sales or toric lenses rose 6 percent to $146.0 million, representing 31 percent of the segment’s overall revenue. Sales of single-use sphere lenses rose 14 percent to $132.1 million, which represented 28 percent of the CVI total in the period.

In the non-single-use sphere category, sales declined 1 percent to $142.9 million (or 31 percent of overall sales volume). Sales in the multifocal lens category rose 5 percent to $49.1 million, representing 10 percent of CVI sales in the first quarter.

On a geographic basis, sales in the “Americas” group rose 4 percent to $176.0 million, or 38 percent of overall sales in the quarter.

In the EMEA geographic markets, the largest piece of the CVI business, sales also rose 4 percent to $184.3 million, which represented 39 percent of CVI’s sales in the quarter.

The company updated its fiscal year 2019 guidance on Tuesday, and said it expects 2019 total revenue in a range of $2.631 billion to $2.676 billion, an increase of 6 percent to 7 percent on a pro forma basis. Revenue in the CVI segment is projected to come in within the range of $1.968 billion to $1.995 billion, an increase of 6.5 percent to 8 percent pro forma.