SAN RAMON, Calif.—CooperCompanies (NYSE: COO) announced financial results for its fiscal second quarter ended April 30, 2021. The overall company revenue increased 37 percent year-over-year to $719.5 million. CooperVision (CVI) revenue was up 30 percent to $522.6 million, and CooperSurgical (CSI) revenue  increased 60 percent to $196.9 million. Commenting on the results, Al White, Cooper's president and CEO said, "I'm happy to report that CooperVision and CooperSurgical both posted all-time record quarterly revenues which drove record quarterly earnings. Our businesses have rebounded nicely from Covid lows and we're poised for success with daily silicone hydrogel lenses and myopia management leading CooperVision, and fertility and PARAGARD leading CooperSurgical."

The company reported an operating margin of 20 percent compared with 5 percent in last year’s second quarter. On a non-GAAP basis, operating margin was 27 percebt, up from 17 percent last year driven by higher gross margin and operating expense leverage, the announcement noted. The company's net debt outstanding at quarter end was $1,631.6 million (total debt of $1,737.5 million less quarter-end cash and cash equivalents of $105.9 million). Cash provided by operations of $192.6 million offset by capital expenditures of $49.9 million resulted in free cash flow of $142.7 million.

For CooperVision, sales by category for the second quarter were up 29 percent year over year for torics, with revenues of $172.8 million, while sales of multifocals were up 29 percent compared to last year's second quarter (22 percent at constant currency rates) to $58 million. Single-use spheres sales rose 24 percent compared to the prior year quarter to reach $144.5 million, while non single-use spheres/other rose 37 percent for the quarter compared to last year to reach $147.3 million.

By geography sales in the second quarter in the Americas rose 39 percent to $207.5 million, representing 40 percent of CVI's revenue. Second quarter sales in EMEA rose 26 percent to $194.2 million in the period, while Asia Pacific sales for the period rose 23 percent to $120.9 million.

In its full year 2021 guidance, Cooper Cos.' statement said, "We continue to monitor and evaluate the scope, duration and impact of the ongoing COVID-19 pandemic on our operations and financial results. While we still view resurgences as a significant risk factor to our outlook, we have updated our fiscal year 2021 financial guidance. Details are summarized as follows: 

  • Fiscal 2021 total revenue $2,855- $2,885 million (14 percent to 15 percent at constant currency)
  • CVI revenue $2,110 - $2,130 million (11 percent to 12 percent at constant currency)
  • CSI revenue $745 - $755 million (25 percent  to 27 percent at constant currency)