Cooper Companies’ 2014 First Quarter Results Indicate Market Share Gain for CooperVision

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PLEASONTON, Calif.—The Cooper Companies, Inc. (NYSE:COO) announced financial results for the 2014 fiscal first quarter ended Jan. 31, 2014. Overall first quarter revenue increased 7 percent year-over-year to $405 million. Net income was $71.8 million.

Cooper’s president and chief executive officer, Robert S. Weiss, credited the company’s CooperVision contact lens division with increasing market share. “We are very pleased to report a strong first quarter. CooperVision continued to gain share in all geographies and modalities with silicone hydrogel products showing especially strong growth led by Biofinity.”

For the first quarter, CooperVision’s revenues were $326.3 million, up 8 percent over last year’s first quarter. This excludes the divestiture of Aime, CooperVision’s rigid gas permeable contact lens and solutions business in Japan, sold effective Oct. 31, 2013 ( announced by VMail June 3, 2013.) The company reported that the Americas accounted for $140.7 million, or 43 percent of CooperVision’s total revenues for the first quarter, up 13 percent over the same period last year.

By category of contact lens, toric lenses accounted for $101.2 million, or 31 percent, of CooperVision’s total revenue for the quarter. Multifocal lenses accounted for $33.7 million (10 percent), single-use sphere revenues were $68.8 million (21 percent), and non-single-use sphere revenues were $122.6 million (28 percent) of CooperVision’s total revenue for the quarter. Revenues were up 10 percent for torics, 24 percent for multifocals, 5 percent for single-use spheres, and 5 percent for non-single-use spheres when compared with the same period last year.

Also for the first quarter of fiscal year 2014, silicone hydrogel revenues for CooperVision accounted for $154.2 million, or 47 percent of the total, while Proclear’s revenues for the first quarter were $82.6 million, or 25 percent of the total. Silicone hydrogel revenues were up 29 percent and Proclear revenues were up 9 percent when compared with the same period last year.

CooperSurgical’s first quarter revenues were $78.7 million, up 0.3 percent when compared with the same period last year.