SAN RAMON, Calif.—With a lift from its surgical business unit, (NYSE: COO) on Thursday CooperCompanies reported that first-quarter revenue increased 16 percent year-over-year to $787.2 million. The increase was 19 percent in constant currency, and 13 percent organically. CooperVision (CVI), the company’s contact lens and eyecare operating unit, reported revenue of $561.5 million, an increase of 11 percent, while CooperSurgical (CSI) reported that revenue rose 30 percent to $225.7 million in the quarter ended Jan. 31, 2022.

"Cooper reported a strong start to fiscal 2022 with CooperVision gaining share led by daily silicone hydrogel and myopia management products, and CooperSurgical posting solid growth driven by fertility,” Al White, Cooper's president and CEO, said in the earnings announcement. “We remain focused on executing on our long-term strategic initiatives along with integrating our Generate Life Sciences acquisition, and closing our pending Cook Medical reproductive health acquisition."
 
For the CVI contact lens business unit, the toric segment, which is the largest individual CL category at CVI, reported sales of $182.2 million in the quarter, an increase of 12 percent year-over-year and 16 percent at constant currency.
 
The second-largest segment, single-use sphere, reported first-quarter sales of $167 million, an increase of 14 percent (18 percent at constant currency). Cooper did not break out sales for its myopia category.
 
In the Americas business unit, CooperVision sales rose 7 percent to $215.5 million. At constant currency, the increase was 8 percent in the quarter.
 
In addition, CooperCompanies reported diluted earnings per share of $1.91, from $42.31 in last year's first quarter due to a significant deferred tax benefit recorded in the prior year period. Non-GAAP diluted earnings per share totaled $3.24, up 7 cents or 2 percent from last year's first quarter.
 
The gross-margin rate of 66 percent in the first quarter compared with 66 percent in last year’s first quarter. On a non-GAAP basis, gross margin was 67 percent, down from 68 percent last year driven primarily by currency.
 
The operating margin of 17 percent compared with 20 percent in last year’s first quarter. On a non-GAAP basis, operating margin was 25 percent, down from 27 percent last year driven primarily by currency and higher investing.
 
In its announcement, Cooper noted that the “continuing COVID-19 pandemic and the recent outbreak of war in Ukraine present ongoing global risks to our markets and businesses. We continue to monitor and evaluate the scope, duration and impact of the pandemic and this war on our operations and financial results. While we view these events as significant risk factors to our outlook, we have updated our fiscal year 2022 financial guidance.”
 
Here are the updated projections for the year 2022:

  • Fiscal 2022 total revenue $3,261 million to $3,329 million (organic growth of 6.5 percent to 8.5 percent).

  • CVI revenue of $2,221 million to $2,264 million (organic growth of 7 percent to 9 percent).

  • CSI revenue $1,040 million to $1,065 million (organic growth of 5 percent to 7 percent).