CooperCompanies Reports a Positive Start to Fiscal Year With a Mid-Single-Digit Sales Increases Across the Company

SAN RAMON, Calif.—CooperCompanies (NYSE: COO) on Thursday reported that first-quarter revenue increased 5 percent year-over-year to $680.5 million. The increase was 3 percent at constant currency in the quarter ended Jan. 31. Within its two business segments, CooperVision (CVI) revenue rose 4 percent to $507.0 million, and CooperSurgical (CSI) revenue advanced 8 percent to $173.5 million, according to the company’s announcement. “We've started the year on a positive note, and we're excited about our momentum,” Cooper president and chief executive officer Al White said. “Both our businesses performed well, delivering strong operational performance with robust earnings and cash flow. With improved visibility, we are initiating fiscal 2021 guidance and are enthusiastic about our prospects for the remainder of the year, and into the future.”

For the CVI contact lens business unit, the toric segment (the largest individual CL category at CVI) saw a 5 percent increase in sales in the first quarter to $162.3 million (or 32 percent of overall CVI revenue in the period). The increase was 2 percent at constant currency.

The second-largest segment, single-use sphere, reported revenue of $146 million, an increase of 6 percent (2 percent at constant currency). The non single-use sphere category achieved total sales of $141 million, an increase of 4 percent (1 percent at constant currency).

On a geographic basis, sales in the Americas (the largest market at 40 percent of the aggregate) totaled $200.4 million, a 3 percent increase (and 6 percent at constant currency).

CooperCompanies also noted that its operating margin of 20 percent in the first quarter compared with 17 percent in last year’s first quarter. On a non-GAAP basis, operating margin was 27 percent, up from 25 percent last year driven by higher revenue and gross margin.

In terms of guidance for the current fiscal year, the company said it continues to monitor and evaluate the scope, duration and impact of the ongoing COVID-19 pandemic on its operations and financial results. “While we still view resurgences as a significant risk factor to our outlook, we are now providing fiscal year 2021 guidance,” the company said. The guidance includes a projection for fiscal 2021 total revenue in the range of $2,800 million to $2,845 million (an increase of 12 percent to 14 percent at constant currency). In the CooperVision segment, revenue is projected to fall in the range of $2,090 to $2,120 million (an increase of 9 percent to 11 percent at constant currency).