CooperCompanies Acquires obp Surgical, Expanding CooperSurgical’s Portfolio of Leading Medical Devices
Rhea-AI Summary
CooperCompanies (Nasdaq: COO) has announced the acquisition of obp Surgical, a U.S.-based medical device company, for approximately $100 million. This strategic move expands CooperSurgical's portfolio with obp's suite of single-use cordless surgical retractors and suction devices, which generated around $14.5 million in trailing twelve-month revenue. The acquisition is expected to be neutral to Cooper's non-GAAP earnings per share in fiscal 2024 and accretive thereafter.
The integration of obp Surgical's ONETRAC™ portfolio complements CooperSurgical's existing surgical products, including INSORB®, Lone Star®, and the Doppler Blood Flow Monitor. This acquisition aligns with CooperCompanies' commitment to providing clinicians with a broader range of innovative surgical technologies and is set to be reported as part of its Office and Surgical category within the CooperSurgical business starting in fiscal Q4 2024.
Positive
- Acquisition expands CooperSurgical's portfolio with innovative single-use surgical devices
- Expected to be accretive to non-GAAP earnings per share after fiscal 2024
- Adds $14.5 million in trailing twelve-month revenue to CooperCompanies
- Strengthens CooperSurgical's position in the surgical device market
Negative
- Acquisition cost of $100 million may impact short-term cash position
- Neutral impact on non-GAAP earnings per share in fiscal 2024
News Market Reaction
On the day this news was published, COO declined 0.99%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN RAMON, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (Nasdaq: COO), today announced that CooperSurgical has acquired obp Surgical, a U.S.-based medical device company with a suite of single-use cordless surgical retractors with an integrated multi-LED light source and dual smoke evacuation channels, and single-use surgical suction devices with an integrated, cordless radial LED light source, for approximately
“This acquisition is a great strategic fit that builds upon CooperSurgical’s strong portfolio of leading medical devices,” said Al White, President and Chief Executive Officer of CooperCompanies. “obp Surgical’s differentiated products will integrate seamlessly into our business and allow us to provide clinicians with a broader range of innovative surgical technologies.”
The acquisition of obp Surgical’s distinctive ONETRAC™ portfolio of surgical retractors and suction devices complements CooperSurgical’s existing surgical portfolio including INSORB®, Lone Star®, and the Doppler Blood Flow Monitor.
“Our acquisition of obp Surgical demonstrates our commitment to our customers, rooted in a dedication to upholding the highest standards,” said Holly Sheffield, CooperSurgical President. “We are excited for our growing surgical portfolio to reach new heights with the addition of ONETRAC™ to the CooperSurgical product family, all to help ensure that healthcare providers are well-equipped with differentiated medical devices.”
CooperCompanies will report these assets as part of its Office and Surgical category within the CooperSurgical business beginning in its fiscal fourth quarter 2024.
About CooperCompanies
CooperCompanies (Nasdaq: COO) is a leading global medical device company focused on improving lives one person at a time. The Company operates through two business units, CooperVision and CooperSurgical. CooperVision is a trusted leader in the contact lens industry, improving the vision of millions of people every day. CooperSurgical is a leading fertility and women’s health company dedicated to assisting women, babies and families at the healthcare moments that matter most. Headquartered in San Ramon, CA, CooperCompanies (“Cooper”) has a workforce of more than 15,000 with products sold in over 130 countries. For more information, please visit www.coopercos.com.
About CooperSurgical
CooperSurgical is a leading fertility and women's healthcare company dedicated to putting time on the side of women, babies, and families at the healthcare moments that matter most in life. CooperSurgical is at the forefront of delivering innovative assisted reproductive technology (ART) and genomic solutions that enhance the work of ART professionals to the benefit of families. We currently offer over 600 clinically relevant medical devices to women's healthcare providers, including testing and treatment options.
CooperSurgical is a wholly-owned subsidiary of CooperCompanies (Nasdaq: COO). CooperSurgical, headquartered in Trumbull, CT, produces and markets a wide array of products and services for use by women's health care clinicians. More information can be found at www.coopersurgical.com.
About obp Surgical
obp Surgical Corporation is committed to delivering single-use, self-contained, cordless illuminating surgical devices to improve and transform healthcare. Our innovative products are used in surgery centers and hospital operating rooms throughout the United States and worldwide. For more information on obp Surgical Corporation and the ONETRAC™ product lines, please visit www.obpsurgical.com.
Forward-Looking Statements
This press release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Statements relating to plans, prospects, goals, strategies, future actions, events or performance and other statement of which are other than statements of historical fact, including statements regarding the benefits of the acquisition of obp Surgical assets, synergies and strategic plans related to the acquired business, and other financial expectations related to the acquisition. To identify these statements, look for words like "believes," "outlook," "probable," "expects," "may," "will," "should," "could," "seeks," "intends," "plans," "estimates" or "anticipates" and similar words or phrases. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties. Among the factors that could cause actual results and future actions to differ materially from those described in forward-looking statements are: difficulties in integrating operations, adverse changes in the global or regional general business, political and economic conditions including the impact of continuing uncertainty and instability of certain countries, man-made or natural disasters, that could adversely affect our global markets, and the potential adverse economic impact and related uncertainty caused by these items; uncertainties in contractual relationships and pending transactions; changes in legal and regulatory requirements; and other factors described in the Securities and Exchange Commission filings for CooperCompanies (Nasdaq: COO), including the Annual Report on Form 10-K for the fiscal year ended October 31, 2023, as such disclosures may be updated in annual and quarterly filings. We caution investors that forward-looking statements reflect our analysis only on their stated date. We disclaim any intent to update them except as required by law.
Contacts:
CooperCompanies Investor Relations
Kim Duncan
Vice President, Investor Relations and Risk Management
925-460-3663
ir@cooperco.com
CooperSurgical Media Relations
pr@coopersurgical.com
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