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The Cooper Companies, Inc. (NYSE: COO) is a global medical device company specializing in improving quality of life through innovative products and services. Headquartered in San Ramon, CA, Cooper operates through two main business units: CooperVision and CooperSurgical.CooperVision is a leader in the contact lens industry, offering a diverse range of high-quality contact lenses, including spherical, multifocal, toric, and specialty lenses. With brands like Proclear, Biofinity, MyDay, and Clariti, CooperVision commands roughly one-fourth of the US contact lens market. The company is committed to providing excellent practitioner support, ensuring that both users and professionals benefit from their cutting-edge solutions.
CooperSurgical, founded in 1990, focuses on women's health and fertility, offering market-leading products and treatment options. The division supplies clinicians with over 600 medical devices and treatment solutions related to reproductive care, fertility, and women's health. Notably, CooperSurgical owns Paragard, the only hormone-free IUD available in the US, holding a 17% share of the US IUD market. Additionally, CooperSurgical has the largest medical device coverage for the entire IVF cycle.
With a workforce of over 15,000 employees and products available in more than 130 countries, CooperCompanies is dedicated to delivering shareholder value while enhancing the lives of individuals globally. The company continues to innovate and expand, recently achieving record annual revenues and strong earnings. Noteworthy advancements include a four-for-one stock split set to become effective on February 16, 2024, and partnerships like that with Fulgent Genetics to offer exclusive newborn genetic screening panels through Cord Blood Registry.
Cooper's fiscal year 2023 showcased significant milestones, including double-digit organic growth in their fertility segment and strong performance in contact lenses. As they move into fiscal year 2024, Cooper remains focused on their strategic objectives: gaining market share, driving profitability, and launching innovative products and services.
For more information, please visit CooperCompanies.
CooperCompanies (NYSE: COO) will release its third quarter 2021 financial results on September 2, 2021, at 4:15 PM ET. A conference call to discuss the results will follow at 5:00 PM ET, with the live dial-in available for U.S. listeners at 855-643-4430 and international listeners at 707-294-1332. The call will also be accessible via a webcast on the company's website. A recording of the call will be available from 8:00 PM ET on September 2 to September 9, 2021.
CooperCompanies (NYSE: COO) declared a semi-annual dividend of 3 cents per share, set for payment on August 11, 2021. Stockholders of record must hold shares by July 27, 2021. This decision aligns with the board's approved plan for annual dividends, reflecting the company’s commitment to returning value to shareholders. CooperCompanies operates through CooperVision and CooperSurgical, focusing on innovative medical devices.
CooperVision has announced a partnership with Plastic Bank to introduce the clariti® 1 day lens as the first net plastic neutral contact lens in the U.S. Since January 2021, for every box sold, CooperVision purchases credits from Plastic Bank to offset plastic waste. This move not only enhances eye health with silicone hydrogel technology but also addresses environmental concerns by reducing ocean-bound plastic waste. The lenses are sustainably manufactured in a LEED Silver-certified facility in Costa Rica, powered by renewable energy sources.
CooperCompanies (NYSE: COO) released its inaugural Environmental, Social, and Governance (ESG) Report, showcasing its commitment to ethical practices and social responsibility. Highlights include a partnership with Plastic Bank® for net plastic neutral contact lenses and sourcing 100% renewable electricity for key facilities. The report emphasizes diversity, with women comprising 48% of the workforce and achieving gender parity on the Board. Cooper's goals align with the United Nations Sustainable Development Goals, particularly in health and well-being. The company aims to enhance global health through innovation and responsible practices.
CooperCompanies (NYSE: COO) reported a 37% year-over-year revenue increase to $719.5 million for the fiscal Q2 ended April 30, 2021. CooperVision revenue grew 30% to $522.6 million, and CooperSurgical surged 60% to $196.9 million. GAAP diluted EPS was $2.36, up from $2.13, while non-GAAP diluted EPS reached $3.38, a 123% increase. The operating margin improved to 20%, compared to 5% last year. Fiscal year 2021 revenue guidance has been updated to $2.855-$2.885 billion, reflecting ongoing recovery from COVID-19 impacts.
CooperVision Specialty EyeCare announced the European approval of its Procornea DreamLite® night lenses for slowing myopia progression in children. This product adds to CooperVision's extensive portfolio, which includes MiSight® and SightGlass Vision technologies. A recent study revealed DreamLite lenses reduced axial length growth by 63% in high myopes. The increase in myopia prevalence globally is alarming, projected to affect 5 billion by 2050, leading to serious vision risks. The company's innovations aim to support eye care professionals in addressing this escalating issue.
CooperCompanies has elected Dr. Maria Rivas as an independent director, effective July 1, 2021. Dr. Rivas brings extensive experience in fertility, medical affairs, and product development from her role at Merck KGaA. Al White, CEO, expressed confidence in her contributions as the company seeks growth. The Board now consists of eight directors, with six being independent, highlighting a strengthened governance structure. This follows recent appointments and changes in leadership aimed at enhancing strategic oversight, as part of Cooper's ongoing commitment to improving corporate governance.
CooperCompanies (NYSE: COO) announced the acquisition of obp Medical Corporation for approximately $60 million. obp Medical specializes in single-use vaginal speculums with integrated LED illumination, contributing around $10 million in trailing twelve-month revenue. This acquisition aligns with CooperSurgical's focus on enhancing women's healthcare and is expected to be neutral to non-GAAP earnings per share in fiscal 2021.
CooperCompanies (NYSE: COO) will release its second quarter 2021 financial results on June 3, 2021, at 4:15 PM ET. A conference call will follow at 5:00 PM ET to discuss these results and corporate developments. Participants can join the call by dialing 855-643-4430 (U.S.) or 707-294-1332 (International), using the passcode 'Cooper'. A live webcast will also be available on their Investor Relations website, with a transcript archived for 12 months. The call recording will be accessible from June 3, 8:00 PM ET through June 10, 2021.
CooperCompanies has appointed Robert S. Weiss as Chairman and William A. Kozy as Vice Chairman and Lead Director, effective March 23, 2021. Weiss, with extensive experience in the medical device industry, succeeds A. Thomas Bender, who retired in December 2020. Kozy joins the board bringing experience from Becton Dickinson, succeeding Allan E. Rubenstein, M.D.. The leadership changes aim to drive growth and ensure positive stakeholder impact.
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