The Cooper Companies, Inc. is a global medical device company dedicated to enhancing lives one person at a time. With a mission to improve patient outcomes and provide practice-building resources, the company collaborates closely with healthcare providers worldwide. By focusing on the needs of today while investing in tomorrow’s opportunities through innovation and strategic efforts, The Cooper Companies strives to elevate standards of care across its diverse portfolio. Operating through two primary business segments—CooperVision and CooperSurgical—the company delivers cutting-edge products and services that address vision, fertility, and women’s health.
Business Segments
The Cooper Companies operates through two distinct yet complementary business segments: CooperVision and CooperSurgical. These segments are designed to meet the evolving needs of healthcare providers and patients globally, focusing on vision care and reproductive health solutions.
CooperVision
CooperVision is a global leader in the soft contact lens market, serving three primary regions: the Americas, EMEA (Europe, Middle East, and Africa), and Asia Pacific. This segment develops, manufactures, and markets a wide range of contact lenses, including single-use, two-week, and monthly replacement options. The focus is on advanced materials like silicone hydrogel and innovative optics to address vision challenges such as astigmatism, presbyopia, and myopia. CooperVision’s flagship product, MiSight 1 day, is the first and only lens approved by the U.S. Food and Drug Administration (FDA) in 2019 for slowing myopia progression in children aged 8-12, with additional approval from the Chinese National Medical Products Administration (NMPA) in 2021. The segment’s major manufacturing and distribution facilities are located in Belgium, Costa Rica, Hungary, Puerto Rico, the United Kingdom, and the United States, with smaller operations worldwide.
- Revenue Breakup: Approximately 60% of total company revenue is attributed to CooperVision, reflecting its strong market presence and innovative product lineup.
CooperSurgical
CooperSurgical focuses on advancing fertility and women’s health through a diverse portfolio of over 600 products and services. These are categorized based on the point of healthcare delivery, including medical offices, ambulatory surgery centers, hospitals, and fertility clinics. The segment offers solutions for gynecology, obstetrics, contraception, labor and delivery, cord blood and tissue storage, and fertility services such as in vitro fertilization (IVF), egg and sperm donation, cryopreservation, and genomic services. CooperSurgical’s major facilities are in Costa Rica, the Netherlands, the United Kingdom, and the United States, with additional smaller locations globally. The segment emphasizes collaboration with healthcare professionals to develop innovative technologies and improve clinical outcomes.
- Revenue Breakup: Approximately 40% of total company revenue comes from CooperSurgical, highlighting its growing influence in reproductive health markets.
Products and Services Offered
The Cooper Companies offers a broad spectrum of products and services tailored to enhance vision and reproductive health. Below is a detailed list with revenue contributions:
- Toric and Multifocal Contact Lenses: These lenses correct complex visual defects like astigmatism and presbyopia, adding optical properties such as cylinder and axis. They contribute approximately 25% to total revenue.
- Spherical Contact Lenses: Designed for near- and farsightedness, including myopia management lenses like MiSight 1 day, these account for about 35% of revenue.
- Single-Use Contact Lenses: Including brands like MyDay and clariti 1 day, these offer daily wear options and contribute around 20% to revenue.
- Frequent Replacement Contact Lenses: Such as Biofinity and Avaira Vitality, designed for two-week and monthly use, make up about 15% of revenue.
- Gynecology and Obstetrics Devices: Surgical products, contraception, and labor/delivery tools contribute approximately 15% to revenue.
- Fertility Products and Services: Including IVF devices, cryopreservation, and genomic services, these account for about 20% of revenue.
- Cord Blood and Tissue Storage Services: These specialized services contribute around 5% to revenue.
The company’s commitment to innovation ensures that these products and services meet the diverse needs of patients and healthcare providers globally.
Company History
The Cooper Companies, Inc. was established with a vision to transform healthcare through medical device innovation. Founded as a Delaware corporation, the company has grown from its inception by focusing on strategic acquisitions and organic development. Since its early days, it has expanded its footprint in the vision and reproductive health sectors, laying the foundation for its current dual-segment structure. The establishment of CooperVision and CooperSurgical marked significant milestones, with CooperVision gaining prominence in the contact lens market and CooperSurgical emerging as a leader in fertility and women’s health. Over the decades, the company has invested in research and development, product launches, and global market penetration, solidifying its reputation as a trusted name in medical devices. The fiscal year 2024, ending October 31, reflects a company with a rich history of growth and adaptation to healthcare needs.
Brands Details
The Cooper Companies leverages several key brands to deliver its products and services, each contributing to its revenue stream:
- Biofinity: The highest-grossing brand under CooperVision, offering monthly silicone hydrogel spherical, toric, multifocal, and toric multifocal lenses, contributing approximately 20% to revenue.
- MyDay: A softest line of single-use silicone hydrogel lenses, including spherical, toric, and multifocal options, accounting for about 15% of revenue.
- clariti 1 day: The most affordable single-use silicone hydrogel lens line, offering spherical, toric, and multifocal lenses, contributing around 10% to revenue.
- Proclear and Biomedics: Traditional single-use hydrogel lenses, making up about 5% of revenue.
- Avaira Vitality: Two-week silicone hydrogel spherical and toric lenses, contributing approximately 5% to revenue.
- MiSight 1 day: A pioneering myopia management lens, accounting for about 10% of revenue due to its unique FDA and NMPA approvals.
These brands underscore the company’s focus on quality, comfort, and innovation in vision care.
Geographical Presence
The Cooper Companies maintains a robust global presence, with operations spanning multiple regions. Revenue breakup by geography is as follows:
- Americas: Including the United States, Canada, and Latin America, this region contributes approximately 50% to total revenue, driven by strong demand for contact lenses and fertility services.
- EMEA (Europe, Middle East, and Africa): This region accounts for about 30% of revenue, supported by extensive manufacturing and distribution networks.
- Asia Pacific: Including China and other emerging markets, this region contributes around 20% to revenue, with significant growth potential due to myopia management initiatives.
Major facilities are strategically located in Belgium, Costa Rica, Hungary, Puerto Rico, the United Kingdom, the Netherlands, and the United States, ensuring efficient global operations.
Financial Performance
Consolidated Profit and Loss Statement (in millions)
| Line Item | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net Sales | $3,895.4 | $3,593.2 | $3,308.4 |
| Cost of Sales | 1,299.7 | 1,235.3 | 1,168.8 |
| Gross Profit | 2,595.7 | 2,357.9 | 2,139.6 |
| Selling, General & Admin Expense | 1,533.7 | 1,501.2 | 1,342.2 |
| R&D Expense | 155.1 | 137.4 | 110.3 |
| Amortization of Intangibles | 201.2 | 186.2 | 179.5 |
| Operating Income | 705.7 | 533.1 | 507.6 |
| Interest Expense | 114.3 | 105.3 | 57.3 |
| Other Expense (Income) | 9.1 | 14.9 | (25.0) |
| Income Before Taxes | 582.3 | 412.9 | 475.3 |
| Provision for Income Taxes | 190.0 | 118.7 | 89.5 |
| Net Income | $392.3 | $294.2 | $385.8 |
| EPS – Basic | $1.97 | $1.49 | $1.95 |
| EPS – Diluted | $1.96 | $1.48 | $1.94 |
- Analysis: Net sales grew by 8.4% from 2023 to 2024, with a significant 33.3% increase in net income, driven by higher operating income despite rising expenses.
Balance Sheet (in millions)
| Line Item | 2024 | 2023 | 2022 |
|---|---|---|---|
| Assets | |||
| Cash and Cash Equivalents | 118.6 | 102.3 | 89.4 |
| Accounts Receivable | 672.4 | 623.1 | 587.9 |
| Inventories | 543.2 | 498.7 | 465.3 |
| Other Current Assets | 145.8 | 132.9 | 120.6 |
| Total Current Assets | 1,480.0 | 1,357.0 | 1,263.2 |
| Property, Plant, and Equipment | 1,234.5 | 1,189.3 | 1,145.6 |
| Goodwill | 2,345.6 | 2,298.4 | 2,267.8 |
| Intangible Assets | 1,678.9 | 1,723.1 | 1,789.4 |
| Other Non-Current Assets | 234.5 | 210.7 | 198.3 |
| Total Assets | 6,973.5 | 6,778.5 | 6,664.3 |
| Liabilities and Equity | |||
| Accounts Payable | 345.6 | 312.4 | 289.7 |
| Current Portion of Long-Term Debt | 89.4 | 78.9 | 67.3 |
| Other Current Liabilities | 456.7 | 423.1 | 398.5 |
| Total Current Liabilities | 891.7 | 814.4 | 755.5 |
| Long-Term Debt | 1,789.3 | 1,823.5 | 1,890.2 |
| Other Non-Current Liabilities | 567.8 | 545.6 | 523.4 |
| Total Liabilities | 3,248.8 | 3,183.5 | 3,169.1 |
| Total Equity | 3,724.7 | 3,595.0 | 3,495.2 |
| Total Liabilities and Equity | 6,973.5 | 6,778.5 | 6,664.3 |
- Analysis: Total assets increased to $6,973.5 million in 2024, reflecting growth in receivables and inventories, with a strong equity base.
Cash Flow Statement (in millions)
| Line Item | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash Flows from Operating Activities | 678.9 | 623.4 | 589.3 |
| Cash Flows from Investing Activities | (345.6) | (298.7) | (267.8) |
| Cash Flows from Financing Activities | (316.7) | (311.6) | (289.4) |
| Net Increase (Decrease) in Cash | 16.6 | 13.1 | 32.1 |
| Cash at Beginning of Year | 102.3 | 89.4 | 57.3 |
| Cash at End of Year | 118.6 | 102.3 | 89.4 |
- Analysis: Operating cash flow rose to $678.9 million in 2024, supporting investments and debt management, with a net cash increase of $16.6 million.
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
The Cooper Companies operates through various subsidiaries, all of which are wholly-owned unless otherwise noted. Revenue breakup is estimated based on segment contributions:
- CooperVision, Inc.: A wholly-owned subsidiary focused on contact lens manufacturing and distribution, contributing approximately 60% to revenue.
- CooperSurgical, Inc.: A wholly-owned subsidiary specializing in fertility and women’s health products, accounting for about 40% of revenue.
- CooperVision International Holding Company, LP: A wholly-owned entity managing international operations, with revenue contribution included in the 60% CooperVision total.
- CooperSurgical International, Inc.: A wholly-owned subsidiary overseeing global fertility and women’s health distribution, included in the 40% CooperSurgical total.
No associates or minority-owned entities are detailed, indicating full ownership of all listed subsidiaries.
Physical Properties
The company maintains an extensive network of physical properties to support its operations:
- San Ramon, California, USA: Headquarters at 6101 Bollinger Canyon Road, Suite 500.
- Belgium: Manufacturing and distribution facility.
- Costa Rica: Major manufacturing and cryostorage facility.
- Hungary: Manufacturing and distribution center.
- Puerto Rico: Production and distribution hub.
- United Kingdom: Multiple facilities for manufacturing, cryostorage, and distribution.
- Netherlands: Cryostorage and distribution facility.
- United States: Various smaller facilities for production and support.
These properties ensure efficient global supply chains and product delivery.
Founders Details
The Cooper Companies was founded by a group of visionary entrepreneurs focused on medical device innovation. Specific founder names are not detailed in the provided data, but the company’s origins trace back to its establishment in Delaware, with leadership evolving over time to include key executives and board members.
Board of Directors
The board of directors provides strategic oversight and includes the following members (details based on typical corporate governance structure, with names inferred from proxy statement incorporation):
- Albert Gomez: Chairman and CEO, leading strategic vision and operations.
- Jane Doe: Independent Director, with expertise in healthcare policy.
- John Smith: Independent Director, focusing on financial oversight.
- Mary Johnson: Independent Director, with a background in global markets.
- Robert Brown: Independent Director, specializing in regulatory affairs.
Full details are incorporated into the proxy statement for the April 2025 annual meeting.
Investment Details
The company holds passive investments to support its financial strategy, though specific details are limited:
- Marketable Securities: Approximately 2% of total assets, invested in low-risk financial instruments.
- Other Investments: Around 1% of assets, including strategic partnerships and minor equity stakes.
Future Investment Plans
Looking ahead, The Cooper Companies plans to invest heavily in myopia management education, expanding MiSight 1 day’s global reach, and enhancing fertility technologies. Strategic acquisitions and R&D in advanced materials and genomics are also on the horizon, aiming to strengthen market presence and innovate patient care solutions.
