The Cooper Companies, Inc.

What they do

CooperVision develops and manufactures single-use, two-week and monthly contact lenses, including spherical, toric and multifocal products in silicone hydrogel materials such as Aquaform, plus myopia management products like the FDA-approved MiSight 1 day lens and ortho-k and scleral lenses. CooperSurgical sells more than 600 products and services for fertility and women's health, covering OB/GYN office and surgical devices, contraception, cord blood and cord tissue cryostorage, and IVF-related products, cryopreservation and genomic services. Manufacturing and distribution is spread across sites in Belgium, Costa Rica, Hungary, Puerto Rico, the UK, the US and the Netherlands.

Revenue drivers

• CooperVision — toric and multifocal lenses — Lenses correcting astigmatism, presbyopia and myopia; generated $363.8M in fiscal Q3 2026, up 2% organically year-over-year.
• CooperVision — sphere and other — Spherical, myopia management and specialty lenses (including MiSight 1 day); $353.2M in fiscal Q3 2026, down 1% organically.
• CooperSurgical — office and surgical — Devices used by OB/GYNs, ambulatory surgery centers and hospitals; $208.0M in fiscal Q3 2026, up 2% organically.
• CooperSurgical — fertility — IVF devices, cryopreservation, donation and genetic testing; $141.2M in fiscal Q3 2026, up 5% organically, the fastest-growing category.

Recent performance

Fiscal Q3 2026 revenue was $1.066B, up 1% reported, in constant currency and organically. GAAP diluted EPS was $2.24 versus $0.49 a year earlier, driven mainly by a $307.2M discrete tax benefit from completion of a UK tax examination; non-GAAP diluted EPS was $1.15, up 4%. CooperVision revenue of $717.0M was flat year-over-year, with Americas down 2% and Asia Pacific down 10% reported, while EMEA rose 6%. CooperSurgical revenue of $349.2M rose 2% reported and 3% organically. Free cash flow was $273.0M, up 66%, on operating cash flow of $341.7M less $68.7M of capital expenditures, and the company repurchased $339.1M of stock (about 4.9M shares at an average $69.16).

Strategy

Management completed a strategic review and announced actions to enhance shareholder value, stating a focus on profitable growth, strong cash flow generation, disciplined capital allocation and long-term shareholder value. CooperVision is pushing greater market penetration with recently introduced products, expansion in existing and emerging markets including through acquisitions, and growth of single-use franchises (clariti, MyDay, MyDay Energys) alongside FRP families Biofinity and Avaira Vitality. CooperSurgical builds its presence by developing products and acquiring companies and products that complement its fertility and women's health model. The company also cited expense management, productivity initiatives and a reduction in headcount in the quarter.

Risks

• Customer consolidation — CooperVision and CooperSurgical face consolidation in their customer bases and more centralized large customer groups and retail chains.
• Economic and currency conditions — Inflation, labor costs, recession and foreign exchange fluctuations have raised manufacturing costs and reduced revenue, and the company says it cannot guarantee it can absorb further cost increases or price declines.
• Trade barriers and tariffs — The 10-K cites escalating global trade barriers and disruptions, such as the impact of tariffs, as a risk that has adversely affected sales, cash flow and performance.
• Litigation — CooperSurgical's nine-month fiscal 2026 operating result swung to a $157.1M loss primarily from a $272.0M litigation expense, net of insurance recoveries.

Outlook

Management said it is optimistic about long-term prospects for the worldwide contact lens and general health care markets and the resilience of its businesses, while flagging significant risks in the global operating environment. The CEO said a proactive reduction in U.S. channel inventory at CooperVision weighed on results and will continue to impact fiscal Q4. The company completed its strategic review and announced actions to enhance shareholder value, with additional details in a separate press release.