Contact Lens Market Share Increases Contribute to Cooper Companies Growth in Q2
Wednesday, June 10 2015 | 00 h 00 min | Financial News
Cooper Companies reported Q2 (ending April 30, 2015) revenue increases of 5% versus same period last year. Strong gains (+9%) in CooperVision (CVI), the contact lens business unit of Cooper Companies, offset an 8% decline in CooperSurgical. The company estimates that world-wide CooperVision 2015 calendar quarter 1 contact lenses sales grew 6% versus 1% for the total global market.
Cooper President and CEO, Robert S. Weiss, attributed the sales increase to continued market share gains in contact lenses, and progress with the launch of clariti in US. Single-use spherical lenses showed the greatest growth, up 19% year over year. In Canada, CooperVision launched clariti brand in June 2015. Clariti was previously distributed by Centennial Optical.
Gross margins were 61% compared with 65% in last year’s Q2. The reduction of gross margin was attributed to currency changes, and integration and facility start-up costs. These were offset in part by favourable product mix.
