Cooper Stock Price, News & Analysis

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.

Vuzix Corporation (NASDAQ: VUZI) announces the deployment of its M400 Smart Glasses at CooperVision's distribution center in West Henrietta, NY. This implementation, utilizing LogistiVIEW's Vision+ augmented reality software, aims to enhance operational efficiency through hands-free picking guidance. The 275,000 sq ft facility manages over 120,000 contact lens products. Key executives from both companies highlight the positive impact of this technology in streamlining warehouse operations.

TMRW Life Sciences announces the appointment of Brian E. Miller, PhD, as Senior Vice President of Sales, effective March 5, 2021. With over 25 years in the fertility industry, Miller will drive the deployment of TMRW's innovative technology to U.S. fertility clinics and aid in the development of new products. Previously at CooperSurgical, he has extensive experience in biotech and pharma sales. His appointment follows TMRW's commercial launch in February 2021, as the company aims to revolutionize cryo-management in IVF with its automated platform.