Cooper Companies Shatters Records in Q4 and Fiscal 2024, Sets Sights on Share Growth and Innovation in 2025
Cooper Companies, a leading healthcare provider of contact lenses and surgical instruments, has shattered records in its fourth quarter (Q4) and fiscal year 2024. The company reported record revenues of $3.9 billion for the full year, with both CooperVision and CooperSurgical achieving all-time highs.
Al White, President and Chief Executive Officer of Cooper Companies, praised the employees on a fantastic fiscal 2024 during the earnings call. He noted that Q4 was a solid quarter, led by strength in silicone hydrogel dailies and full suites of torics and multifocals for CooperVision.
CooperSurgical also had a strong showing, driven by double-digit growth in fertility offset by a greater decline in PARAGARD than expected. The company's P&L improved with prior investment activity driving margin improvements and strong earnings growth.
The highlight of the quarter was the contact lens market, which grew 10% year-over-year or 7% organically, with CooperVision reporting quarterly revenues of $676 million, up 9% or 8% organically. This solid performance positions the company to take share and drive profitability in fiscal 2025.
Cooper Companies forecasted the contact lens market growing 5-7% in constant currency with the company taking share growing 6.5-8.5%. Price should offset inflation, supporting around one-third of the growth, while the rest comes from trade-up to dailies, growth in torics and multifocals, and growth in wearers.
For CooperSurgical, the company expects organic growth in the mid-single digits, with fertility reporting high single-digit growth and the remainder of the business posting low single-digit growth. Non-GAAP earnings per share grew 19% to $1.04 during Q4.
The company's commitment to innovation was evident as it launched new products and expanded its state-of-the-art manufacturing capacity. With a focus on taking share, driving profitability, and executing strategic priorities, Cooper Companies is poised for continued success in fiscal 2025.