CooperVision has accelerated its plans to introduce Proclear multifocal contact lenses, which are now scheduled to be launched within the next 6 months, first in Europe and then in the USA. The company's sales of Frequency Multifocal lenses, which were launched outside the USA a few months ago, are still ahead of expectations in the US market and should reach total worldwide revenues of $6-8 million during the present financial year.
In outlining CVI's results for the 3rd quarter ended July 31, its parent company, Cooper, noted that it significantly outpaced those reported by its 4 major competitors in the global contact lens market, which is getting stronger. For the first 6 months of 2003, the combined revenues reported by those 4 companies and by CVI grew by about 13 percent, up from the 10 percent increase reported for calendar 2002. In the USA, patients' visits to practitioners for contact lens prescriptions were up 8 percent in the 2nd calendar quarter of this year.
CVI's revenues for the 3rd quarter show increases of 24 percent in dollars and 17 percent in constant currencies. They totaled $87.8 million, and they included increases of 26 percent for specialty lenses overall, 21 percent for toric lenses and 39 percent for spherical lenses. Revenues in the USA rose by 16 percent, representing 48 percent of CVI's total business. Outside the USA, they grew by 33 percent, with European sales up 37 percent, but on a constant dollar basis they rose by only 18 percent.
CVI's operating margin rose to 27 percent in the latest quarter from 24 percent in the year-ago period, contributing to better results for the group as a whole. Its net income increased to $18,663,000 from $13,361,000. Its sales rose by 20 percent to $108.4 million and they are now expected to reach $409 million for the full year or about $10 million more than previously forecast.