CooperVision (CVI) saw revenues increase by a reported 7 percent to $437.3 million in the third fiscal quarter ended July 31 as compared to last year's third quarter. In constant currencies, the revenue increase was 8 percent.
CVI's sales grew by 7 percent in the second calendar quarter, outperforming a contact lens market that was up by 4 percent. CVI's revenues rose faster than the market in each region, with the Americas growing by 2 percent against market growth of 1 percent, the Europe, Middle East and Africa (EMEA) region growing by 11 percent versus the market up by 6 percent, and the Asia-Pacific region growing by 12 percent versus a market increase of 8 percent.
Revenues in CVI's third fiscal quarter continued to be driven by silicone hydrogel lenses, led by MyDay and Clariti in the daily space and Biofinity in the monthly space. Daily silicone hydrogel lenses grew by 47 percent.
CVI's gross margin increased to 65 percent as compared to 62 percent in last year's third quarter. The gross margin increase was primarily driven by favorable product mix and currency.
By product segment, sales of toric lenses increased by a reported 10 percent to $138.3 million, primarily driven by Clariti 1-day toric and Biofinity toric, along with the rollout of MyDay toric in Europe. In constant currencies, the increase for the category was by 11 percent. Toric lenses accounted for 32 percent of CVI's overall revenues in the quarter.
Multifocal lenses, which represented 11 percent of CVI's quarterly sales, posted a 6 percent increase, or a 7 percent increase in constant currencies, to $46.8 million. Single-use spheres, representing 26 percent of CVI's quarterly sales, saw revenues increase by 11 percent, or by 14 percent in constant currencies, to $115.8 million. Sales of non-single use spheres and other lenses, which accounted for 31 percent of CVI's sales in the quarter, increased by 1 percent, or by 2 percent in constant currencies, to $136.4 million.
By geographical region, the Americas saw revenues increased by 2 percent to $168.7 million in the third quarter. The Americas accounted for 39 percent of CVI's quarterly revenues. The EMEA region, which contributed 41 percent of CVI's quarterly sales, saw revenues rise by 11 percent, or by 13 percent in constant currencies, to $179.9 million. The Asia-Pacific posted revenues of $88.7 million, up by a reported 9 percent, with a 13 percent increase in constant currencies. The Asia-Pacific accounted for 21 percent of CVI's revenues for the quarter.
CVI is one of the two business units of The Cooper Companies, along with CooperSurgical. The Cooper Companies reported third quarter revenues of $556.0 million, representing an 8 percent increase versus the same quarter a year ago. The increase was of 7 percent in constant currencies. The company's gross margin was 64 percent, up from 62 percent in last year's third quarter, positively impacted by favorable product mix and currency within Coopervision as well as improved margins at CooperSurgical from successful integration activity. The CooperSurgical business unit posted revenues of $118.7 million, up by a reported 13 percent from last year's third quarter, while the increase in constant currencies for the business was of 4 percent.