In commenting on the latest results of Cooper Companies, its chief executive, Bob Weiss, said he remained confident that it will continue to gain market shares and generate strong increase in profitability in 2015 and well beyond, reaching an operating profit margin of at least 26 percent even if the U.S. dollar remains as strong as it has been recently.
According to Cooper's management and independent market research, CooperVision (CVI) raised its share of the global soft contact lens market from 16.5 percent in 2010 to 18.8 percent in 2013, and its recent acquisition of Sauflon Pharmaceuticals pulled it up further to 22.1 percent.
The global market for soft contact lenses rose by 5 percent in local currencies during the 12-month period ended on Sept. 30, according to the Contact Lens Institute, reaching $7,450 million, with sales of one-day disposal lenses rising by 9 percent to $3,120 million. Across all the product categories, the market grew by 5 percent in the Americas to $3,005 million. It rose by 4 percent to $2,200 million in Europe, the Middle East and Africa (EMEA), and by 6 percent to a slightly higher level of $2,240 million in Asia-Pacific.
In releasing its latest financial results, Cooper Companies noted that CVI performed better than the market in all the geographies during the same period. Without including Sauflon, which was acquired in August, CVI's sales rose by 9 percent globally. They increased by 6 percent in the Americas, by 10 percent in EMEA and by 13 percent in Asia-Pacific. CVI's sales of one-day lenses jumped by 16 percent.
The global soft contact lens market softened in the third calendar quarter of this year. It rose by only 2 percent to $1,905 million, with growth of 2 percent in the U.S., 4 percent in EMEA and 2 percent in Asia-Pacific, but CVI did better than the market in all three geographies with increases of 7 percent, 7 percent and 11 percent, respectively.
Addressing financial analysts, Weiss predicted that the market will top $9.9 billion in 2019. Most of the growth should occur in the Americas, which would represent 42 percent of the global market by then.
The one-day modality will lead the overall growth. Its share of the global market should increase from 42 percent to 50 percent in the next five years. It currently represents 26 percent of the market in the Americas and 46 percent of the market in EMEA. Toric and multifocal lenses and should take higher shares of 22 percent and 7 percent in the global soft contact lens market, respectively.