CooperVision’s sales went up by 3 percent to $485.2 million in the first quarter of Cooper Companies’ financial year, which ended on Jan. 31, and its gross margin improved by 0.5 percentage points to 66.5 percent.
Sales of toric lenses rose by 6 percent to $155.1 million, multifocal lenses by 6 percent to $51.8 million, and single-use spheres by 5 percent to $138.1 million. Other types of contact lenses declined by 2 percent to $140.2 million.
On a currency-neutral basis, CVI’s advanced by 4 percent with increases of 7 percent in torics, 6 percent in multifocals and 5 percent in single-use spheres. The management mentioned, in particular, strength in one-day silicon hydrogel lenses, whose sales grew by 19 percent on a constant-currency basis, and the initial launch in the U.S. of the MiSight line for the treatment of myopia, whose sales were up by 87 percent to $1.5 million in the quarter. It added that the production of MyDay lenses was improving.
Regionally, CVI’s sales rose by 8 percent to $189.4 million in the Americas and by 1 percent to $187.0 million in Europe, the Middle East and Africa (EMEA), but fell by 1 percent to $108.8 million in Asia-Pacific. In local currencies, sales in the EMEA region were up by 3 percent, hampered by delivery constraints for MyDay lenses.
Cooper Companies’ total revenues rose by 3 percent to $645.2 million in the quarter, and the net income declined to $90.9 million from $103.2 million in the year-earlier period.
In its guidance, released along with the results on March 5, the group predicted currency-neutral increases of 5.5 to 7.0 percent for CVI during the present financial year, and 5 to 7 percent for the whole company, with gross and operating margins rising slightly.
The guidance given at the time included a $15 million loss in sales during the second quarter because of Covid-19. The company has not yet withdrawn its forecast, despite the unexpectedly wide spread of the coronavirus pandemic since then.
At the time, the management expected the Asia-Pacific region to return to stronger growth in the second quarter and the EMEA showing a rebound in the third quarter, when the comparison with the same period a year earlier will be easier. It projected total revenues of $10 million from MiSight this year, including $2 million in the U.S., rising to $25 million in 2021 and $25 million in 2022.