Although the segment still accounts for less than 3 percent of CooperVision revenues, much of the talk during the Q2 results’ presentation by the company yesterday revolved around myopia management and the company’s performance in this product category.

Answering questions from financial analysts, Al White, president and CEO of CooperCompanies, said that quarterly revenues of the group’s myopia management portfolio increased by 122 percent year-on-year to $14 million.

Q2 sales of MiSight 1 Day, the myopia management contact lens approved by the Food and Drugs Administration in 2019, jumped by 152 percent to $4 million and White also commented that roughly 30,000 children have been equipped globally with this product so far. The company also noticed an increasing interest in the product from its key accounts, both on the retailers and buying groups’ side. More than 4,000 eye care professionals in the US have already received a MiSight certification.

Orthokeratology lenses still represent the bulk of the segment’s revenues with $10 million in the quarter, up 112 percent from the same quarter last year. However, sales of MiSight are expected to represent a larger share of the segment’s revenues in the future.

For the current fiscal year, CooperVision anticipates total revenues of $65 million in myopia management products, with MiSight accounting for roughly one third of the total. For fiscal 2022, the segment is seen progressing to total revenues of $100 million, including $50 million for MiSight with the majority of this total generated outside the U.S. The group is about to launch the product in South Korea. Regarding China, White said that MiSight was still under review by the Chinese health authorities and that he was cautiously optimistic about the process’ outcome.

CooperCompanies is also covering the growing myopia management market through SightGlass Vision, a company that the group took over in January and that develops eyeglass lenses slowing down myopia progression. Following an agreement with EssilorLuxottica, SightGlass Vision will become a joint venture between both groups and White said during the results’ presentation that the legal processes were being finalized.

Both companies are already partnering in other areas, with CooperCompanies supplying Ray-Ban branded contact lenses to EssilorLuxottica while the Franco-Italian group is distributing CooperVision orthokeratology contact lenses in China for example. According to White, other synergies might be implemented in the future, including the distribution of MiSight contact lenses by EssilorLuxottica in certain areas.

CooperCompanies’ CEO also said that the group was planning to launch SightGlass Vision in several European countries before the end of this year, without providing more details on the countries or distribution strategy. The process should take more time in the U.S. as the company just finished compiling data from a 2-year research, which will soon be submitted to the FDA for approval.

Asked about the future breakdown of the myopia management market between eyeglasses, like SightGlass Vision or other lenses already launched by the major lens manufacturers, and contact lenses, such as MiSight, White explained that their respective use would eventually depend on the children’s age. Based on feedback from optometrists, he said that it would be easier to equip children with myopia management eyeglasses until they are 10 years old but preferable to switch them over to contact lenses thereafter, which would then guarantee longer hours of wearing by the children, a key factor in the efficiency of the treatment.

Further highlighying the importance of this product category, CooperVision recently announced the appointment of Jennifer Lambert as senior global brand director and Elizabeth Lumb as director of professional affairs for the myopia management segment. More details in the related news brief

Total Q2 revenues for CooperVision increased by 25 percent year-on-year and in constant currencies to $522.6 million, an all-time record for the company. All contact lenses’ segments grew double-digit as reflected in the table below, with strong performances in the clariti, MyDay and Biofinity ranges. By geography, Q2 sales of contact lenses in the Americas increased by 38 percent as compared to the same quarter in 2020, while the APAC and EMEA regions grew by 16 percent and 10 percent, respectively.

CooperVision - Q2  sales  - $ million
  2021 % of sales YoY Change at constant FX
Toric 172.8 33% 25%
Multifocal 58.0 11% 22%
Single-use sphere 144.5 28% 19%
Non single-use sphere, other 147.3 28% 32%
Total 522.6 100% 25%
CooperVision - Q2  sales - $ million
  2021 % of sales YoY Change at constant FX
Americas 207.5 40% 38%
EMEA 194.2 37% 16%
Asia Pacific 120.9 23% 19%
Total 522.6 100% 25%

Adding sales from the surgical division, the group’s topline for the quarter jumped by 32 percent on a comparable basis from last year, reaching $719 million. The group also reported significant improvements in its gross margin and operating margin as shown in the table below.

CooperVision - Q2 key figures - $ million
  2021 2020 Change
Revenues 719.5 524.9 37.1%
Gross Margin 67.7% 61.6% 6.1pp
Operating Margin 19.9% 5.4% 14.5pp
Pre-Tax 136.4 9.0 1,415.6%
Net Income 117.5 11.5 921.7%

For the full financial year, CooperCompanies is expecting a 15 percent increase in comparable revenues from 2020, with the CooperVision sales up by between 11 and 12 percent to $2,110-2,130 million.