CooperVision (CVI) saw a 1 percent year-on-year drop in sales to $506.3 million in the fourth quarter of CooperCompanies’ financial year, which ended on Oct. 31. At constant currency rates, the division’s top line fell by 3 percent. Nevertheless, the company claims to have gained market share in contact lenses.

Sales of toric lenses increased by 4 percent to $161.9 million, multifocal lenses rose by 3 percent to $53.2 million, and single-use spheres fell by 4 percent to $148.3 million. Other types of contact lenses declined by 3 percent to $142.9 million.

Regionally, CVI’s sales grew by 3 percent to $204.8 million in the Americas, but fell by 1 percent to $183.3 million in Europe, the Middle East and Africa (EMEA), and by 5 percent to $118.2 million in Asia-Pacific. At constant currency rates, sales in EMEA decreased by 6 percent and by 8 percent in Asia-Pacific.

Cooper Companies’ total revenues contracted by 1 percent to $681.6 million in the quarter, and the net income declined to $81.2 million from $121.0 million in the year-earlier period. The group described the quarterly results as “solid” and that it had gained market share globally in contact lenses. It added that it continues to have success with its daily silicone hydrogel portfolio and its myopia management program which includes the single use contact lens MiSight and the Ortho K lenses.

In the fiscal first quarter, Cooper Companies anticipates CVI’s revenues to reach $482 to $520 million. At group level, the top line is forecast at $642 to $670 million and adjusted diluted earnings per share at $2.66 to $2.86 In the fourth quarter, adjusted diluted EPS reached $3.16, down 4 percent year-on-year.

CVI added that in the light of unprecedented global demand for its MyDay daily disposable contact lenses it has initiated a series of major investments to scale up manufacturing capacity, logistics performance and sustainability measures. It pointed out that it has invested hundreds of millions of dollars to increase MyDay sphere and toric production capacity by more than 300 percent since 2018.

The investments include multiple new high-speed manufacturing lines in Puerto Rico that began operating in recent weeks. The 540,000-square foot facility is also undergoing a $150 million expansion, with the construction of a new wing that will provide additional manufacturing space and expand warehouse volumes. MyDay is also manufactured in Hampshire, U.K., a site that has achieved record production volumes during 2020, it said.

CVI also opened several new distribution centers, in the U.K., South Africa and Spain among other places.

According to ResearchAndMarkets.com the global contact lens market will rise from $9.54 billion in 2019 to $14.93 billion in 2026, growing by an annual average of 6.7 percent between 2020 and 2026. Demand is underpinned by an aging population and growing disposable income globally as well as by the increasing popularity of eye highlights among young people. ”The youngsters are continuously altering their eye colors utilizing colored or fancy contact lenses,” according to the report.