CooperVision (CVI), the contact lenses’ division of Cooper Companies, started the 2021 fiscal year on a positive note with a return to growth after two consecutive quarters of declining sales. Total CVI quarterly revenues increased by 4 percent year-on-year to $507 million in reported terms, and by 1 percent in constant currencies.
By product category and on a currency-neutral basis, sales of toric lenses and single-use spheres which both weight about 30 percent of the division’s revenues, went up by 2 percent each as compared to Q1 2020. The quickest growth was registered in the multifocal lenses’ segment, where revenues increased by 7 percent, reaching a 11 percent share in the division’s business. Sales of non-single use spheres and other products decreased by 2 percent.
By region, CVI’s revenues recovered in the Americas and Asia-Pacific, with respective year-on-year hikes of 6 and 3 percent in constant currencies to $200.4 million and $117.8 million, while EMEA sales kept decreasing, by 4 percent to $188.8 million.
Aggregating CVI figures with revenues from the smaller surgical division that went up by 7 percent year-on-year to $173.5 million, Cooper Companies reported Q1 total sales of $680.5 million, representing a 5 percent increase from the previous year, or 3 percent in constant currencies. Quarterly operating margin gained 3 percentage points from a year ago, reaching 20 percent.
Mentioning an improved visibility, the group expects a 9 to 11 percent currency-neutral growth in annual revenues to between $2,090 million and $2,120 million for its CVI division in the 2021 fiscal year. As the surgical division grows faster, Cooper Companies’ overall annual revenues are projected at between $2,800 million and $2,845 million, up 12 to 14 percent from 2020.