Research

CooperVision revenue increases 4% in Q2

The growth was driven mostly by its silicone hydrogel products, while CooperSurgical (CSI), another arm of The Cooper Companies brought in US$113.9 million (AU$151 m), a 23% rise compared with the same period last year.{{quote-A:R-W:450-I:2-Q: CVI grew faster than the market across all geographies driven by success with its silicone hydrogel products. -WHO:Mr Robert Weiss, President and CEO of CooperVision}}President and CEO Mr Robert Weiss said he was pleased to report another strong quarter: “CVI grew faster than the market across all geographies driven by success with its silicone hydrogel products. As we move into the second half of the fiscal year, we believe we are well positioned to continue posting strong results.”Gross margins based on GAAP (generally accepted accounting principles) operating results for the second quarter sat at 66% compared to 62% last year and non-GAAP based margins of 66% versus 63% in 2016. The company announcent stated that the margins were positively impact by favourable currency and product mix,led by Biofinity.Total debt decreased US$37.6 million (AU$49.8 m) from January 31 to US$1.38 billion (AU$1.83 b) on the back of operational cash flow generation and subsequent debt pay down.Meanwhile, cash provided by operations of US$131.6 million (AU$174.4 m) were offset by capital expenditures of US$28.5 million (AU$37.7 m), resulting in free cash flow of US$103.1 million (AU$136.6 m).In terms of geographic sales, an increase of 4% or US$171.9 million (AU$227.7 m) was recorded in the Americas, which had the highest revenue contribution at 42%. Asia Pacific posted an increase of 9% while EA sales went up by 2%.