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The Cooper Companies' CEO Presents At JP Morgan Healthcare Conference (Transcript)

We make 1.2 billion lenses worldwide. And of those, we make 10 million in the U.S. and the balance are made in Puerto Rico and in the UK. So, very much, CooperVision is a global business. Two thirds of its revenues is outside the U.S. and essentially, most of the production outside of the U.S. I say that because it’s important that when you look at Cooper, some of the questions we frequently get is why women’s healthcare. And I’ll try to hit that head on right now when I talk about CooperSurgical. CooperSurgical is our women’s healthcare franchise. It represents 15% of our business. But importantly, 85% of that business happens in the United States. So it’s very much U.S.-centric. From a tax perspective, since we have so much activity offshore, we need someone to pay our corporate overhead Al and I up here (ph).

So, what CooperSurgical does is it generates significant profits for us in the U.S., and that’s an integral part of the way Cooper is structured today with an effective -- a pretty low effective tax rate. Since CooperSurgical is a U.S. business, its primary focus is on the OB/GYN, which is more U.S.-centric as a profession goes than if you really go to Europe and various other parts of the world. We have, over the last 20 years, accumulated about 30 acquisitions, put them together that they formed essentially a $200-plus million business with over 600 different products.

Cooper recently came out with its year-end earnings. We’re October 31st company. We announced them in mid-December, revenue of $1.3 billion, up 15%, 11% in constant currency, and importantly, 8% in organic constant currency. A lot of that is a function of the fact that contact lens business is very recession-resistant. So, even when the economy goes solved, we do pretty well.

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