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

A second part of it is, Cooper has been gaining market share and we’ll get into that in a little bit. We also reported very strong earnings per share, GAAP earnings per share of $3.63 and non-GAAP earnings per share of $4.50. If I’d back up to the beginning of the year, we put out guidance, the upper end of guidance was $3.50. So, we obviously didn’t do a good job of giving guidance last year. Said another way, we had a fabulous year. I’m very happy with those things that went right, and we’re pretty proud of them.

We also generated a lot of cash. $233 million in free cash flow, of which $79 million was delivered in the fourth quarter. Finished on a solid note from a revenue point of view with our fourth quarter revenue up 15%, 12% in constant currency, and once again 8% in organic constant currency and reported non-GAAP earnings per share of $1.46.

In mid December, we delivered guidance. This guidance is as of that point in time. I won’t spend a lot of time on it other than say that while we had 8% organic constant currency growth this last year, we’re guiding basically to about 6% is the midpoint of this guidance. We look for the contact lens industry to grow in the range of 4% to 6%, which is what we had targeted this year.

This year, it looks like it’s going to come in at around 4.3% depending on where the fourth quarter shakes out. So, we think that rather than assume that we are going to grow as we did this year close to double the market that we’re assuming this guidance, about 1.2 times the growth of the market and that the market, the midpoint of that range is 5%, we would grow 6%.

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