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The Cooper's CEO Discusses F1Q2012 Results - Earnings Call Transcript

Stocks in this article: COO

The soft contact lens market rebounded in calendar year fourth quarter to 5% to provision at 7%. Key takeaways from today’s call we again put up great results with strong revenue growth, good margins, favorable impact from lowering interest expense with solid bottom line. Biofinity global rollout continues with Biofinity Sphere in Japan and Biofinity Multifocal in the United States and Europe. This work horse sealed 40% constant currency growth in our silicone hydrogel family Biofinity and Avaira.

During the quarter, given the strength of our balance sheet and free cash flow $200 million on an annualized basis we announced the share repurchase program of up to $150 million. We in fact executed on part of the plan buying 666,000 shares for $46 million in a transaction that was $0.01 accretive for the quarter and will be $0.05 accretive for the fiscal year. I will continue to put solid results in free cash flow we continue to invest. Our sales force expansion, marketing and R&D expenses are up in the 17% to 18% range.

For competitive reasons we won’t give the exact numbers but our sales force expansion is 22% in the past 15 months and overall 36% in the past two and a quarter year. During the same two and a quarter year period our G&A net count is up only 11% so we are leveraging what we need to leverage. There were no callout GAAP numbers equal non-GAAP numbers for the quarter.

Nothing major with the FDA on Avaira Toric we have ongoing dialogue with them and still hoping to relaunch our Avaira Toric ends April of this year. We made the decision to launch a single use single silicon hydrogel this year and will be began manufacturing shortly. For competitive reasons I won’t provide any more at this time.

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