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Cooper Companies' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and are subject to risks and uncertainties. Events that could cause our actual results and future actions of the company to differ materially from those described in the forward-looking statements are set forth under the caption 'Forward-Looking Statements' in today's earnings release, and are described in our SEC filings, including the business section of Cooper's Annual Report on Form 10-K. These are publicly available and on request from the company's Investor Relations department.

Now, before I turn the call over to Bob, let me comment on the agenda. Bob will begin by providing highlights on the quarter, followed by Greg who will then discuss the second quarter financial results. We will keep the formal presentation to roughly 30 minutes then open up the call for questions. We expect the call to last approximately one hour.

We request that anyone asking questions, please limit yourselves to one question. Should you have any additional questions, please call our Investor line at 925-460-3663 or email ir@cooperco.com. As a reminder, this call is being webcast and a copy of the earnings release is available through the Investor Relations section of the Cooper Companies' website.

With that, I'll turn the call over to Bob for his opening remarks.

Bob Weiss

Thank you, Kim, and good afternoon and evening, everyone. We continue to maintain the same strategy and we continue to execute on it. This quarter was another successful step within our long-range objectives of taking market share, posting gross margin expansion, investing in infrastructure, delivering double digit earnings per share growth and delivering significant free cash flow.

Let me address the elephant in the room, however, and that's our results versus analyst expectations. First off, as we discussed last quarter, we did have costs tied to the Avaira recall, the start-up costs on the single-use silicone hydrogel lens, Biofinity start-up costs in Puerto Rico, and higher manufacturing costs for Avaira, so nothing new on that side.

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