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

More importantly, for new items, if you will, year-over-year currency reduced revenues $4.8 million or $0.07 in earnings per share. Outside of that was another $0.02 for shutdown expenses associated with our Australian manufacturing plant and a smaller amount of start-up -- or shutdown costs tied in with our CooperSurgical acquisition of Summit Doppler which was acquired in 2011. Most of these were built into our previous annual guidance we provided in the first quarter of 2012 or our call in March.

In fact, overall, we were quite pleased with much of our progress and particularly our gross margins. Even given the current foreign exchange impact and the overall economy, we have left intact of our guidance range for the year excluding the charges associated with the recent credit refinancing or the non-GAAP, if you will.

Some other key events or takeaways today to consider, our strong cash flow led us in the quarter to get upgraded by S&P to a triple-B-minus in investment grade. This update in our financial strength also led to a recent amend and extend of our credit agreement, increasing our credit to a $1 billion line of credit, lowering our interest borrowing grid, eliminating our term loans and extending our lines of credit for the $1 billion to May 2017 or 16 months.

We recently announced a very exciting acquisition where we have tendered to purchase Origio, the world's number one IVF company. This is a perfect fit with our existing IVF business which has been doing great. One other very important note of course is the relaunch of Avaira Toric following receipt of clearance from the FDA.

Our silicone hydrogel family is driving our growth. During the second quarter, our silicone hydrogel family continued on its path to sponsoring our overall revenue growth. Silicon revenues -- silicone hydrogel revenues were up 32% to $103.8 million in constant currency. The family now reflects 36% of CVI’s -- or CooperVision's sales. The exciting rollout of Biofinity Multifocal [into $150 million] plus silicone hydrogel multifocal market continues.

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