For the quarter, we accomplished our long-term objective by acquiring Origio an IVF company, reaching out beyond the U.S. for CooperSurgical and achieving the number one position in worldwide IVF marketplace.
Some highlights and key events, during Q3 '12, we amended our credit agreement increasing it to a $1 billion line of credit, lowering our borrowing grid, eliminating our term loans and extending our line of credit to May of 2017 for an additional 16 months.
We closed on the acquisition of Origio, an IVF or in-vitro fertilization company, which adds $60 million-plus in annualized revenue to CooperSurgical. We re-launched Avaira Toric, initiated the limited launch of a one-day silicone hydrogel into Europe and rolled out a novel one-day multifocal Proclear 1 day multifocal.
Our silicone hydrogel continues to take significant share and now accounts for 38% of CooperVision's revenue achieving $118 million in revenue, and up 35% in constant currency versus the prior year.Leveraging our free cash flow and a weak stock, we took the opportunity and bought 321,000 shares of stock using $25 million. This brought our fiscal year 2012 purchases to 984,000 shares using $71 million of free cash flow. On sales results, our silicone hydrogel family is driving growth. During the third quarter, our silicone hydrogel family continued on its path of sponsoring our revenue growth. Silicone revenues were $118 million. Our silicone family grew 35% in constant currency. The family now reflects 38% of CooperVision sales, in July we launched Biofinity Multifocal in Japan recording our first sales. Our Avaira Toric roll out constrained by capacity limitations is taking place over several months. It is progressing nicely. Avaira targets the U.S. so called two-week market owned by Johnson & Johnson's OASYS and ACUVUE ADVANCE. As a result, we expect the product family to be focused on gaining share as opposed to trading up. While we are excited about the re-launch, we are going to be cautious in not overextending our capacity limitations. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV