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We make 1.2 billion lenses worldwide. And of those, we make 10 million in the U.S. and the balance are made in Puerto Rico and in the UK. So, very much, CooperVision is a global business. Two thirds of its revenues is outside the U.S. and essentially, most of the production outside of the U.S. I say that because it’s important that when you look at Cooper, some of the questions we frequently get is why women’s healthcare. And I’ll try to hit that head on right now when I talk about CooperSurgical. CooperSurgical is our women’s healthcare franchise. It represents 15% of our business. But importantly, 85% of that business happens in the United States. So it’s very much U.S.-centric. From a tax perspective, since we have so much activity offshore, we need someone to pay our corporate overhead Al and I up here (ph).So, what CooperSurgical does is it generates significant profits for us in the U.S., and that’s an integral part of the way Cooper is structured today with an effective -- a pretty low effective tax rate. Since CooperSurgical is a U.S. business, its primary focus is on the OB/GYN, which is more U.S.-centric as a profession goes than if you really go to Europe and various other parts of the world. We have, over the last 20 years, accumulated about 30 acquisitions, put them together that they formed essentially a $200-plus million business with over 600 different products. Cooper recently came out with its year-end earnings. We’re October 31st company. We announced them in mid-December, revenue of $1.3 billion, up 15%, 11% in constant currency, and importantly, 8% in organic constant currency. A lot of that is a function of the fact that contact lens business is very recession-resistant. So, even when the economy goes solved, we do pretty well.
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%. Read the rest of this transcript for free on seekingalpha.com