COOPER COMPANIES INC
For the period ended Apr 30, 2025. Filed May 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Apr 30, 2025 · Filed May 30, 2025
COO$62.36-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-01-31; filed 2025-03-07.
0000711404-25-000015
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-04-30; filed 2025-05-30.
0000711404-25-000040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 103 previous paragraphs and 105 current paragraphs.
73 unchanged; 27 reworded; 4 added; 3 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 11 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
•The actual imposition or threats of tariffs, customs duties and fees by the U.S. government and other nations in response and other retaliatory actions, such as trade protection measures, import or export licensing requirements, new or different customs duties, trade embargoes and sanctions and other trade barriers, as well as the impact of the Company’s efforts to mitigate the effects of such tariffs or similar measures.
Current report
CooperSurgical's SGA expenses increased in the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, due to increased selling activities.
Current report
Other expense, net increased in the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, primarily due to a $15.7 million loss on the disposal of a minority interest investment.
Current report
During the three and six months ended April 30, 2025, the Company repurchased 0.5 million shares of its common stock for $40.6 million, at a weighted average price of $75.60 per share. There wereno share repurchases during the three and six months ended April 30, 2024.
Removed paragraphs (3)
Previous report
CooperSurgical's SGA expenses was relatively flat in the three months ended January 31, 2025, compared to the three months ended January 31, 2024.
Previous report
Other (income) expense, net was a gain of $0.3 million in the three months ended January 31, 2025, compared to a loss of $2.0 million in three months ended January 31, 2024, primarily due to a decrease in loss on minority investments.
Previous report
During the three months ended January 31, 2025 and 2024, there were no share repurchases.
Reworded paragraphs (27)
Previous wording
•Compliance costs and potential liability in connection with U.S. and foreign laws and health care regulations pertaining to privacy and security of personal information, such as Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the California Consumer Privacy Act (CCPA) in the U.S. and the General Data Protection Regulation (GDPR) requirements in Europe, including but not limited to those resulting from data security breaches.
Current wording
•Compliance costs and potential liability in connection with U.S. and foreign laws and health care regulations pertaining to privacy and security of personal information, such as the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the California Consumer Privacy Act (CCPA) in the U.S. and the General Data Protection Regulation (GDPR) requirements in Europe, including but not limited to those resulting from data security breaches.
Previous wording
In this section, we discuss the results of our operations for the first quarter of fiscal 2025 ended January 31, 2025, compared with the same period of fiscal 2024. We discuss our cash flows and current financial condition under “Capital Resources and Liquidity.” Within the tables presented, percentages are calculated based on the underlying whole-dollar amounts and, therefore, may not recalculate exactly from the rounded numbers used for disclosure purposes.
Current wording
In this section, we discuss the results of our operations for the second quarter of fiscal 2025 ended April 30, 2025, compared with the same period of fiscal 2024. We discuss our cash flows and current financial condition under “Capital Resources and Liquidity.” Within the tables presented, percentages are calculated based on the underlying whole-dollar amounts and, therefore, may not recalculate exactly from the rounded numbers used for disclosure purposes.
Previous wording
We are optimistic about the long-term prospects for the worldwide contact lens and general health care markets, and the resilience of and growth prospects for our businesses and products. However, we face significant risks and uncertainties in our global operating environment as further described in the Part II, Item 1A "Risk Factors" herein. These risks include uncertain global and regional business, political and economic conditions, including but not limited to those associated with man-made or natural disasters, pandemic conditions, inflation, foreign exchange rate fluctuations, regulatory developments, supply chain disruptions, and escalating global trade barriers. These risks and uncertainties have adversely affected our sales, cash flow and performance in the past and could further adversely affect our future sales, cash flow and performance.
Current wording
We are optimistic about the long-term prospects for the worldwide contact lens and general health care markets, and the resilience of and growth prospects for our businesses and products. However, we face significant risks and uncertainties in our global operating environment as further described in the Part II, Item 1A "Risk Factors" herein. These risks include uncertain global and regional business, political and economic conditions, including but not limited to those associated with man-made or natural disasters, pandemic conditions, inflation, foreign exchange rate fluctuations, regulatory developments, supply chain disruptions, and escalating global trade barriers and disruptions, such as the impact of tariffs. These risks and uncertainties have adversely affected our sales, cash flow and performance in the past and could further adversely affect our future sales, cash flow and performance.
Previous wording
In the three months ended January 31, 2025, the growth experienced across all categories was partially offset by unfavorable foreign exchange rate fluctuations of approximately $14.7 million.
Current wording
In the three and six months ended April 30, 2025, the growth experienced across all categories was partially offset by unfavorable foreign exchange rate fluctuations of approximately $7.7 million and $22.4 million, respectively.
Previous wording
•Sphere, other grew primarily through MiSight and MyDay.
Current wording
•Sphere, other grew primarily through MiSight, MyDay and Biofinity.
Previous wording
•"Other" products represented less than 1% of net sales in the three months ended January 31, 2025 and 2024, respectively.
Current wording
•"Other" products represented less than 1% of net sales in the three and six months ended April 30, 2025 and 2024, respectively.
Previous wording
In the three months ended January 31, 2025, office and surgical net sales increased primarily due to increased sales of Paragard contraceptive intrauterine devices and the acquisition of obp Surgical on August 1, 2024. Fertility net sales increased due to an increase in revenue from gamete services and genetic testing, partially offset by a decrease in revenue from consumable products.
Current wording
In the six months ended April 30, 2025, office and surgical net sales increased primarily due to increased sales of Paragard contraceptive intrauterine devices and the acquisition of obp Surgical on August 1, 2024. Fertility net sales increased due to an increase in revenue from gamete services and genetic testing, partially offset by a decrease in revenue from consumable products.
Previous wording
The above growth experienced across all categories was partially offset by unfavorable foreign exchange rate fluctuations of approximately $3.3 million for the three months ended January 31, 2025.
Current wording
The above growth experienced across all categories was partially offset by unfavorable foreign exchange rate fluctuations of approximately $2.3 million and $5.6 million for the three and six months ended April 30, 2025, respectively.
Previous wording
Consolidated gross margin increased in the three months ended January 31, 2025 to 68% compared to 67% in the three months ended January 31, 2024, primarily driven by efficiency gains and a more favorable product mix.
Current wording
Consolidated gross margin increased in the three and six months ended April 30, 2025 to 68% compared to 67% in the three and six months ended April 30, 2024, primarily driven by efficiency gains and a more favorable product and regional mix.
Previous wording
CooperVision's SGA expenses increased in the three months ended January 31, 2025, compared to the three months ended January 31, 2024, due to increased selling activities.
Current wording
CooperVision's SGA expenses increased in the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, due to increased selling activities.
Previous wording
Corporate SGA expenses decreased in the three months ended January 31, 2025, compared to the three months ended January 31, 2024, primarily due to lower share-based compensation related expenses.
Current wording
Corporate SGA expenses increased in the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, primarily due to higher share-based compensation related expenses.
Previous wording
CooperVision's R&D expenses increased in the three months ended January 31, 2025, compared to the three months ended January 31, 2024, primarily due to myopia management programs and R&D projects. CooperVision's R&D activities are primarily focused on the development of contact lenses, manufacturing technology and process enhancements.
Current wording
CooperVision's R&D expenses increased in the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, primarily due to myopia management programs and R&D projects. CooperVision's R&D activities are primarily focused on the development of contact lenses, manufacturing technology and process enhancements.
Previous wording
CooperSurgical's R&D expenses decreased in the three months ended January 31, 2025, compared to the three months ended January 31, 2024 due to a decrease in MDR costs. CooperSurgical's R&D activities are primarily focused on the development of surgical devices and fertility solutions, manufacturing technology and process enhancements.
Current wording
CooperSurgical's R&D expenses increased in the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, primarily due to an increase in R&D project spend, partially offset by a decrease in MDR costs. CooperSurgical's R&D activities are primarily focused on the development of surgical devices and fertility solutions, manufacturing technology and process enhancements.
Previous wording
CooperVision's amortization expense decreased in the three months ended January 31, 2025, compared to the three months ended January 31, 2024, primarily due to certain intangible assets being fully amortized.
Current wording
CooperVision's amortization expense decreased in the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, primarily due to certain intangible assets being fully amortized.
Previous wording
CooperSurgical's amortization expense increased in the three months ended January 31, 2025, compared to the three months ended January 31, 2024, primarily due to the amortization of intangible assets acquired through acquisitions in the second half of fiscal 2024.
Current wording
CooperSurgical's amortization expense increased in the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, primarily due to the amortization of intangible assets acquired through acquisitions in the second half of fiscal 2024.
Previous wording
CooperVision's operating income increased in the three months ended January 31, 2025, compared to the three months ended January 31, 2024, primarily due to the increase in net sales outpacing the increase in operating expenses.
Current wording
CooperVision's operating income increased in the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, primarily due to the increase in net sales outpacing the increase in operating expenses.
Previous wording
CooperSurgical's operating income decreased in the three months ended January 31, 2025, compared to the three months ended January 31, 2024, primarily due to the increase in amortization expense.
Current wording
CooperSurgical's operating income increased in the three months ended April 30, 2025, compared to the three months ended April 30, 2024, due to the increase in net sales outpacing the increase in operating expenses. CooperSurgical's operating income decreased in the six months ended April 30, 2025, compared to the six months ended April 30, 2024, due to an increase in amortization expense, partially offset by stronger operating margin in the three months ended April 30, 2025.
Previous wording
Corporate operating loss decreased in the three months ended January 31, 2025, compared to the three months ended January 31, 2024, primarily due to lower share-based compensation expenses.
Current wording
Corporate operating loss increased in the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, primarily due to higher share-based compensation expenses.
Previous wording
Interest expense decreased during the three months ended January 31, 2025, compared to the three months ended January 31, 2024, primarily due to lower interest rates and lower debt balances.
Current wording
Interest expense decreased during the three and six months ended April 30, 2025, compared to the three and six months ended April 30, 2024, primarily due to lower interest rates and lower average debt balances.
Previous wording
Foreign exchange loss was primarily associated with the relative weakening of the U.S. dollar against foreign currencies and the effect on intercompany receivables during the three months ended January 31, 2025.
Current wording
Foreign exchange loss during the three and six months ended April 30, 2025 was primarily associated with the relative weakening of the U.S. dollar against foreign currencies and the effect on intercompany receivables. Foreign exchange loss during three and six months ended April 30, 2024 was primarily associated with the weakening of the U.S. dollar against foreign currencies and the effect on intercompany receivables.
Previous wording
The effective tax rates for the three months ended January 31, 2025 and January 31, 2024 were 32.0% and 32.4%, respectively. The decrease was primarily due to changes in unrecognized tax benefits and changes in the geographic composition of pre-tax earnings, partially offset by a decrease in excess tax benefits from share-based compensation.
Current wording
The effective tax rates for the three months ended April 30, 2025, and April 30, 2024, were 39.3% and 31.6%, respectively. The effective tax rates for the six months ended April 30, 2025, and April 30, 2024, were 35.5% and 32.0%, respectively. The increases were primarily due to changes in valuation allowance and a decrease in excess tax benefits from share-based compensation, partially offset by changes in unrecognized tax benefits and changes in the geographic composition of pre-tax earnings.
Previous wording
Working capital as of January 31, 2025 and October 31, 2024 was $987.4 million and $928.7 million, respectively. The increase in working capital was primarily due to a decrease in accounts payable due to timing of payments and an increase in inventories, offset by increases in employee compensation benefits and short-term debt.
Current wording
Working capital as of April 30, 2025 and October 31, 2024 was $1,113.2 million and $928.7 million, respectively. The increase in working capital was primarily due to increases in inventories and accounts receivable, partially offset by an increase in short-term debt.
Previous wording
Cash provided by operating activities in the first three months of fiscal 2025 increased compared to the first three months of fiscal 2024, primarily due to increases in net income and net changes in other non-cash items and operating capital. The net changes in operating capital included an increase in cash collection and an increase in accrued liabilities, offset by an increase in inventories.
Current wording
Cash provided by operating activities in the first six months of fiscal 2025 increased compared to the first six months of fiscal 2024, primarily due to increases in net income and net changes in deferred income taxes and operating capital. The net changes in operating capital included an increase in cash collection, a decrease in prepaid and other assets and an increase in accrued liabilities, partially offset by an increase in inventories.
Previous wording
Cash used in investing activities in the first three months of fiscal 2025 decreased compared to the first three months of fiscal 2024, primarily attributable to $200 million cash paid for the Cook Medical acquisition in the first three months of fiscal 2024, and a decrease in purchases of property, plant and equipment.
Current wording
Cash used in investing activities in the first six months of fiscal 2025 decreased compared to the first six months of fiscal 2024, primarily attributable to $200 million cash paid for the Cook Medical acquisition in the first six months of fiscal 2024, and a decrease in purchases of property, plant and equipment.
Previous wording
Cash used in financing activities in the first three months of fiscal 2025 was primarily attributable to repayments on the revolving credit and the first installment payment related to the Cook Medical acquisition.
Current wording
Cash used in financing activities in the first six months of fiscal 2025 was primarily attributable to repayments on the revolving credit, the first installment payment related to the Cook Medical acquisition and the repurchase of common stock.
Previous wording
Cash provided by financing activities in the first three months of fiscal 2024 was primarily attributable to $200.0 million drawn on the revolving credit to pay for the Cook Medical acquisition.
Current wording
Cash provided by financing activities in the first six months of fiscal 2024 was primarily attributable to $200.0 million drawn on the revolving credit to pay for the Cook Medical acquisition.
Previous wording
In March 2017, the authorization under the 2012 Share Repurchase Program was increased to $1.0 billion by the Company's Board of Directors. As of January 31, 2025, $256.4 million remains authorized for repurchase.
Current wording
In March 2017, the authorization under the 2012 Share Repurchase Program was increased to $1.0 billion by the Company's Board of Directors. As of April 30, 2025, $215.8 million remains authorized for repurchase.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
In the three months ended April 30, 2025, office and surgical net sales increased primarily due to increased sales of Paragard contraceptive intrauterine devices and the acquisition of obp Surgical on August 1, 2024. Fertility net sales increased due to an increase in revenue from gamete services.