COOPER COMPANIES, INC.
For the period ended Jul 31, 2025. Filed Aug 28, 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.
Jul 31, 2025 · Filed Aug 28, 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 2025-04-30; filed 2025-05-30.
0000711404-25-000040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-07-31; filed 2025-08-28.
0000711404-25-000051
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 105 previous paragraphs and 108 current paragraphs.
75 unchanged; 26 reworded; 7 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 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 (7)
Current report
Consolidated gross margin decreased in the three months ended July 31, 2025 to 65% compared to 66% in the three months ended July 31, 2024, primarily driven by inventory write-offs related to a product line exit. Consolidated gross margin remained flat at 67% in the nine months ended July 31, 2025 as compared to the nine months ended July 31, 2024.
Current report
Corporate SGA expenses increased in the three months ended July 31, 2025, compared to the three months ended July 31, 2024, primarily due to an increase in salaries and benefits, partially offset by a decrease in professional fees.
Current report
Corporate SGA expenses increased in the nine months ended July 31, 2025, compared to the nine months ended July 31, 2024, primarily due to an increase in salaries and benefits.
Current report
CooperSurgical's operating income decreased in the three months ended July 31, 2025, compared to the three months ended July 31, 2024, primarily due to inventory and long-lived asset write-offs related to a product line exit. CooperSurgical's operating income decreased in the nine months ended July 31, 2025, compared to the nine months ended July 31, 2024, primarily due to inventory and long-lived asset write-offs related to a product line exit and an increase in amortization expense.
Current report
Corporate operating loss increased in the three months ended July 31, 2025, compared to the three months ended July 31, 2024, primarily due to higher salaries and benefits expenses, partially offset by a decrease in professional fees.
Current report
The One Big Beautiful Bill Act was enacted in the United States during the third quarter of fiscal 2025. It is not expected to have a material impact on the tax provision.
Current report
Cash provided by financing activities in the first nine months of fiscal 2024 was primarily attributable to funds received from the 2024 Revolving Credit Facility, partially offset by repayments to fully repay all borrowings outstanding under the 2020 Term Loan Facility and the 2020 Revolving Credit Facility.
Removed paragraphs (4)
Previous report
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 report
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 report
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 report
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.
Reworded paragraphs (26)
Previous 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.
Current wording
In this section, we discuss the results of our operations for the third quarter of fiscal 2025 ended July 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.
Previous 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.
Current wording
In the three and nine months ended July 31, 2025, the growth experienced across all categories was positively impacted by favorable foreign exchange rate fluctuations of approximately $26.8 million and $4.4 million, respectively.
Previous wording
•Sphere, other grew primarily through MiSight, MyDay and Biofinity.
Current wording
•Sphere, other grew primarily through MyDay and MiSight.
Previous wording
•"Other" products represented less than 1% of net sales in the three and six months ended April 30, 2025 and 2024, respectively.
Current wording
•"Other" products represented less than 1% of net sales in the three and nine months ended July 31, 2025 and 2024, respectively.
Previous wording
CooperVision's growth in net sales across all regions, offset by unfavorable foreign exchange rate fluctuations, was primarily attributable to market gains of silicone hydrogel contact lenses. Refer to CooperVision Net Sales by Category above for further discussion.
Current wording
CooperVision's growth in net sales in the Americas and EMEA was primarily attributable to market gains of silicone hydrogel contact lenses. The growth in EMEA was positively impacted by favorable foreign exchange rate fluctuations. Refer to CooperVision Net Sales by Category above for further discussion.
Previous 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.
Current wording
In the three months ended July 31, 2025, office and surgical net sales increased primarily due to the acquisition of obp Surgical on August 1, 2024. Fertility net sales increased primarily due to an increase in revenue from consumable products.
Previous wording
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.
Current wording
In the nine months ended July 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 primarily due to an increase in revenue from gamete services and consumable products.
Previous 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.
Current wording
The above growth experienced across all categories was positively impacted by favorable foreign exchange rate fluctuations of approximately $3.1 million for the three months ended July 31, 2025, while partially offset by unfavorable foreign exchange rate fluctuations of $2.5 million for the nine months ended July 31, 2025.
Previous 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.
Current wording
CooperVision's SGA expenses increased in the three and nine months ended July 31, 2025, compared to the three and nine months ended July 31, 2024, primarily due to increased selling activities.
Previous wording
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 wording
CooperSurgical's SGA expenses increased in the three and nine months ended July 31, 2025, compared to the three and nine months ended July 31, 2024, primarily due to long-lived asset write-offs related to a product line exit and increased selling activities.
Previous 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.
Current wording
CooperVision's R&D expenses increased in the three and nine months ended July 31, 2025, compared to the three and nine months ended July 31, 2024, primarily due to an increase in R&D projects spend. 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 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.
Current wording
CooperSurgical's R&D expenses increased in the three and nine months ended July 31, 2025, compared to the three and nine months ended July 31, 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 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.
Current wording
CooperVision's amortization expense decreased in the three and nine months ended July 31, 2025, compared to the three and nine months ended July 31, 2024, primarily due to certain intangible assets being fully amortized.
Previous 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.
Current wording
CooperSurgical's amortization expense increased in the three and nine months ended July 31, 2025, compared to the three and nine months ended July 31, 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 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.
Current wording
CooperVision's operating income increased in the three and nine months ended July 31, 2025, compared to the three and nine months ended July 31, 2024, primarily due to the increase in net sales outpacing the increase in operating expenses.
Previous 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.
Current wording
Corporate operating loss increased in the nine months ended July 31, 2025, compared to the nine months ended July 31, 2024, primarily due to higher salaries and benefits expenses.
Previous 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.
Current wording
Interest expense decreased during the three and nine months ended July 31, 2025, compared to the three and nine months ended July 31, 2024, primarily due to lower interest rates and lower average debt balances.
Previous 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.
Current wording
Foreign exchange loss during the three and nine months ended July 31, 2025 was primarily due to movements of U.S. dollar against various foreign currencies and the effect on intercompany receivables and payables. Foreign exchange loss (gain) during three and nine months ended July 31, 2024 was primarily associated with the weakening of the U.S. dollar against foreign currencies and the effect on intercompany receivables.
Previous wording
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 wording
Other (income) expense, net decreased in the three months ended July 31, 2025 compared to the three months ended July 31, 2024, primarily due to a gain in minority interest investments. Other expense, net increased in the nine months ended July 31, 2025 compared to the nine months ended July 31, 2024, primarily due to a $15.7 million loss on the disposal of a minority interest investment.
Previous 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.
Current wording
The effective tax rates for the three months ended July 31, 2025, and July 31, 2024, were 35.3% and 36.1%, respectively. The decrease was primarily due to adjustments related to filing the prior year US tax return partially offset by changes in the geographical composition of pre-tax earnings. The effective tax rates for the nine months ended July 31, 2025, and July 31, 2024, were 35.4% and 33.6%, respectively. The increase was 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 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.
Current wording
Working capital as of July 31, 2025 and October 31, 2024 was $1,127.7 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 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.
Current wording
Cash provided by operating activities in the first nine months of fiscal 2025 increased compared to the first nine 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 and a decrease in prepaid and other assets, partially offset by an increase in inventories.
Previous 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.
Current wording
Cash used in investing activities in the first nine months of fiscal 2025 decreased compared to the first nine months of fiscal 2024, primarily attributable to $200 million cash paid for the Cook Medical acquisition in the first nine months of fiscal 2024.
Previous 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.
Current wording
Cash used in financing activities in the first nine months of fiscal 2025 was primarily attributable to net repayments on the revolving credit, the repurchase of common stock and the first installment payment related to 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 April 30, 2025, $215.8 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 July 31, 2025, $163.6 million remains authorized for repurchase.
Previous wording
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.
Current wording
During the three and nine months ended July 31, 2025, the Company repurchased 0.7 million and 1.2 million shares of its common stock for $52.2 million and $92.8 million, at a weighted average price of $71.97 and $73.51 per share, respectively. There were no share repurchases the three and nine months ended July 31, 2024.