COONasdaqOphthalmic GoodsUS GAAP · USD

The Cooper Companies, Inc

The Cooper Companies, Inc. is a U.S.-based medical device company organized around two businesses: CooperVision and CooperSurgical. CooperVision sells soft contact lenses and myopia-management products, while CooperSurgical supplies fertility, women’s health, and surgical products and services. The company serves customers in more than 130 countries and says its products and services positively affect over fifty million lives each year. Its business model combines recurring consumable demand in vision care with procedure-linked and clinic-based demand in fertility and women’s health.

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Revenue4,092m USD
+5.1 %y/y
Operating profit (EBIT)683m USD
−3.2 %y/y
EBIT margin16.7%
−1.4 ppy/y
Net income375m USD
−4.4 %y/y
Free cash flow434m USD
+50.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,0004,0005,000m USD2020: 2,431 m USD2020: EBIT 312 m USD20202021: 2,923 m USD2021: EBIT 506 m USD20212022: 3,308 m USD2022: EBIT 508 m USD20222023: 3,593 m USD2023: EBIT 533 m USD20232024: 3,895 m USD2024: EBIT 706 m USD20242025: 4,092 m USD2025: EBIT 683 m USD20254,092683
RevenueOperating profit (EBIT)
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Business

Share of revenue
CooperVision contact lenses68 %

Reusable and disposable soft contact lenses for vision correction, including specialty lenses for astigmatism and presbyopia.

Myopia management7 %

Pediatric lenses and related programs designed to slow the progression of myopia in children.

CooperSurgical fertility solutions12 %

Products and services used in assisted reproduction, including fertility clinic tools and donor gamete offerings.

CooperSurgical women’s health and surgical devices10 %

Devices and consumables used in gynecology, obstetrics, and related surgical procedures.

Storage and other services3 %

Cord blood and cord tissue storage and other ancillary services tied to reproductive health.

Customers

CooperVision sells primarily to eye care professionals and the channels that serve them, including optometrists, ophthalmologists, opticians, optical chains, distributors, and mass merchandisers. Its products are bought because they are recurring consumables and because specialty lenses and myopia-management products address clinical needs that standard lenses do not. CooperSurgical sells to fertility clinics, hospitals, surgery centers, and women’s health practitioners through field sales teams, inside sales, and distributors. The company also reaches end consumers indirectly through donor gametes and storage services, where awareness and trust are important purchase drivers. Customer concentration is limited at the consolidated level, but management notes increasing consolidation among large customer groups and retail chains, which makes key accounts more important over time.

Eye care practitioners and optical chains

Buy CooperVision lenses for fitting, dispensing, and repeat patient refills, especially specialty and premium silicone hydrogel products.

Distributors and retail channels

Purchase and resell lenses in smaller countries and broader retail settings where Cooper uses channel partners to reach end users.

Fertility clinics

Buy CooperSurgical fertility products, donor gametes, and related services to support assisted reproduction procedures.

Hospitals and surgery centers

Buy women’s health and surgical devices used in clinical procedures and inpatient or outpatient care.

Consumers and patients

Use myopia-management lenses, donor-related services, and storage offerings, often influenced by clinician recommendation and direct-to-consumer marketing.

Strategy

Cooper’s strategy centers on expanding premium and specialty contact lenses, especially silicone hydrogel, toric, multifocal, and myopia-management products that support better clinical outcomes and higher customer loyalty. In CooperSurgical, the company is investing in fertility and women’s health offerings, including devices, donor gametes, and storage services, to broaden its clinical platform and deepen relationships with providers. Management also continues to spend on R&D for contact lens technology, manufacturing process improvements, surgical devices, and fertility solutions, which supports product differentiation and manufacturing efficiency. The company uses a mix of direct sales, distributors, digital marketing, and professional education to reach practitioners and clinics across markets of different sizes.

Expand specialty contact lenses and myopia managementShort term

These products support higher-value recurring demand and differentiate CooperVision from commodity lens competitors.

Build CooperSurgical’s fertility and women’s health platformMedium term

A broader clinical offering increases cross-selling opportunities and deepens relationships with fertility clinics and hospitals.

Improve manufacturing and supply resilienceMedium term

The company relies on approved sites and specialized materials, so process improvements and redundancy reduce disruption risk.

Geography

Cooper sells products in over 130 countries, so its revenue base is broadly international rather than concentrated in one market. CooperVision reports three primary regions: the Americas, EMEA, and Asia Pacific, with the Americas and EMEA contributing the largest shares of segment sales in fiscal 2025. CooperSurgical distributes mainly from the United States and the Netherlands and also operates fertility and stem cell storage facilities in the United States, Canada, and Australia. The company’s manufacturing and distribution footprint is spread across multiple countries, including the United Kingdom, Belgium, Hungary, the United States, and smaller international sites, which helps support local service levels but also creates operational and regulatory complexity. Foreign exchange movements, local economic conditions, and country-specific regulatory approvals can materially affect both demand and supply.

Risks

Cooper faces operational risk from dependence on specialized manufacturing sites and approved production lines, especially for certain lenses and media products that cannot be quickly replaced if a facility is disrupted. The company also faces supply-chain risk from raw materials and components used in silicone hydrogel lenses, which can affect production and margins. Customer consolidation is increasing in both CooperVision and CooperSurgical, so the loss or repricing pressure from a few large retail chains or key account groups could have a disproportionate effect. Demand is exposed to healthcare utilization patterns, seasonality, inflation, foreign exchange, and regulatory changes across many jurisdictions, while cybersecurity and third-party technology failures could interrupt operations or expose confidential data. As a medical device company, Cooper also faces ongoing product quality, reimbursement, and compliance risks typical of regulated healthcare markets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Manufacturing disruption at approved sites1Raw material and component shortages2Cybersecurity and third-party technology failure3Foreign exchange and inflation pressure4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Manufacturing disruption at approved sitesImpact: HighLikelihood: Medium

    Some products are made at only one approved facility, so downtime can cause lost sales and require lengthy regulatory revalidation.

    Exposure: Contact lenses and certain media products

  2. Raw material and component shortagesImpact: HighLikelihood: Medium

    Silicone hydrogel lens production depends on specialized inputs that may be difficult to source quickly.

    Exposure: CooperVision supply chain

  3. Cybersecurity and third-party technology failureImpact: HighLikelihood: Medium

    A successful attack or vendor outage could interrupt manufacturing, distribution, or financial reporting systems.

    Exposure: Global operations and cloud providers

  4. Foreign exchange and inflation pressureImpact: MediumLikelihood: Medium

    International sales and global manufacturing expose the company to currency swings and rising labor/input costs.

    ExposureAmericasEMEAAsia Pacific
  5. Customer concentration from market consolidationImpact: Medium

    Fewer, larger retail and key-account customers can increase bargaining power and revenue concentration.

    Exposure: Both segments

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Accounting

Judgemental items
Variable consideration in revenue recognition

Rebates, discounts, incentives, and returns are estimated at sale date and can change reported revenue if assumptions shift.

Impact: Net sales and gross margin

Medicaid rebate accruals

CooperSurgical’s rebate estimates depend on contractual terms and historical trends, with timing differences between sale and reimbursement.

Impact: Revenue, receivables, and accrual liabilities

Seasonality in quarterly results

First-quarter demand is typically weaker, so quarter-to-quarter comparisons can be misleading without seasonal adjustment.

Impact: Quarterly revenue and operating income

Acquisition accounting and intangible amortization

The company regularly acquires businesses, creating identifiable intangibles that are amortized and may later be impaired.

Impact: Operating income and balance sheet carrying values

Goodwill impairment risk

If acquired businesses underperform, valuation assumptions may no longer support recorded goodwill.

Impact: Non-cash impairment charges

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Last updated: 24/09/2026