Cooper Companies (COO) FY2025 results: revenue $4.1 billion, up 5.1% on the year

Cooper is a global medical device company headquartered in San Ramon, California, selling products in over 130 countries. It runs two business segments, CooperVision in vision care and CooperSurgical in fertility and women's health. The financial year ends on 31 October.

CooperVision

The segment develops, makes and markets single-use, two-week and monthly contact lenses, designed for vision problems including astigmatism, presbyopia and myopia across spherical, toric and multifocal lenses, using materials such as silicone hydrogel Aquaform. It also makes myopia management products, including the MiSight 1 day lens developed in-house, and specialty eyecare products such as orthokeratology and scleral lenses. In November 2019 MiSight 1 day became the first product approved by the United States Food and Drug Administration for slowing myopia progression in children aged 8 to 12 at the start of treatment, followed by Chinese approval in August 2021 and Japanese approval in August 2025. Its two product categories are toric and multifocal lenses, which correct complex defects such as astigmatism and presbyopia as well as near and farsightedness, and spherical lenses, which cover simpler correction plus myopia management and other specialty lenses. Frequent replacement lenses are sold under Biofinity, the segment's highest grossing product, covering monthly silicone hydrogel spherical, toric, multifocal and toric multifocal lenses, and under Avaira Vitality for two-week lenses; single-use lenses are sold under MyDay, the premium line, and clariti 1 day, the most affordable line. Major manufacturing and distribution sites are in Belgium, Costa Rica, Hungary, Puerto Rico, the United Kingdom and the United States.

The contact lens market

The market for spherical lenses is growing as value-added products arrive, including lenses for lens-related dryness, aspherical optics, more highly oxygen permeable silicone hydrogels and myopia management lenses for children. The company sees room for contact lenses to take share where penetration of the vision correction market is low, and treats myopia management as a promising new market, with MiSight the only lens approved by the three regulators named to slow progression and correct myopia in age-appropriate children, supported by education of eye care practitioners, patients and families. It competes against Johnson & Johnson Vision Care, Alcon and Bausch and Lomb along with smaller companies, and to a lesser extent against eyeglasses and other vision correction including surgery, by producing high, medium and low-volume lenses in a variety of materials and a wide range of lens parameters.

CooperSurgical

The segment sells more than 600 products and services across fertility and women's health, split by point of care between products used in medical offices, ambulatory surgery centres and hospitals, largely by obstetricians and gynaecologists, and fertility products and services used in clinics. Office and surgical products cover gynaecology and obstetrics, including labour and delivery and the screening, diagnosis and treatment of women's health conditions, cryostorage of newborn cord blood and cord tissue in the United States, Canada and Australia, and Paragard, a hormone-free copper intrauterine device sold only in the United States that prevents pregnancy for up to ten years. Fertility products cover the in vitro fertilisation process, egg and sperm donation, cryopreservation and genomic services including genetic testing, with media, micro-tools and lab equipment for clinics. Major manufacturing, cryostorage and distribution sites are in Costa Rica, the Netherlands, the United Kingdom and the United States.

That market and its competitors

The filing states that obstetrics and gynaecology offices and fertility clinics are expected to keep moving away from private practice ownership towards group practices, private equity and corporate ownership, giving buyers more influence over supply chains, group purchasing and product evaluation, with the company's broad portfolio positioned to benefit as customers standardise and consolidate vendors. In fertility the competitors are Vitrolife, Nexpring and Fairfax Cryobank, plus clinics offering their own services; Johnson & Johnson, Baxter, Medtronic and Hologic compete with its medical devices; stem cell storage competes mainly with ViaCord; and Paragard competes with hormonal intrauterine devices from Bayer and AbbVie, contraceptives from Organon and other birth control, with a non-hormonal device already approved but not yet marketed.

Competing generally, and people

The markets are highly competitive and turn on technological and scientific advances, product quality and availability, price, customer service and manufacturing processes, with competitors that may have greater financial resources, larger research budgets and sales forces and more manufacturing capacity. Approximately 500 people work in research and development. At 31 October 2025 the workforce numbered more than 15,000, with 52% in the Americas, 42% in Europe, the Middle East and Africa and 6% in Asia Pacific.

From The Cooper Companies' annual report on Form 10-K for the year ended 31 October 2025. The filing

Written from the 10-K filed 5 December 2025: read the full 10-K.