A Member of Pat McKeough’s Inner Circle recently asked for his advice on a healthcare company involved with soft contact lenses and also gynecology & obstetrics medical devices.
Pat likes the track record of rising revenue as well as its recent acquisition, which should add to its presence in the gynecology and obstetrics fields. The outlook for both its healthcare sectors remains strong.
THE COOPER COMPANIES INC. (Symbol COO on New York; www.coopercos.com), is a California-based healthcare business with two operating segments. The first, Cooper Vision (75% of revenues), manufactures and markets soft contact lenses for the vision-correction market worldwide. It specializes in lenses for common eye conditions like astigmatism, presbyopia, and ocular dryness. The second, Cooper Surgical (25%), develops and markets the medical devices, diagnostic products, and surgical instruments and accessories used by gynecologists and obstetricians.
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In December 2021, Cooper completed the acquisition of Generate Life Sciences for $1.6 billion.
Generate Life Sciences was created by GI Partners in 2018 as the combination of California Cryobank Life Sciences, an industry-leading donor sperm and egg bank, and Cord Blood Registry, a leading provider of newborn stem cell services. Generate aims to serve families from preconception to post-birth.
Headquartered in Los Angeles, Generate also operates facilities in Tucson, New York, Boston, Palo Alto, Texas, and Rockville, Maryland. It reported $250 million in revenue over the last year.
Inner Circle: Revenue keeps climbing and the outlook remains positive
Cooper’s overall revenue rose steadily by a total of 36.6% between fiscal 2017 (years end October 31) and fiscal 2021, from $2.14 billion to $2.92 billion. Over the same period, per-share earnings rose 36.5%, from $9.70 to $13.24.
The Generate purchase will provide Cooper Surgical with a more extensive offering of products and services for obstetricians and gynecologists. The acquisition is expected to add $0.30 to Cooper’s per-share earnings in the first year after closing.
The outlook for both units of Cooper Companies is positive given their strong market positions in vision correction and in medical devices for the gynecology and obstetrics fields.
Recommendation in Pat’s Inner Circle: The Cooper Companies Inc. is a buy.
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