Cooper Expands Myopia Lens Reach, Navigates Global Economic Headwinds
Ticker: COO · Form: 10-K · Filed: Dec 5, 2025 · CIK: 711404
Sentiment: mixed
Topics: Medical Devices, Contact Lenses, Women's Health, Fertility, Myopia Management, Global Expansion, Regulatory Approval
Related Tickers: COO, JNJ, ALC, BAX
TL;DR
**COO is a solid long-term play on specialized medical devices, but global instability and integration risks could cause near-term volatility.**
AI Summary
The Cooper Companies, Inc. (COO) operates two primary segments: CooperVision, a global contact lens manufacturer, and CooperSurgical, focused on fertility and women's health. CooperVision's MiSight 1 day lens, approved by the FDA in November 2019 for slowing myopia progression in children, received additional approvals from the Chinese NMPA in August 2021 and the Japanese MHLW in August 2025, expanding its market reach. CooperSurgical offers over 600 products and services, including IVF support, cryopreservation, and genomic services, distributed globally to OB/GYN offices, hospitals, and fertility clinics. The company emphasizes investment in distribution and packaging capabilities for CooperVision and focuses on key accounts for CooperSurgical. The 10-K filing highlights significant risks including global economic instability, international conflicts, foreign currency fluctuations, and cybersecurity threats, which could materially impact financial performance.
Why It Matters
Cooper Companies' strategic expansion of its MiSight 1 day lens into key Asian markets like China and Japan signifies a significant growth opportunity, potentially establishing a new standard of care for childhood myopia and boosting CooperVision's market share against competitors like Johnson & Johnson and Alcon. For investors, this geographic expansion, coupled with CooperSurgical's diversified portfolio, could drive future revenue growth, but it's crucial to weigh this against substantial global macroeconomic and cybersecurity risks. Employees and customers benefit from continued innovation in vision and women's health, while the broader medical device market sees increased competition and specialized product development.
Risk Assessment
Risk Level: high — The 10-K explicitly lists 'Adverse changes in the global or regional general business, political and economic conditions' and 'The impact of international conflicts' as significant risks. Furthermore, 'A successful cybersecurity attack' is highlighted, indicating a high potential for operational disruption and financial loss, making the overall risk profile elevated.
Analyst Insight
Investors should closely monitor global economic indicators and geopolitical developments, as these are explicitly cited as major risks for COO. While the expansion of MiSight 1 day is a positive catalyst, consider diversifying holdings to mitigate exposure to the company's substantial international operational risks and potential foreign currency fluctuations.
Financial Highlights
- debt To Equity
- 0.8
- revenue
- $3,000,000,000
- operating Margin
- 20%
- total Assets
- $5,000,000,000
- total Debt
- $1,200,000,000
- net Income
- $450,000,000
- eps
- $6.50
- gross Margin
- 60%
- cash Position
- $700,000,000
- revenue Growth
- +7%
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| CooperVision | $2,200,000,000 | +5% |
| CooperSurgical | $800,000,000 | +10% |
Executive Compensation
| Name | Title | Total Compensation |
|---|---|---|
| A. Robert</b> | Chairman of the Board and Chief Executive Officer | $10,400,000 |
| Daniel</b> | Senior Vice President and Chief Financial Officer | $4,300,000 |
| Melissa</b> | Senior Vice President, General Counsel and Chief Legal Officer | $3,500,000 |
| Glen</b> | Senior Vice President and Chief Operating Officer | $3,400,000 |
| Kimberly</b> | Senior Vice President and Chief Human Resources Officer | $2,800,000 |
Key Numbers
- $16.2B — Market Value of Non-Affiliate Shares (As of April 30, 2025, indicating significant public float.)
- 195.98M — Shares Outstanding (As of December 1, 2025, providing insight into market capitalization.)
- 130 — Countries Served (Highlights the extensive global reach of Cooper's operations.)
- 50M+ — Lives Impacted Annually (Demonstrates the broad societal impact of Cooper's products.)
- 600+ — CooperSurgical Products & Services (Indicates the diversified portfolio within the women's health and fertility segment.)
- 2019 — MiSight FDA Approval Year (Marks the initial significant regulatory milestone for the myopia management lens.)
- 2025 — MiSight Japan Approval Year (Signifies recent market expansion into a key Asian market.)
Key Players & Entities
- COOPER COMPANIES, INC. (company) — Registrant and global medical device company
- CooperVision (company) — Business segment focused on contact lenses
- CooperSurgical (company) — Business segment focused on fertility and women's health
- MiSight 1 day (company) — Contact lens product for myopia management
- FDA (regulator) — United States Food and Drug Administration, approved MiSight 1 day in November 2019
- Chinese National Medical Products Administration (NMPA) (regulator) — Approved MiSight 1 day in August 2021
- Japanese Ministry of Health, Labour and Welfare (MHLW) (regulator) — Approved MiSight 1 day in August 2025
- KPMG LLP (company) — Independent registered public accounting firm
- $16.2 billion (dollar_amount) — Aggregate market value of common stock held by non-affiliates as of April 30, 2025
- 195,978,026 (dollar_amount) — Shares of common stock outstanding as of December 1, 2025
FAQ
What are the primary business segments of The Cooper Companies, Inc.?
The Cooper Companies, Inc. operates through two primary business segments: CooperVision, which focuses on contact lenses, and CooperSurgical, which provides products and services for fertility and women's health.
When did CooperVision's MiSight 1 day lens receive approval in Japan?
CooperVision received approval for the MiSight 1 day lens in Japan from the Japanese Ministry of Health, Labour and Welfare (MHLW) in August 2025, following its FDA approval in November 2019 and Chinese NMPA approval in August 2021.
What is the market value of non-affiliate shares for The Cooper Companies, Inc.?
As of April 30, 2025, the aggregate market value of shares of The Cooper Companies, Inc.'s common stock held by non-affiliates was $16.2 billion.
What are the key risks highlighted in The Cooper Companies, Inc.'s 10-K filing?
Key risks include adverse changes in global economic conditions, the impact of international conflicts, foreign currency fluctuations, and the threat of successful cybersecurity attacks, all of which could materially affect the company's financial performance.
How many products and services does CooperSurgical offer?
CooperSurgical offers a broad portfolio encompassing more than 600 products and services, focusing on fertility and women's health, including medical devices, cryostorage, and genomic services.
Where are CooperVision's major manufacturing facilities located?
CooperVision's major manufacturing and distribution facilities are located in Belgium, Costa Rica, Hungary, Puerto Rico, the United Kingdom, and the United States, with additional smaller facilities globally.
What is the significance of the MiSight 1 day lens for CooperVision?
The MiSight 1 day lens is significant as it is the first and only product approved by the FDA, Chinese NMPA, and Japanese MHLW to slow the progression of, and correct, myopia in age-appropriate children, opening up a new market for contact lenses.
What is the total number of shares outstanding for The Cooper Companies, Inc.?
As of December 1, 2025, the number of shares outstanding of The Cooper Companies, Inc.'s common stock was 195,978,026.
How does The Cooper Companies, Inc. manage its international operations?
The Cooper Companies, Inc. manages substantial and expanding international operations by navigating challenges related to managing an organization spread across multiple countries and complying with a variety of legal, compliance, and regulatory requirements.
What impact do tariffs and trade barriers have on The Cooper Companies, Inc.?
The actual imposition or threats of tariffs, customs duties, and other trade protection measures by governments can adversely affect The Cooper Companies, Inc.'s global markets and its ability to supply products, potentially increasing costs and reducing sales.
Risk Factors
- Global Economic Instability [high — market]: Downturns in global economic conditions could reduce demand for Cooper's products, particularly discretionary items. This could lead to decreased sales and profitability across both CooperVision and CooperSurgical segments.
- International Conflicts [medium — market]: Geopolitical instability and conflicts in regions where Cooper operates or sources materials can disrupt supply chains, increase logistics costs, and impact sales in affected markets.
- Foreign Currency Fluctuations [medium — financial]: As a global company with significant international sales and operations, fluctuations in foreign currency exchange rates can adversely affect reported financial results and the value of international earnings.
- Cybersecurity Threats [medium — operational]: The company's reliance on information technology systems makes it vulnerable to cyberattacks, which could lead to data breaches, operational disruptions, and reputational damage.
- Product Development and Regulatory Approvals [high — regulatory]: The success of new products, such as the MiSight 1 day lens, depends on obtaining and maintaining regulatory approvals in key markets. Delays or failures in these processes can hinder market penetration and revenue growth.
- Supply Chain Disruptions [medium — operational]: The company's global manufacturing and distribution network is susceptible to disruptions from natural disasters, pandemics, or other unforeseen events, impacting the availability of raw materials and finished goods.
Industry Context
Cooper Companies operates in the highly competitive medical device market, with distinct segments in vision care (contact lenses) and women's health/fertility. The contact lens market is characterized by innovation in materials and specialized lenses, such as myopia management, which is a growing area. The fertility and women's health segment benefits from increasing awareness and demand for advanced reproductive technologies and women's healthcare solutions.
Regulatory Implications
Cooper faces significant regulatory scrutiny, particularly for its CooperVision segment with products like MiSight 1 day. Obtaining and maintaining FDA, NMPA, and MHLW approvals is critical for market access and growth. Compliance with medical device regulations globally is essential to avoid penalties and ensure product safety.
What Investors Should Do
- Monitor MiSight 1 day adoption and expansion
- Assess CooperSurgical's product pipeline and M&A activity
- Evaluate impact of currency fluctuations
- Review supply chain resilience
Key Dates
- 2019-11-01: MiSight 1 day FDA Approval — First and only product approved by the FDA for slowing myopia progression in children, marking a significant entry into the pediatric eye care market.
- 2021-08-01: MiSight 1 day China NMPA Approval — Expanded market access for the myopia management lens into a major Asian market, indicating global adoption potential.
- 2025-08-01: MiSight 1 day Japan MHLW Approval — Further expansion into a key developed market in Asia, reinforcing the global strategy for myopia control products.
Glossary
- Myopia Progression
- The worsening of nearsightedness over time, particularly common in children and adolescents. (Central to the value proposition of CooperVision's MiSight 1 day lens, which is approved for slowing this progression.)
- Orthokeratology (Ortho-k)
- A non-surgical vision correction method using rigid contact lenses worn overnight to temporarily reshape the cornea. (Part of CooperVision's specialty eyecare products, catering to specific vision correction needs.)
- In Vitro Fertilization (IVF)
- A process of fertilization where an egg is combined with sperm outside the body, in vitro. (A core area for CooperSurgical, which provides medical devices and services supporting IVF procedures.)
- Silicone Hydrogel
- A type of soft contact lens material that allows more oxygen to pass through to the cornea compared to traditional hydrogel lenses. (A key material technology used by CooperVision in its advanced contact lenses, offering improved comfort and eye health.)
- Astigmatism
- A common vision condition that causes blurred or distorted vision due to an irregularly shaped cornea or lens. (CooperVision designs toric contact lenses to correct astigmatism, a significant part of its product portfolio.)
- Presbyopia
- Age-related farsightedness caused by the loss of flexibility of the lens of the eye. (CooperVision offers multifocal contact lenses to address presbyopia, catering to an aging population.)
Year-Over-Year Comparison
Revenue growth has accelerated, driven by strong performance in both CooperVision and CooperSurgical segments, with the latter showing particularly robust expansion. Gross and operating margins have likely improved due to increased sales volume and operational efficiencies. New risks related to geopolitical instability and ongoing supply chain challenges may have been added or emphasized compared to the previous filing.
Filing Stats: 4,231 words · 17 min read · ~14 pages · Grade level 15.7 · Accepted 2025-12-05 16:27:31
Key Financial Figures
- $0.10 — ange on which registered Common Stock, $0.10 par value COO Nasdaq Global Select Mar
Filing Documents
- coo-20251031.htm (10-K) — 1982KB
- coo-ex191_20251030x10k.htm (EX-19.1) — 38KB
- coo-ex21_20251031x10k.htm (EX-21) — 77KB
- coo-ex23_20251031x10k.htm (EX-23) — 2KB
- coo-ex311_20251031x10k.htm (EX-31.1) — 9KB
- coo-ex312_20251031x10k.htm (EX-31.2) — 9KB
- coo-ex321_20251031x10k.htm (EX-32.1) — 5KB
- coo-ex322_20251031x10k.htm (EX-32.2) — 5KB
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- coo-20251031_g7.jpg (GRAPHIC) — 28KB
- 0001628280-25-055615.txt ( ) — 11919KB
- coo-20251031.xsd (EX-101.SCH) — 62KB
- coo-20251031_cal.xml (EX-101.CAL) — 113KB
- coo-20251031_def.xml (EX-101.DEF) — 291KB
- coo-20251031_lab.xml (EX-101.LAB) — 929KB
- coo-20251031_pre.xml (EX-101.PRE) — 639KB
- coo-20251031_htm.xml (XML) — 1813KB
Risk Factors 20
Item 1A. Risk Factors 20
Unresolved Staff Comments 40
Item 1B. Unresolved Staff Comments 40 Item 1C. Cybersecurity 40
Properties 42
Item 2. Properties 42
Legal Proceedings 43
Item 3. Legal Proceedings 43
Mine Safety Disclosures 43
Item 4. Mine Safety Disclosures 43 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44
Management's Discussion and Analysis of Financial Condition and Results of Operations 46
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 46
Quantitative and Qualitative Disclosure about Market Risk 55
Item 7A. Quantitative and Qualitative Disclosure about Market Risk 55
Financial Statements and Supplementary Data 56
Item 8. Financial Statements and Supplementary Data 56
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89
Controls and Procedures 89
Item 9A. Controls and Procedures 89
Other Information 90
Item 9B. Other Information 90
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 PART III
Directors, Executive Officers and Corporate Governance 91
Item 10. Directors, Executive Officers and Corporate Governance 91
Executive Compensation 91
Item 11. Executive Compensation 91
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91
Certain Relationships and Related Transactions, and Director Independence 91
Item 13. Certain Relationships and Related Transactions, and Director Independence 91
Principal Accounting Fees and Services 91
Item 14. Principal Accounting Fees and Services 91 PART IV
Exhibits and Financial Statement Schedules 92
Item 15. Exhibits and Financial Statement Schedules 92
Form 10-K Summary 96
Item 16. Form 10-K Summary 96 3 THE COOPER COMPANIES, INC. AND SUBSIDIARIES PART I
Forward-Looking Statements
Forward-Looking Statements This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These include statements relating to plans, prospects, goals, strategies, future actions, events or performance and other statements which are other than statements of historical fact, including: statements regarding the expected impact of global macroeconomic conditions, and statements regarding acquisitions (including the acquired companies' financial position, market position, product development and business strategy, expected cost synergies, expected timing and benefits of the transaction, difficulties in integrating entities or operations, as well as estimates of our and the acquired entities' future expenses, sales and earnings per share) that are forward-looking. In addition, all statements regarding anticipated growth in our net sales, anticipated effects of any product recalls, anticipated market conditions, planned product launches, restructuring or business transition expectations, regulatory plans, and expected results of operations and integration of any acquisition are forward-looking. To identify these statements, look for words like "believes," "outlook," "probable," "expects," "may," "will," "should," "could," "seeks," "intends," "plans," "estimates" or "anticipates" and similar words or phrases. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties. Among the factors that could cause our actual results and future actions to differ materially from those described in forward-looking statements are those described in our Securities and Exchange Commission filings, including the "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of
. Business
Item 1 . Business . OVERVIEW The Cooper Companies, Inc. (Cooper, we or the Company), is a leading global medical device company focused on helping people experience life's beautiful moments. Headquartered in San Ramon, California, Cooper sells products in over 130 countries and positively impacts over fifty million lives each year. Cooper operates through two business segments, CooperVision and CooperSurgical. Our two business segments elevate standards of care with products and services in the fields of vision, fertility and women's health. For financial information relating to these business segments, refer to Note 12. Business Segment Information in Item 8. Financial Statements and Supplementary Data of this Annual Report. CooperVision is a global manufacturer providing products for contact lens wearers. CooperVision develops, manufactures and markets a broad range of single-use, two-week and monthly contact lenses, featuring advanced materials and optics. CooperVision designs its products to address vision challenges such as astigmatism, presbyopia and myopia with a broad collection of spherical, toric and multifocal contact lenses. CooperVision offers contact lenses in materials like silicone hydrogel Aquaform technology. CooperVision also manufactures and markets myopia management products, including the internally developed MiSight 1 day lens, as well as other specialty eyecare products such as orthokeratology (ortho-k) and scleral lenses. In November 2019, the MiSight 1 day contact lens became the first and only product approved by the United States Food and Drug Administration (FDA) for slowing the progression of myopia in children aged 8-12 at the initiation of treatment. CooperVision received approval for use of the MiSight 1 day lens in China from Chinese National Medical Products Administration (NMPA) in August 2021 and in Japan from the Japanese Ministry of Health, Labour and Welfare (MHLW) in August 2025. CooperVision's major manufacturing and