The Cooper Companies (COO) The 44th Annual William Blair Growth Stock Conference summary

Business overview and performance

• Operates two main businesses: soft contact lenses (CooperVision) and women's health/fertility (CooperSurgical), with revenues split roughly two-thirds and one-third, respectively.

• Consistent growth over the past 10–15 years, with organic growth in vision and M&A-driven growth in surgical.

• Strategic capital allocation prioritizes organic growth, debt reduction, and targeted acquisitions, with a focus on innovation, manufacturing expansion, and R&D.

• Both businesses are considered strong, with no plans to split them, and products sold in over 130 countries benefiting more than 50 million people globally.

• Emphasis on ESG initiatives, including renewable energy sourcing, gender diversity, and waste reduction, supporting long-term business success.

CooperVision segment insights

• Leading in one-day silicone hydrogel lenses and myopia management, with MiSight as the only FDA-approved myopia control product and a JV with EssilorLuxottica for spectacle lenses.

• Maintains a strong market position, growing faster than the market for 15 consecutive years, and holds a 26% share of the $10B+ global soft contact lens market.

• Market share in the one-day space has reached about 20%, with further relevance expected as MyDay expands.

• Key growth drivers include a rising global need for vision correction, premium product demand, and successful pricing strategies.

• EMEA growth is driven by key accounts and private label strategies, while APAC growth is currently limited by capacity prioritization and macroeconomic factors.

CooperSurgical segment insights

• Fertility represents 40% of the business, with strong tailwinds from global demographic trends and a leading device portfolio in a $2B+ global fertility market.

• Office and surgical segment focuses on OBGYN products and labor/delivery, with recent acquisitions and product innovation strengthening the portfolio.

• Recent systems upgrade caused short-term disruption but positions the business for improved future growth.

• No capacity constraints; guidance for the year remains unchanged.

• Investing in new donor sites, training, and geographic expansion to support growth.