1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
Narrow-moat Cooper posted record second-quarter revenue of $719,500, up 37.1% year over year compared with the worst period of the pandemic. Cooper continued its recovery this quarter from its poor performance in the second and third quarters of 2020. Operating results were similarly positive. Though the rebound from COVID was more concentrated in 2021 than expected, we do not foresee this significantly affecting our $315 fair value estimate.
Cooper Companies operates two units: CooperVision and CooperSurgical. Accounting for approximately 75% of total sales, CooperVision is the the second-largest player in the oligopolistic contact lens market. Over 50% of CooperVision's sales are in international territories. The second unit, CooperSurgical, develops and manufactures diagnostic and surgical products for gynecologists and obstetricians, including the Paragard IUD, which Cooper acquired from Teva in 2017.
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