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• Like Johnson & Johnson for contact lenses.
• Like Hologic for women's healthcare and fertility products.

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• Contact Lenses: Manufactures and markets a comprehensive range of soft contact lenses, including daily disposable, two-week, and monthly lenses, for various vision corrections like spherical, astigmatic, and presbyopic.
• Women's Healthcare Devices & Services: Provides a diverse portfolio of medical devices, diagnostic products, and fertility solutions primarily focused on reproductive health, obstetrics, and gynecology.

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Cooper Companies (symbol: COO) primarily sells its products to other companies rather than directly to individual consumers. Due to the highly fragmented nature of the global eye care and women's healthcare markets, Cooper Companies does not have a few "major customer companies" that individually account for a significant portion of its revenue, nor are such customers publicly disclosed in its financial filings.

Instead, Cooper Companies distributes its products through a broad network of businesses. Its primary customer categories include:

• Eye Care Professionals and Retailers (for CooperVision products): These customers include independent optometry and ophthalmology practices, large optical retail chains (e.g., Pearle Vision, LensCrafters, which are part of larger parent companies like EssilorLuxottica, symbol: EL), and distributors that supply these practices and retailers with contact lenses.
• Healthcare Institutions and Professionals (for CooperSurgical products): This category encompasses hospitals, fertility clinics, obstetrics and gynecology (OB/GYN) practices, surgical centers, and diagnostic laboratories. These entities purchase CooperSurgical's medical devices, diagnostic products, and surgical instruments.
• Medical Device and Pharmaceutical Distributors: Companies that specialize in the distribution of medical products to a wide range of healthcare providers, particularly in regions where Cooper may leverage indirect sales channels.

While specific publicly traded companies accounting for a significant portion of Cooper Companies' revenue are not disclosed, the above categories represent the types of businesses that are direct customers of Cooper Companies.

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Albert G. White III, President & Chief Executive Officer

Mr. White has served as President, Director, and Chief Executive Officer of The Cooper Companies since May 2018. His previous roles at Cooper include Chief Financial Officer (2016-2018), Chief Executive Officer of Cooper Medical Inc. (2015-2018), Executive Vice President and Chief Strategy Officer (2011-2015), Vice President, Investor Relations (2007-2013), and Vice President and Treasurer (2006-2012). Prior to joining Cooper, he was a Director with KeyBanc Capital Markets for three years and held various leadership positions within KeyBank National Association for eight years. He also currently serves as a board member of Evolus Inc. No information indicates that Mr. White founded other companies, sold companies he was previously involved with to an acquirer, or has a pattern of managing companies directly backed by private equity firms; however, his background in investment banking would involve interactions with such firms and transactions.

Brian G. Andrews, Executive Vice President, Chief Financial Officer & Treasurer

Mr. Andrews has served as Executive Vice President, Chief Financial Officer, and Treasurer of The Cooper Companies since December 2020. His prior roles at Cooper include Senior Vice President (since 2018), Treasurer (since 2013), Vice President (since 2014), and Vice President, Global Logistics and Service for CooperSurgical (2017-2018). Before joining Cooper, he held various corporate and investment banking positions at KeyBanc Capital Markets (2002-2006) and ING Barings (2000-2001). No information indicates that Mr. Andrews founded or managed other companies, sold companies he was previously involved with to an acquirer, or has a pattern of managing companies directly backed by private equity firms; however, his investment banking background suggests experience with financial transactions including those with private equity.

Daniel G. McBride, Executive Vice President & Chief Operating Officer

Mr. McBride has been the Executive Vice President and Chief Operating Officer of The Cooper Companies since November 2013. He also served as President of CooperVision from February 2014 through January 2022. His previous roles at Cooper include Chief Risk Officer (2011-2013), General Counsel (2007-2014), and Vice President (2006-2013). Before joining Cooper in 2005, Mr. McBride was an attorney with Latham & Watkins LLP, where he focused on mergers and acquisitions and corporate finance matters.

Holly R. Sheffield, President, CooperSurgical

Ms. Sheffield has served as President of CooperSurgical, Inc. since July 2020. She joined CooperCompanies in June 2018 as Executive Vice President & Chief Strategy Officer. Prior to Cooper, she accumulated over 20 years of experience in investment banking, including serving as Managing Director, Global Head of Medical Technology at UBS Securities (2009-2018), and as a Managing Director in Healthcare Banking at Credit Suisse (2000-2009). She began her career at Donaldson, Lufkin & Jenrette (1997-2000) before its acquisition by Credit Suisse.

Jerry Warner, President, CooperVision

Mr. Warner has served as President of CooperVision, Inc. since February 2022. He previously held the titles of Executive Vice President, Americas & Global Commercial Functions of CooperVision (2019-2022) and President, Americas (2015-2019). Prior to joining CooperVision in 2012, Mr. Warner spent 17 years at Bausch + Lomb in various marketing and management roles.

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• Shift in the reproductive healthcare landscape due to evolving regulations, particularly in the United States. Changes following the overturning of Roe v. Wade are leading to varying state-level restrictions on abortion access, which could reduce the market demand for certain gynecological and obstetric instruments and consumables provided by CooperSurgical.
• Increasing adoption of non-invasive prenatal testing (NIPT) which reduces the demand for products used in more invasive diagnostic procedures such as amniocentesis and chorionic villus sampling (CVS). As NIPT technology becomes more accurate and widespread, it poses a threat to CooperSurgical's traditional line of obstetric instruments and devices used for these invasive procedures.

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CooperVision (Contact Lenses)

CooperSurgical (Women's Health and Fertility)

Women's Health Market

Fertility Services Market

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1. Growth in Myopia Management: CooperVision's MiSight and other myopia management products are anticipated to be significant drivers of future revenue. The increasing global prevalence of myopia is creating substantial demand for vision correction solutions, with MiSight sales projected to grow considerably in the coming years. For example, MiSight revenue is expected to increase by 20% by year-end 2025 and 40% for the full year 2025.
2. Continued Adoption of Daily Silicone Hydrogel Contact Lenses: The ongoing shift towards daily disposable contact lenses, particularly within the silicone hydrogel category, is a strong growth catalyst. Products like MyDay and clariti are key contributors, with CooperVision benefiting from strong demand, accelerating fitting activity, and improved manufacturing capacity for these popular offerings. The company expects to remain a leader through innovation and a robust product portfolio in this segment.
3. Strength in Toric and Multifocal Contact Lens Segments: CooperVision has effectively captured growth in the toric and multifocal contact lens markets, which represent a substantial portion of its overall revenue. The focus on providing mid-end and high-end contact lenses to correct near- and farsightedness in these specialized categories is expected to continue contributing to revenue expansion.
4. Expansion of the Fertility Business within CooperSurgical: CooperSurgical's fertility business is a consistent driver of organic growth, offering a market-leading portfolio of innovative products and services. This includes consumables, capital equipment, reproductive genetic testing, and donor services, all addressing the long-term growth potential of the global fertility market. CooperSurgical is forecasted to achieve organic growth of 3.5% to 4.5% in 2025.
5. Strategic Price Increases and Sustained Market Share Gains: Cooper Companies has demonstrated pricing power, particularly within its vision business, enabling it to implement price increases that offset cost inflation and generate additional gross profits. Concurrently, CooperVision continues to achieve market share gains in the competitive contact lens market, further bolstering its revenue trajectory. The company aims to grow faster than the overall contact lens market.

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Share Repurchases

• Cooper Companies' Board of Directors approved a $1 billion increase to its share repurchase program in September 2025, bringing the total authorization to $2 billion.
• The company repurchased $52.2 million of its common stock (0.7 million shares) in Q3 fiscal year 2025.
• For the nine months ended July 31, 2025, Cooper Companies repurchased 1.2 million shares for $92.8 million, with $163.6 million remaining under the authorized program.

Share Issuance

• Specific dollar amounts of shares issued were not readily available; however, shares outstanding saw minor fluctuations.
• Cooper's shares outstanding increased by 0.55% in fiscal year 2024 to 0.2 billion from 2023, and by 0.25% in fiscal year 2023 to 0.199 billion from 2022.
• Shares outstanding saw a slight decline of 0.2% in fiscal year 2022 from 2021.

Outbound Investments

• In November 2021, Cooper Companies acquired Generate, a stem cell storage services provider, for $1.6 billion.
• CooperSurgical acquired obp Surgical for approximately $100 million in August 2024, expanding its portfolio of single-use cordless surgical retractors and suction devices.
• In November 2023, the company acquired select assets from Cook Medical, focusing on obstetrics, doppler monitoring, and gynecology surgery markets.

Capital Expenditures

• Capital expenditures for fiscal year 2024 were $421.2 million, resulting in free cash flow of $288.1 million.
• For the nine months ended July 31, 2025, capital expenditures totaled $264.4 million.
• The company expects to generate approximately $2 billion in free cash flow over the next three fiscal years, averaging $650 million annually, supported by reduced capital expenditure as a large investment cycle, particularly for CooperVision's MyDay capacity, concludes.