COO - Earnings call transcript Q3 2018 | The Cooper Companies, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to The Cooper Companies Incorporation Third Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only-mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to introduce your host for today’s conference, Kim Duncan, Vice President, Investor Relations and Administration. begin. may you Ma’am,

Kim Duncan

welcome call. Cooper and XXXX third earnings conference to afternoon, Companies’ The quarter Good

call, will guidance today’s release the During we time along the included remaining with earnings in the Q&A. updated for and use discuss then the results

call Financial Our Chief President and Brian and Treasurer. Al Chief presenters are White, Officer; Executive on and today’s Officer Andrews,

and anticipated revenues that contains forward-looking call of we I’d and per or and Before earnings conference regulatory begin, regarding failure like acquisitions integration this to achieve other share market operations, of guidance including anticipated benefits. results or remind all statements to you conditions, statements, their any

and I’ll – are or are available imprecise earnings and results cause actions statements set on to in our of uncertainties. subject future Forward-looking the differ to are investor today’s XXX-XXX-XXXX which the statements described over may ir@cooperco.com. forth cause filings, be you cooperco.com. call website Forward-Looking at call, following Form our Al have and opening call now please those or of methods described Should under Cooper’s his and at assumptions, materially caption could are forward-looking the in SEC release incorrect from or data, And actual remarks. risks depend our additional company all on turn questions XX-K, in the that that line our any to Statements e-mail including for Events

Albert White

momentum. strategic lot paying earnings I’m progress good through and and investments call. this Kim, you, Welcome our a and revenue our growth off to quarter Thank everyone. of say are happy strong accelerated conference Great. to third We made afternoon, XXXX quarter,

product with and have capitalizing market accounts conditions portfolio, investment associated at around promotions and including advertising success on As activity CooperSurgical. key we and our driving initiatives, by several we CooperVision PARAGARD continue and accelerated current strong

result in revenue strategy investment growth. continued We’re confident strong this will

an which up a all-time by revenues, company. rate Non-GAAP worse gross quarter. FX $XXX and results, $X, in forecast Regarding offset earnings being tax lower incremental reported revenue margins high financial were had were year-over-year, Overall we per spending the strength our for third the we than and XX% currency headwinds, year-over-year. $X.XX of including share is million, quarter consolidated planned XX% for up

X% our record $XXX CooperVision daily at businesses, revenues up MyDay and worldwide. stronger Looking We growth a X% pro than $XXX revenue noticeable or posted of by uptick solid clariti of pro pro forma, two record up from silicone million, posted with X% quarterly million, growth CooperSurgical by XX%, or hydrogel saw our expected of forma XX% driven of growth led in up posting lenses up XX% forma. PARAGARD.

was we and against results by have dailies sphere our MyDay strong suite and Biofinity region Avaira comp all Asia-Pac detail. Americas all Moving we’re where hydrogel effect really to where The for products. halo strong on revenue results. solid gaining accounts, well very regions silicone posted X%, growth extremely Toric a our clariti quarter and and driven EMEA including the our in with going was strength of sphere, up the X%, of the up growth three products, traction. posted focused evident up full CooperVision XX%. In seeing suite Americas X%, launch MyDay been challenging posted EMEA and of solid with within is key and particular, Success by a the forma pro driven our the especially in very heavily MyDay. a

accounts, investment and of driven silicone region strategies results, very posting force success. lot hydrogel This Biofinity. dailies continued around expansion yielding expansion and Asia-Pac a by strong sales key continue us for is growth a geographic and our our fantastic

continue reasons momentum. forma. based of QX X% Avaira quarter strength to On grow for Biofinity strong products, and expect pro very on overall, was number our a a combined the So and we to

again Biofinity, help demand were will the be franchise, capacity already but especially entire have has Energys, successful the Biofinity as but adding new and will capacity even Biofinity This added constrained this coming exceeded quarter, been slightly where this expansion more product months. Regarding than supply, expected. capacity we has more in

we’ve Avaira, able Regarding we than where transitioning approval. a focus slightly, total declined the is on is to that, nice Americas, final a selling but and small sign results. the outside had regulatory for upgrade future outside Vitality finished the few good A markets, awaiting takeaway sales of generally where been now product, that’s rather growth we’re

categories, Torics pro respectively Toric, product driven and multifocal, and grew strong MyDay hydrogel we including by which is in lenses, was in X% Turning extremely received global remain silicone and markets; forma. numerous clariti Growth XX%, Multifocals well being leader growth. posted which a to and our

great product to our dailies, to market. growth. that we recently, billion, to many certain accounts continuing hydrogel topic we’re have new a topic was minutes term nice $X.X with hydrogel are regional share majority than Turning broader retailers, respect heard broader on a soft spend strength the of and CooperVision And or by discuss With drive new global of the XX% dailies. especially strong to accounts lens offerings the and silicone to has silicone buying a it’s lens the hydrogel for is as this expansion. This to that faster groups. a saw that geographic surprise $X.X growth that’s significant majority strong robust lenses long-term includes no fits accounting true I growing solidly and billion growth silicone overall within market new and overall see market, are Daily fit driving lenses, expect outpacing data, shift continued of segue the now the led roughly the which as in a to and daily contact Key for growth market, key fit me you growth these couple general of This data is trend. for sign and we continued continue want a accounts. is is chains use, a sustainable

new such seven important annuity promotional as supporting years revenue robust improve wearers platforms these support faster and key on expectations, And teams, shifting upfront As accelerated continue product on many this product look including part related is business, focused our in hydrogel this All of reflected the packaging lenses this and remembering, stay patients provide our we the been in will area operate Prime. with through which in proactively advertising our market supporting area in expanding have new and win activity. customized to activity ability Eye to strategy strong increasing and current capitalize investments silicone to cost investment and years. is their further wearers partners new enhancing with distribution this capabilities to to practitioner in been the is we fully offerings. we the revenue third past, important for remains than continue management also has and our It’s activity portfolio on account our will heightened in Fit This CooperVision sales digital conjunction will an an and and our unique conditions. we average of patients from our as tail as in our the growth that support to while We marketing Care business. our exceeding quarter, New part A such, independent and add Data. this our up, while key investing performance channel, is

guidance X% all QX Given future in to pro revenue revenue forma more confident are to raising this, growth we CooperVision’s are our growth and XX%.

This Moving healthy to quarterly of reported up office driven which pro surgical led our grew up a CooperSurgical. PARAGARD forma. X% by million, $XXX or We and was X% revenue pro products, X%. forma, by XX%

This to spent carrier NIPT. fertility as some screening the was includes by increased multi-year growing completing and accordingly. recently we’ve Outside added adding but remain our product PARAGARD, a very process Meanwhile, still but the promotional Endosee and genomics which at is and want growth activity products. office easy, products, offset have we had number business, including be. been we grew IVF a we pro and strong opportunity growth of this manipulator, strong where X% based the solutions, are and our are focus momentum moved strength several uterine Hysteroscope led surgical quickly wasn’t such a which This fertility next-generation older where full additional and and exactly buy-in products, digits. advertising with sales unexpectedly and away seeing, our transition double offers we some from focused returning confident in to high-margin devices reps. by our PARAGARD, our Regarding to softness medical in products media on of significant of investing quarter forma, was clinics, now We support within time

is X% our posted want areas, growth with product to CooperSurgical. We’re micropipets, CooperVision world In a certain growing forma about And strong catheters by PARAGARD around offer our CooperVision both strong. this very strong in hydrogel from embryo Americas genetic with nice with a which a media, X% very and growth been and for throughout strength market-leading market seen pro the several including To strength nicely, We that conclusion, has to led daily including points, really in growth, fertility pro clinics I our we leader uptick CooperSurgical continue. throughout in growing tests. global posted positions engagement our highlight including transfer summarize world, the portfolio and silicone X%. excited product a very franchise. key forma of I’m fertility portfolio, expect quarter and few the

with our look And future Given the combined maintaining we’re current to excited forward over to in both that, dynamics, momentum. the strong our I’ll call turn Brian. product businesses, market with strong portfolios about and

Brian Andrews

Most non-GAAP earnings everyone. reconciliation non-GAAP so you, of Al, GAAP for of good results. to please release will and to commentary a refer basis, today’s Thank on my a afternoon, be full

margin Biofinity increasing quarter This favorable due up by PARAGARD. CooperSurgical’s revenues higher to margins partially XX.X%, is also key from to and margin XX.X%, offset impact improved year. currency were nice gross addition and gross was driven to last to increase product last rebate our year. activity. in from drivers. the of shift the mentioned, of was efficiencies and from volume the Al XX.X% Avaira XX.X% As XX.X% showed being up a positive by Vitality significantly CooperVision’s strong negative of the plants Improvement mix manufacturing improvement, and from this through seen XX.X%, moving gross modest

expenses, operating in Operating activity increase driven product Regarding and and grew and accounts activity management. supporting advertising a key operating reported loss FX an against $XX.X currency of impressive to work, $X.X from new Below improving grew myopia income, expenses income XX.X%, including XX.X%, from PARAGARD, with XX.X% expense an promotion R&D around to moves related XX% consolidated million by XX.X%, up and intercompany last million interest margins negative operating we loans. year. our of development

effective billion. EPS related excess the than posted had $XX receivables associated net $X.XXX comprised by an stock-based reduced $X.XX rate offset XXX with $XXX X.X%, lower program. and tax CapEx. expansion management, debt – million cash outstanding. expected, of was was FX billion total the million million due tax this primarily than flow with to had for advantageous flow, worse cash this, declined investment XX.X we $XXX compensation. quarter flow, offshore benefits for Non-GAAP we of $X.XXX which on debt strong credits Our shares of Within capital of cash executing by and forecasted. very improved Free free to million quarter strong, roughly flow working helped was average posted we the was to $X, realization of is We With operating manufacturing including to cash

X.XX thus leverage grid, to in decreased debt Our adjusted which rate or to lower basis the reducing times, us EBITDA by bank-defined tier XX points. pricing a our moved borrowing net

guidance. Regarding

$XXX guidance assuming guidance $XXX last quarter $X.XX total of rate. $XXX $XX For roughly $XXX tax company X% X% and million Within million basis, $X.XX. assumptions up reduced $XXX our million, revenue is billion at we fiscal and this $X.XXX of million full-year reduced to including up $XXX Non-GAAP time the revenue by CooperSurgical’s X% $X.XXX effective we of forma. consolidated – with to revenue non-GAAP $X.XX XX% from to this, CooperVision to translates billion, the by On a million, $X.XX in roughly $XXX to EPS pro CooperVision to $XXX to free a and to $X, million $XX.XX is billion still range to million. provided FX X% million, around non-GAAP million billion to EPS at EPS cash Full-year guidance QX, the to is expect year. guidance $XX.XX, of to flow expected revenues and CooperSurgical $XXX for be pro $X.XXX forma; revenues million

Regarding fiscal we’re revenue XXXX currency constant on that driving get to double-digit this growth and income operating guidance, growth. than time we’re focused not into details low strong at going say to other

our the that, our is on questions. it with practice, hand guidance operator And full As I’ll for earnings we’ll December provide call. back to

Operator

question Thank Johnson our And Instructions] of Jeff comes you. [Operator from line first with the Baird.

Your line open. is now

Jeff Johnson

Can hear Good you okay? me, afternoon, guys. you. Thank

Albert White

Hi, Jeff. Yes.

Jeff Johnson

All right, great.

– you won dig deeper near-term? there? So, or that does that those any to the stuff maybe any think, on, working about in much new how the of share that. much maybe in and sorry, that, a a investments new are set take of Al, accounts? the yet those or I commentary kind you’ve into of win on much to been accounts, it want or you Rochester little up these some versus talk questions accounts bit. guess accounts And in capabilities, hasn’t in how to I you robotics come But can additional on then account distribution retail does longer-term, that going that versus business here in in the maybe I’m even near capturing and center depth of key you breadth other couple more the labeling how just key business, I have One, of new bigger key

Albert White

good questions. Jeff, Yes,

talking point first – about accounts, is we’re on business the here. On this key new

around the there. more of interesting world, new what work business other as calling some winning So things in of one been large we’ve we’ve accounts key retailers that’s and we’re operations with the done is, the

and go when with in win So a a that frequently multi-year is business new contract. account, we

contracts the early those contracts. we’re very of of stages some large, And are and in those

have talking partner that about your wearers of with go in advertising, new of your drive to and chance you faster. you partner That’s and activity win products terms the when So the doing. that in business kind with get you we’re there aggressive to and opportunity, be the your promotional increasing to work what

in we’re working business a on we’re So some business, we’re we’re business, of excited some here, won we kind about. winning that have where unique we actually that opportunity opportunities pretty

we’re So force We’ve than adding talked the We street. more about different that’s proven what on discussed that’s putting upon executing contracts. that. about done to in and past. talking sales we feet be And successful. Well, the

that. now we that success need contracts, resulted multi-year in of to Some execute has on some new and

revenue So future and props it kind pretty of excited about our that up growth.

have If a been you work that. look lot at the of DCs, we doing on

so that is to distribution right our and centers. distribution upgrade next that and A labeling our and slowly this of You’re kind process roll We’ll lot our shipping capabilities activity that around the fiscal really out beginning packaging exactly centers right and smaller forth. in very start now. units of of year and at through

that So coming we forth, see problems shipping the years. don’t so have and and you’ll in

is the out of for which distribution future naturally centers, in get work one growth. upgrading expanding things build you you’re kind distribution time DCs, centers Now, the brand-new we’re doing that you includes doing distribution centers, any opening and of those

excess you or so there, excess time. and So into naturally up because inefficiencies end over space grow you have forth with capabilities and those you

continue these to they positions to the perspective, win that things, to it we’re of order I us stage right, burden key at So of higher in with said able offer accounts probably the But that, really, and you side of we’re from think, business. bigger be their distribution be front that costs we’re kind where and or to and a as to pieces win really forth. to dealing contracts so well of alluded that to, the able on require

Jeff Johnson

and that the at that just cut if perfectly mean full-year fits investments least assume Is that, that guess, that. the investments? that’s flowing would talking look those the guidance, I of things promotional the or revenue I investments, FX because as through made reinvesting accounts quarter looks on $X.XX key through think that just pro also upside, new that’s is you $X.XX kind that in that follow-up this the of DC doesn’t you flow the it But I so you’re – of headwinds with the none Yes. it’s it’s your and would about be, And just the the the way like not at like forma growth it my about upside EPS again, you’re would organic – to next. because the

Albert White

Yes.

You’re absolutely on. spot

FX So kind that. incorporated back. of We brought us

we could from incremental Our tax majority we increasing bit stuff, looks the with like little and faster vast rate it But have. came little bit already be winning those in investments. lighter. lower a of contracts investments of wearers little Most It this bit. our are quarter are associated a that that

a hoping great on premier this in is standpoint isn’t about position putting to This think, in a we’re of from a that executing win the business having we street, point. I the And key feet available, available that’s competitive marketplace. on want. businesses, products products

We portfolio on aggressive be right have robust most now to proactive time in product now the capitalize the is that. and and the and silicone market

Jeff Johnson

you. Thank

Operator

Thank from line of Fargo. you. Larry with Wells next our And question the comes Biegelsen

Your is now line open.

Larry Biegelsen

Hey, $X.XX can FX clarify question. question. the or you just is since is thing Hey, in $X.XX since taking for worse Could last time, Al, guys, you – last time? thanks worse it one Jeff’s

Albert White

and QX QX, Yes, so in by $X.XX back-half at and year, of $X.XX worse the the it’s in at $X.XX $X.XX worse quarter. in $X.XX but

Larry Biegelsen

look about forma but Then full-year XXXX X%. for the on first-half now. guidance year. the it’s X%, my about looks the of Cooper at is CVI It I than XXXX like Perfect. for focus pro stronger much When questions, second-half wanted you overall, to the

point full-year at jumping-off XXXX point? XXXX have should be So the kind guidance momentum did XXXX? as into the we follow-up. think I fiscal about the of jumping-off one of second-half the how for looking we as Should

Albert White

as it you. of I this second-half at tell more the a bit Well, little year. look I’ll

We businesses in have now. good momentum right both

accordingly in – to investing in I fiscal see up take the you return, that. starting that to revenues so advantage in We’re speak, anticipate, of would show to XXXX.

Larry Biegelsen

fiscal quantify the helpful. headwinds, That’s you maybe interest how the XXXX? some made us questions. made that with there. just just the Brian then, this comments in the could earnings remarks So refine you tax, sticking XXXX, I turning taking at that how you help commentary prepared heard But to you point, about of of versus And some for and see could in sequentially EPS, just to Thanks think do his or FX?

Albert White

Yes.

you Brian was kind we think I referring headwinds income taxes. of if operating to have at and look growth, obviously that

would We’re looking our I tax next around XX% will do say, effective something forth. year. with And and fine respect so right comes now, probably as of, more and say, I rate at that number tune to information in we an tax like let’s that work

So But right to probably there. in better we you fair in number give December. now think, can I a number that’s a plug

time And in a plays get situation, out. see the how have is more card. on on flow future capital of buybacks. be FX we’ll will We’ll that find any think, if and interest job by where of a debt, We’re FX, We’ll small stock we’ll bit tuck-in that we always But generation. debt we maybe of I cash. hit and offset cash at perspective them and color acquisitions a doing wild looking We’ll little December. increases. couple a great then a be can some from kind reduction focused down the help generating paying Again, rate

you a the investments one that’s drive it growth. points, revenue I And though, enhanced think, basis guys, to even on to we’re company, these going we’re expect strong saying, growth incremental something at are double-digit But of an doing in So we hey a currency us with still OI order low takeaway that’s our and double-digit can when or put still is, as from here investments. important is constant why I up growth. going look OI

of more big to in So if of else next for hurdle the tax having the rate. effective year by us, jump bit just nature year it’s little nothing challenging because a a

Larry Biegelsen

the taking questions. for Thanks

Albert White

Okay.

Operator

from comes Raymond question with next the Keusch of James. our And line you. Larry Thank

Your line is now open.

Lawrence Keusch

everyone. afternoon, Good Thanks.

XXXX? you the topic to several But of clear you’ve efforts this I we be top to So, will the the on mode fairness, I quarters? looking think part anticipate And it the I ultra to to proactive don’t know, as this guess, nature spending as if of more. line and a Al, think, there’s a forward. you top want just the want in want of of sort of think I’m the you to And question going into of be spend accounts. I look, you that in you if out is, I stay focusing reflects I in lot there the that invest seeing spending. move you that that think, you investment also lot wondering here Do next been, But were also And to marketplace need here. keep about anything that for just suggesting clearly, engine on to that going? more you’re the suggest line other

Albert White

Yes, here a is, I key say, Larry, no. point would probably

our of and a money out spend share.” to seeing it is we saying, take bunch in or to drive looking order And a it now what in and wearers, saying, believe where in marketplace, position, we execute not We’re certain at new we’re fits, products you’re number.” can have a talking with that’s new offerings we at about decent a capabilities, our more where keep seeing. position growth something market lot We’re “From the what our and our it’s and “Oh, right today to with I’m go we’re

We’re Fit New and seeing share. continues to ahead us Databeing strong Data, which that solidly very our New of in a for Fit be our market

at I say, and like something New I in strong. when okay, Data Fit that look coming So

take advantage and convert it accounts. We’re on to winning of business from wearers. need execute key We and that

a making your obviously, promoting, and couple new you’re spend you’re a partner, dollars that you get new of happen. and and to with working extra you’re convert wearer that You wearer

on average. a long that have of mentioned, wearer seven for time, You period as years I

that. you’re fantastic getting a So on return

forma I saying, mean, really higher in numbers X% haven’t a CooperVision the growth.” pro So like you posting “Hey, solid right growth time. a That’s it’s of seen we can number. drive long matter now,

it’s solid guide. guidance this X% Our pro really growth, XX% for forma quarter to a

we’ve at So so investing number good proven look a put up just and it be but that can I this in forth, successful. QX. as, We we’re hey, a

and good a to to numbers. guiding feel going good confident We’re we number, put able be to we’re up

future, working you capitalize on there. continue when I we’re and frankly, hope those we out another the opportunities at them. mean, on we I win to look Now opportunities

So you know never with market. the

when they have new take you now. come And You competitors, have things. But different with they you out do me, and right to that’s opportunities, we’re products advantage at of the opportunities. where exactly

Lawrence Keusch

then That it quarter. perfect. a because second decelerated last which Okay, And feels very guess, is, then lot comp-adjusted well what’s just quarter makes the this sense. Asia-Pacific, basis right in question on there doing and of I so strong a thoughts just Again, now? in on accelerated Asia-Pacific,

Albert White

region strong. is Yes. The Asia-Pacific

in trade You’re We’ll trade thing the love lot the that Americas diversified region daily that. at the that. growth about right on a up the The talk about I and is. up to look is when how within to you dailies it silicones

products really at Daily are look we’re of region, the there. getting portfolio silicones You from full our doing growth well. Asia-Pac

Even Our products doing Biofinity well our traditional is doing of there. are hydrogel well. some

and we’re some of the some Keep opportunities us. having with. indexed growth there And forth in chains there’s Meaning, for the some a geographically. of door the and that Asia-Pac. different opportunities accounts under key countries seeing growth driving bigger with that mind, are so we’re getting in diversified seeing number there You’re in of you’re

be order in investing to that there So able to growth. drive we’re

was – certain for Asia-Pacific. And force sales points I have a have runway not. growth. think, thought years a some right, strong U.S. It’s forth you’re there our people but it’s do also investments dominated many good that we theme, really so of expansion and at but it in

Lawrence Keusch

Thanks, terrific. Al. Okay,

Operator

And from our line you. Block Thank with next the question Jon Stifel. comes of

Your now open. line is

Jonathan Block

Good Great. Thanks, afternoon. guys.

Just two ones. relatively quick

couple go also the flush a just to things. I key and accounts one, of want first The to out back

the see the it you to and flush accounts, the wins concessions, helping margin guide. maybe margin like line that it the the we side, some the the win your fact ongoing a bit profile, is seems fiscal there margin the due certainly business, top Just keep can Is to to upfront XQ the momentum that and accounts? are that pricing maybe lower key out or of structure accounts Al, are in it But if cost is larger key it some little on really of bit? a these

Albert White

is of really costs. a lot opportunities trying some from Jon, is right we’ve And what now of change the the do we’re to past. way upfront that these handled

working our we these go with if So to whereas opportunity we had and some a would accounts, would there trying our in we convert of make key happen. similar products with partner to that

Now belt mean because we so would would is currency that at us. on against to example, speak, “tighten” times, Well, some pulling our activity. back an move would of that

bottom right line. Now earnings not that near-term moves. currency short-term would the saying, talking about pull now What react back on some in growth to we’re the very better opportunities, a to little but it let’s would is put

take Let’s have. portfolio advantage we of the

Let’s upfront invest dollars. those

very so long strong those win for wearers time, those those. new Let’s and the a are keep wearers we’ll returns on

worse. where a margins that are You’ll outer in here not years. the There’s see the situation

individual it at look much Now as it as cost cost. at But would upfront certainly look would ongoing not as I is contract I each different. as

Jonathan Block

Okay, got it.

point, wins the point, P&L those fiscal see arguably, back-half some So returns start to flush through more and XXXX last your payoff would fiscal it, materialize XXXX we call sort really is when into meaningfully? those of should to at

Albert White

strategy to down, before I then upon our be But the if is implemented. Yes, think KRW. so start what better contract profit being come of new revenues than we that have forth timing any depending will and other been situation the it would

Jonathan Block

Understood.

and of more just business part over then And a quick the the Okay. PARAGARD. shift CSI to specifically

XX%, X%, believe. So I the think, revs last I was up at quarter

think I X% right before went what guys the the because was on on actually difficult comp you assets. of that acquired up

a you hey, how longer-term? good a or ready to are mid PARAGARD do view the high-level ahead go we Thanks. this grow Al, returns plus, just, and hires, say, sales or thoughts, maybe So single-digit from is high single-digit

Albert White

number that the spot job continue I doing impressed Yes. impressed doing and Boy, is around seen team be work And fantastic a it’s I’ve that are some there think by of on. the advertising work there. PARAGARD. the and guys by I was the to new

really and I’m excited there. excited numbers. enthusiasm would about the it about So probably I temper still some

kind probably maybe growth mid product in mid the And strong long a think, our probably a market has in I QX. thinking get number we’ll been time. single-digit of single-digit,

conservative in one. of ahead little want a being I strong. that get tough one I’m pretty myself coming But mid maybe answer single like a it’s But the on don’t digits. So little to keep thinking numbers to

I single So probably the margins would out that. product of growth digits. if throws the can towards it and off, has at And lean happy flow cash get that that we that it would with frankly, really be for single-digit now, mid mid we

if can that would that single-digit single more or a obviously get a sustainable upper of the bit even digits, we more be be and to invest fantastic. kind Now, little mid in upper

So we’ll results plays out, right good see and good but pretty pretty how that there momentum now.

Jonathan Block

Perfect. Thanks, guys.

Operator

Thank And next the question from with of Weinstein you. our line Blair. William Brian comes

open. is now line Your

Brian Weinstein

is of were idea that? to category And the you’re that question. new for the us market, product And outpacing Is the the new not? Talking worldwide? can that that Americas? give your about what fits specifically, that the within where Hey, in about you are? referring share thanks guys, Was fits an taking or comments specific you

Albert White

Yes, Brian.

dailies daily on supply there say, only to get from best and we so trend at model a But on Fit have Data Fit shows the all decent it’s where New also what even don’t of behind who data We much some the information. information. data, here data Now, okay, pull what of New levels internal the accumulated is internal over model are because and New that do not and the it world, standardized the Data some Data like the and different in the forth, Fit on single try that from basis like together get we people we markets, the frankly, we that some that we and then good years, can that? down and to you here. comes get get world and silicones every Americas of overall we’ve pretty a around and what’s look the is we an in sublevels the So – so kind lot quarter

when at strength that, look So overall. I the

our go seen seen it’s specific at to that kind decent improvements again, not daily some is. Data New in another of silicone robust our market we’ve share numbers, really amount a I’m fittings look hydrogel it’s Fit I ahead but the strength and side. if strength, row, So going where overall into we’ve bit, where a quite in of a quarter And

strongest Fit, it where we’re and really the now. right when that’s capitalize that’s dailies So we’re to comes where to trying SiHys, New

Brian Weinstein

think, would taken Biofinity And I quarter? you as constraints. follow-up of probably a fourth the cost Great. those in that the then do you quarter? that say the have What And comment. do that I on that, missed in you think you care Thanks.

Albert White

Yes.

true again last had it quarter, quarter. a we issues demand ahead had – a supply. was part been bit true bit have meaning, Biofinity, So this a was decent little with capacity we has little of of of That

We production have new capabilities. already added

capacity level up now needed to right our be. So is that the to we

this We’re adding capacity Biofinity more quarter. in

did for problem good fixed it, it the well, just situation a that, the little we get to demand than I’m and than it caused capacity well. that’s, terms product did, that think is and quantify other really a rest Energys into of say, of Biofinity able probably franchise being excited that in launch obviously that’s to now problem. it a in not there. in a in more pretty now, – of probably because went out impacted It we’re – mind there. Biofinity now the that of really there the to my People meet impact going was impacted us. So there I didn’t of We until that are product about lot bit kind demand

So now there go can team Biofinity and Energys. and sell including the Biofinity, we’re unconstrained aggressively out

Brian Weinstein

Okay. Thanks, guys.

Operator

question Joanne next from our Markets. And you. Capital comes BMO line the with of Thank Wuensch

Your line is now open.

Joanne Wuensch

me, Hi, guys. Can you okay? hear

Albert White

Yep.

Joanne Wuensch

previously. this – I’ve that market? in something the the investing I is discuss that make that the with really there memory up of key in there being coming just Is now at my you on them, there reason heard sure discussed now? a that this we want this more I is to in Is something Why Is and concept moment But I stage? accounts first portfolio? your it. this think, This Wonderful. a I us is time, think, spend

Albert White

Joanne. question, great Yes,

lenses in, of make If the in, product world. forth. we’ve Multifocals to had with you Multifocal able strength, the know, as we’re had links this We’ve the the of completed Sauflon that it, so in and a you here have we clariti we can sphere, a that market lot only a there. or where spots offering we’ve that and unique strength years offer it. hydrogel the success mass different brought Torics look lot offer at specialty a a U.S. the And around only Not of and not and the that Toric be product marketplace over we a and we had acquisition and Once but silicone a lot a had back independent with to daily and in broad can we marketplace. practitioners

We of what us team some We winning business, went to we’re out these can hey, are sales Well, those build big have easy. had side, winning historically a time say, we allowed capacity. daily we difficult who large We these sale lot opportunities, in and there. expand here. capacity and buying – a walk of a some team, tried in we’ve of win into That’s opportunities. the we heavy to where retailers, these relatively groups on can

We products. have the

out best We can the marketplace. there supply We have some don’t capacity products have in of you. issues. the We

CooperVision labeling been distribution. capabilities there’s about forth. We can of question of That’s mark successful. terms terms in packaging And get you’re amazing to and them. sales advantage to there, team opportunities, And job, won that opportunities. team those Well, going do? take and an new they some amazing try how done that little in been an a unique That of once successful. always Dennis leader and offer and you market a around you has so you has and logistics Murphy We’re job

of we’re some of little activity. bit, driving a driving bit about just position So a now near-term, it’s in the our more that’s become a did our start here it’s in. now. up advertising revenue growth We up also little important and And talking promotional kind it’s but

Joanne Wuensch

helpful. Okay, that’s

and of today’s follow-up. I’m through in us bit going and in impacting gross second – As impact walk margins, rate, you can’t do time what your that’s spend foreign show because that clearly the impact a remind there seems also? Can will be on of think a it quarter of to type us the will over you there it seeing guide me be it’s little exchange, question, XXXX, I be you XXXX. to for at because to third as going say will a quarter, up all fourth of

Albert White

Yes.

at to of now So on we FX wanted make, is through we least, planning operating something currency a and into that out are get growth. not with. move guidance numbers And one we’ll go going in forth we next on so basis, that guidance for low double-digit specific right. of we’re But to as points to I a there. I profit those kind there. in It’s I year current headwind rates and and is think we’ll next constant into the still incorporate year. December mean, update mean, delivering you’re deal have I

some issues intent have driving below there, line the we’re but still we on that. So

minute. say, you Now might okay, well, wait a

okay going heightened revenue and better in growth, guys currency so drive expansion. you face that, OI some to going the to forth. double-digit gross anticipating how investments. with But going drive you’re are going we of invest You margin and to I’m have to are because are growth you’re Fine,

coming a plans. do have lot we through volume the So more

drives us, unit is good a For costs. volume thing. It our down

manufacturing. forth so we equipment, utilize efficiencies, We as have more utilize space and and

that, versus six expenses a to but or I still what say that. do, ago like gross months was So with us that look II I But double-digit margin that XXXX something associated that at allowing currency when to I better were growth. probably thinking we fiscal deliver than net-net bit would little going maybe heightened constant

Joanne Wuensch

you Okay. much. Thank very

Albert White

Yep.

Operator

And from next Ro line comes Thank you. Sachs. the question of Goldman with our Isaac

now is line open. Your

Isaac Ro

forward of follow-up the to allocated than dollars guys. it to just out some of question a being Thank you. time channel as And push larger couple with I the be kind afternoon, I’m past. how strategy just which in I’m around dollars. maybe is differently the now been would been you dollars get and just has in go-to-market of spent? sort trying mediums, with those ago different have of making the to here this in on vision Good customers that here the better whether want you’re pointed curious efforts your where ways versus into a for versus the marketing another are just years interested different

Albert White

an dollars. about good our one, a and the it’s we’re important marketplace What is in you some Yes, of and because talk at here question probably sales how when competitors partner-related about activity. advertising look promotional we talking

So that’s TV ads. not

and magazines about. strategic going TV here all and ads all ads and and over going place about, a we’re the talking talking what through to so we’re We’re shift we’re That’s not over have big not hey, forth.

partner be successful. them retail with or we’ve closely partners talking buying work the which be help and done buying many many, well of to their them years, contracts, those forth, a doing operations is what has our We’re work so or for discounts. or work practitioners of independent lot lot about we with A groups do

from the we So lower the to trying on sales of about and all in to investing us together. We buys good pricing the the work to to get want the advertising, price with better faster. wearers a talking We We them that try promotional, want to with a more that their that coming more is partner we’re them. side be want have to link retailer and link all those that. activity that, – The that them together – us, is. opportunity

very But it’s sales we’re the over years. advertising So similar a the retailers. to the partner we’ve big promotional good done with that work

Isaac Ro

bit growth about surgical the sense. from more little sense handle relates of to to quick marketing get the maybe dollars what’s you fiscal exit potential. benefit kind embedded we for the of calendar some just it’s a a the bit what’s about? of give And the kind year the expectation But rest of of the the a and on think, reasonable makes to as the Okay, on follow-up months year, whether you six little long-term talked side. a trying in us PARAGARD? I as talked of next, guidance it impact bit to just three the you a start of Can

Albert White

what at higher kind means than it which talking up I number a couple in or quarter. maybe probably even mid-ish, was going our mid to around Yes. that would you’re of of thought number million to And being be single million of kind QX, digits. full-year slightly that kind that, PARAGARD dollars somewhere look somewhere we think for PARAGARD of of you $XX last is if

product, probably that that’s quarter. think, a dollars change to the big. big a going I where can in, that fourth aren’t that It’s the of we’re Obviously, come little. not in

mid a that little if now pushes a But So right bit a pretty we I that think, swing into growth. being it. about feel quarter, at good can least single-digit

Isaac Ro

guys. you, it. Got Thank

Albert White

Yep.

Operator

comes Jaffray. next Thank you. line And O’Brien our from Matt the question with Piper of

line now Your is open.

Matt O’Brien

taking questions. you Thanks good for afternoon. the Thank and

outlook you’ve tax currency the the got next year, which You so a rates, you’ve got spend a little money, point, business a maybe Al, bit are for higher more going to finer against, to Just growth a going in put EPS understands. I maybe Is next really of the comparison? some investments down XXXX we this have everybody expect as these think difficult some then of And wind big can bit? should that a business a year snapback on

Albert White

yes, don’t than fiscal going to rate, see today, down If right would we’re Yes, XXXX. today, some we the a I assuming EPS you’re generating year-over-year. wouldn’t of But be growth December. rate why I growth better sure. we’ll we outside the following EPS ends growing cash I know, tax That’s of I at of But as year, and similar that’s in look tax yes, mean, FX then for lot rate. to debt. paying up mean, tax next fiscal EPS and you true. much the rate we’ll be see where hurdle certainly And need XXXX in see a I would anticipate year of as

look We’ll so to tax to plans you our forth produce when of I strategies think tax structure product so manage obviously, and is and tax best forth tax reform. the and ship implement produce of our we in that do rate too, at as where and our we how terms and moving higher part structure. forth and so

years. numbers to would I now yes, at expect right good I return better in should doing of so when decent those be pretty look investments XXXX forth, growth amount rates at, and And go by exact QX kind our you these don’t $X.XX, the look when way, guidance that’s overboard we’re taking. adjusted is mean, to down in I that of XXXX, So the I investments. want FX that here in hit amount we’re a XXXX. we’re these And that and giving

like return I here, all that’s away of that tens it’s of or these this focused we’re not the So the of being, of millions because some, my dollars. like is metrics spending oh, certainly, millions at guys this associated with call – spending want and out control of anyone dollars and God, as from not walk all. I are to is don’t talking mean, highly case millions crazier,

Matt O’Brien

on just I then follow-up. Can side, you a do roll as out? then you you’re MyDay And a that talk a up as rolling little your bit about And that faster, here investments, Toric far helpful. year capabilities Thanks. accounts? sorry bit any helpful super commentary getting to maybe to investment of That’s have again. little market it. the with Where Got But these as to at these this the by we be Can kind qualitative talked you that you now there? two, with or historically, getting a share think of expect or metric some to Sauflon. to XX% you’ve about

Albert White

is right Toric a is being nice We seeing really really markets. here, exciting well. that well, – we’re in The quarter. that really here U.S., that because see Yes. but the effect product the roll is many MyDay we MyDay where And that had is on about it out that received the what’s that halo going product see in

kind will, a where of confirms, having had silicone premium MyDay the about received excited approach in it that strategy how and mass daily about market we’ve really being that and traditional in products we’re you a a the now, And So of multi-pronged hydrogel. is at market. if more right

and well. received So good we’re – it shape being that’s in

the hydrogel So of I’m that. really strong silicone terms about Obviously, uptick in saw numbers. happy daily

So I good. think, that’s

in XX% global if at share FRPs that and you range I But that general look in that in and and our of very kind you’re so a for you’re range okay, guys XX%, XX% kind at, share. XX% look past you you numbers. XX% to of When and – for some very have alluding think when for think, go, market discussions, general. I you it’s that Multifocals forth you’re and Torics silicones strong for kind market of

have about market in been share dailies. at running We XX%

Now that is improving.

this – up number So true has actually to for XX% global We is of that’s dailies that market a in moved quarter. is been number quarters. That accelerating. share That accelerating.

are that the and will we’ll towards as our and that where the momentum yes, have So XX%, level up move happens. get you’re market see take faster. today the up total happen same we and today, on right that when we when But we to share based

Matt O’Brien

Great. Thanks so much.

Albert White

Yep.

Operator

Mishan line KeyBanc. And from with Matthew question you. the next Thank of our comes

line Your now is open.

Matthew Mishan

the the SiHys. brands kind do dailies brands. the of out X category? of next Great. these couple time over total questions. that then for least taking And think much family round it years can doing the is But or do MyDay full Thank a same for you the several at the the positive of Al, it’s traditionally, around fair assumption dailies what for pretty you

Albert White

Yes.

I that’s where think a we’re strategy, for at tradeup that talk mean, wearer right fantastic. you I industry about the great and it’s I really is for do. now. the right great

still in We’re early that. the of innings

daily what’s the That’s best You wearing patients for patient. want lenses.

health, wear every eye clean out that daily it’s lens their them lenses. day. Throw a best For put every in one fresh to for day,

wearing You offer we combination the your the a oxygen for lenses them can talk content, silicone about permeability lens best want things the hydrogel of you in to patients. water of terms that

good it’s it’s premier a only manufacturer. good manufacturers So have this where for for Well, offering and wearer not the is the products also. you situation,

to people. fantastic. products and the successful for we with It’s ourselves manufacturers Alcon’s this of good and and good as have me strategy, push leading good that the I and be continue to should So health all the be. fact that J&J marketplace. is in will space for we think And mentioned that for and you is products It’s you – that

Matthew Mishan

And it. net follow-up. it Is reflected Great. in in How just about Got I full should advertising sales promotion? think benefit a number and a accounting sales, an rebates? with for you do the the offset in or get

Albert White

a reduction are rebates in the – it’s – a It’s revenues.

it’s an in taken – in quarter. immediate So revenues the reduction as that’s

Matthew Mishan

thank Perfect, you. Excellent. Okay.

Operator

And comes with question Robbie you. next Thank from line the JPMorgan. our Marcus of

now is open. line Your

Christian Moore

X% from Hi, overall range is dailies Robbie. It a today taking for obviously for the above the at market that look ticked as this market, Christian results like to forma is lens taking kind the strong X% Thanks on the and that looks of product Kind attributed geographic questions. contact same maybe it pro How from X%. is you of up Maybe well. you at uplift? much to competitors X% historical to product is of – for could SiHys? if mix us how then how shift that the is to the overall break And pricing much of much down that expansion? of

Albert White

exactly right. that stronger, and you’re different driving market by The there’s that dynamics strength competitors. are is Yes,

success job at now I I have in doing the trading they because think, right job look think I fantastic great like example, they’re a as doing good an front a a up. team you them, in a they wearers those So road that’s J&J, are someone long that’s position. if a And And have good that. on there, smart, guys of think,

and be the high-end focusing the envision, the product market that about you is is the the capitalizing continue So I winning shift end our market. by obviously relatively more of day have frankly, successful, But on the which that would flat. about and silicone. of trade wearers that, situation market. includes of dailies talked talking and driver driven on the Pricing, portfolio, to our they product of up at driver is new the some to mass That we’re

at it I look say, increasing? pricing and pricing Yes. list increasing, out we’ve can but a it rebate You seen is activity say, and also. would there is

that annualize that. of activity activity, starting offsetting to rebate rebate We’re but kind

So will neutral. that pricing relatively be

component, geography. other right you’re The is

you relatively established So perspective. there’s emerging there Eastern China wearer wearer expansion The is go flat Europe into and world, go around still are a But some when still from into markets markets geographic you there. and expansion. the markets, certain definitely

the growth So of a big to underlying attributable but of growth. put I wouldn’t driver certainly of part kind that’s consistent that,

Christian Moore

But the Great, seen then daily market thanks. as accelerating there? kind & help for you’ve all SiHy a the products do your their What players that there? And on you obviously could than see do launching thoughts to into Bausch accelerate XQ. the of worse you that space, you in maybe space results get high-level Lomb pricing benefit just utilization there, focusing in or expect in

Albert White

to I they’re on they’re have price or is Yes. it, or to Unfortunately, Bausch where product say going much launch don’t launch on to launch or going going want to to what I how don’t when that. speculate their it.

not now, I’m there. what’s I’m happen to position or in a out information guess I’d on when say, on it. comes But speculate comment happy to to that, So for going

Christian Moore

on just you the perspective. maybe control. one that gray under last the one And kind getting that from of Okay. market activity quarter last mentioned I geographic know

back-half But gray continuing commentary any acceleration seeing? market going saw type year. if then And that into into Thanks. see You what expected the geographies trend quarter. Europe of activity the a and you’re deceleration actually you still across in XQ? the Do on we in of

Albert White

of market that activity that. working gray The team through done has Yes. job nice really a

good momentum that, discuss there a Europe we to They that key over and I to success He there. They that lot certainly I quarter. very comp. a job perfectly remarks not that, there’s There and had focus around on prepared on yes, really a doing is runs heavy we’re would that over investing. as a and accounts a mentioned the continue. having on we’ve nice and has that Mark a expect had why accounts good I have quarter, in accounts, business would into discussion So been there, region already the that. been key have say there. challenging traction good links there, that’s nice key And

So would that QX. in continues envision I

Operator

our Thank the next line Jefferies. you. of with question And Petrone Anthony from comes

Your line is now open.

Anthony Petrone

accounts? actually globally. for Al, quantify through there what runs percent back key key to jump the to there. market maybe, XX% global And so just Thanks. accounts to you’re And And a of moment way a maybe is

that in follow-ups. invest of return potential in start couple you what is Thanks. points investments? time maybe of coming of a in these then channel, As the part I upside perhaps share from sort dollars the or And have once over

Albert White

Yes.

tough pretty have think, not account the I is accounts the the it’s key a same. long that key a discussion you all because are discussion of issues one, one that is

very to retailer, is optometrist the from some other extreme, retailer. speak, large themselves. retailers, go the where is not So you you the have optometrist by some retailer the an to of where Then essentially large They’re so independent the retailer, optometrist. employee employed renting the so they’re space,

practitioners. be talk key about U.S., especially independent have as can by some then of you to is there. imagine, true have practitioners that’s office many nearly been And like because there large employee buying into say, portion accounts. as relationship. of you also I Now, so a there there’s in They’re groups. lot true a related But an influence than to as get form you forth groups if places And the market if relationship, and corporate you independent it’s is buying would the an not more in the When independent historically. going

buying long-term volume, and brands to I of a that’s allowing down store in is moving together sustainable to about customers. anything why So work do groups and of and buy these definitely that forth, lock market their offering advantage and The take and kind to special is help packaging talk people market they trend. moving, so can

just key I a much complex So of guess, be generic that more answer just the would are accounts but term. pretty again, than sizable high-end part market,

Anthony Petrone

time this follow-up the And it the and ebbs different various linked like is and has be business that’s certainly Yes. distributors time, flows different closely within channel. a there the and just distributor to seen seems levels like. And from would the to channel stocking

so quarter-in as quarter-out takes hold? should looking as we as be out there is comments, anything at is any for plan your high CIBA Day next just competitively, point then any be and year, again. Thanks relates process last, it So of – has thoughts some at And Analyst aggressive should level just level stocking looking XXXX, their Al, to the then an this J&J and you’re spun obviously Alcon, launch there? at just

Albert White

Yes.

terms We have level. stocking not anything seen of in

discussion some of been So years in stockings, I in terms kind prior certainly prior of know downs with prior without and there channel quarters, up associated levels. that some some quarters has inventory some

anything really on haven’t seen We that.

consistent fairly here. have Ours been

detriment stocking get So way moving of communicate channel is of do, I the situations, attribute basis, you being handling inventory that they kind the goes anything if have I it that not us. to part if we’ll positive or of If obviously material a it or these inventory the wouldn’t way. way to we’ll we’re for down up part level. is levels a On other where either or the relationships, go-forward envision, would

the that. them I open another a I a company standpoint, there’s competitive pop know doing yes, little it’s guys own and pretty about don’t – it’s standalone that product to and have I more for launching you From a know, and them like put think, we’re they’re Bausch, been about grow going I about I’m one there Alcon. their continue on and to continue And into good fantastic. transparent And spinning that. I on some the yes that continue much out they’re to that’s either new business said not and not and to And that’s to I going And you up business. think entire I to on I’m guys J&J think the good pretty and has numbers – of color than speculate on So be. at Novartis and to grow going do wanting rumblings probably as if public industry.

Anthony Petrone

Thanks.

Operator

question Research. Thank Steve of Cleveland Willoughby line the our you. next with from And comes

Your now open. line is

Steve Willoughby

first, potential Two growth, of X% and about in comments you. growth, double current put next for single-digit the to Brian’s then XXXX terms low guess, good range regarding at earnings Brian, Hi, of current from X.X% consensus. the versus questions headwind or what just at going kind income tax Al guess, which just digits an looking in X% then it XX% evening. to year rates. growth operating I’m FX. looking would I I regarding rate low I’m the FX given EPS excluding

comments if So on have and a have just you follow-up? then that I any wondering

Albert White

that end the day. of device you’re business Because currency always is right? forth other too companies is Yes, Steve. moves part a a off our here. far and tough on unlike and frankly, offshore some at This don’t the significant think of I one, so medical

a large of business have nicely. We part and growing offshore it’s our

get that by hit So than by FX companies. tax get our year unique position, more hit we of do then we we’re other that because And do a little in rate. fiscal

I think think, the currency… yes. We’ll speaking, update see yes, where I we’ll but December, you’re in ballpark, So in for obviously that stands generally

Steve Willoughby

never Thanks, then accounts of really guess, given my the key parter sort for from and a It Joanne come it’s like seems a key of that decade. is just account of of company Al. conversation And second commented stance, the here. before. focus of the much couple question being up last around a kind I

contacts where Alcon, account that clear, private be come of wanted just I’m Bausch new given kind in And cetera? you’re potential only competitive so particularly And your impact of et space? does can to guys. really it’s wondering also any key Thanks, whether or one from, assuming company just the the any you’re from launches then really wins label not that

Albert White

we’re to launches there’s Yes, months. respect in, right? out more – this two our – launches, I guidance, there, for no mean, we’re competitive we have for a basically month So

we there’s for there launches competitive no, today. than in know really of as obviously other nothing So what

terms the Where a we of opportunities. in go a our add to silicone market-leading of we’ve buying you outside or what not Costco out daily questions and whom here with working of in context look into of some had have and When products. you the for standpoint, who say, talked I in we be there’s some quite we that we lot on have the some with I’m have retailers talked accounts but somebody terms groups mean, on that we’re at key key I a some discussed there of in about we sure past a go accounts, and in have. opportunity to So hydrogel what relationship of competitive in of folks Steve, relationship these to label changed of know us private kind not is with context of who things able about yes, working have

to capacity be have We supply able to them.

We be to get able you. logistics have them to to the

past. the can the able we’ve have have the something to packaging what you. with success a different to a and you ensure team promote than now is had animal work in And to where We those. be labeling efforts, we for sales That do we of and unique in the

we’ve Now us going distribution in years. I few But sales get owned us taken rewards a that the to really and we’re so a and there know cleaned up bit And that Sauflon all It’s marketing investing well. a doing the we’re little manufacturing, us. little key our accounts and get direction, stuff of everything within position to we’re to while for forth. taken It’s and reap teams all we’re starting in right work. of behind

Steve Willoughby

Okay, Al. it. I thanks. Make appreciate sense,

Albert White

Yes. Sure. Yep.

Operator

our comes Steven Thank from the with Lichtman you. line of next [Operator question Oppenheimer. Instructions] And

Your now open. is line

Steven Lichtman

that previously resources, all dollars, from is the shifting spend Al, is and relative you’re accounts to guys. accounts. doing investment you independent you the this independent incremental investment? work – practitioner any key just even increase you, toward Thank some from practitioners key as on important on or mentioned remains you’re investments of wondering coming earmarked I’m

Albert White

look there. things you great at patients other website countries relationship Prime. an aren’t Eye that No, through with in it Eye and kind investments. be we to tool. mean, over have channel, Care people mean, invest like I optometrist that marketing Yes. work it unique would that, the for encourage of now. a we that’s million mentioned I That’s to independent But question. a we at that of example. you Yes, we XX And have we like if go would we of software the tool look I incremental that. continuing And Prime right kind are to offer that’s a as I Care aware management and have offering and $XX when

invest our and be continuing independent with are core respect active we core part our and business they to remain part of of to a So practitioners. a business. They’re

I going friends. in not would anybody anyway to practitioner want independent think support So our fully not we’re to that

Steven Lichtman

are mentioned also focus likely then,. M&A And to focused adds generally side the the some it. your on you deals. Al, remains look business? for there? Got of say portfolio tuck-in of And surgical you areas some that potentially Fair what as

Albert White

mind stuff. tuck-ins if I’d now that’s say, we’ve both kind If something say see vision Yes, done would debt share we paying to if else small of we there. something those. on that, with. right We’ll I it’s side is certainly whether that to do okay make and some going be M&A, with would I’m be respect to of can earmark down that stuff we’ll surgical, I see to work can don’t dollars smaller not, tuck-in find buybacks or to comfortable

bit little maybe makes even rate cash, if a of a in you saying start that think, I at different when we’re environment raising So a little historically, looking sense. utilization of

Steven Lichtman

Al. Thanks, it. Got

Albert White

Yep.

Operator

Thank you. to like time. I’m and President any closing for And to remarks. I call this the further turn CEO, back any not showing now over at questions would White, Albert

Albert White

you if in out or to on to and Great. anything, group Obviously, our with and be December us look that equity then to Thank forward Relations our our – Investor forth everybody appreciate everyone. have thank happy and it. through connect earnings you, conferences up any reach on Well, call. or I you. questions catching and comments again so

and you. call, operator. we’ll So the ahead go with Thank that, end

Operator

in conclude does for you may wonderful Ladies you. have and today’s conference. Everyone, you thank participating a program, and gentlemen, today’s day. This Thank all disconnect.

The Cooper Companies, Inc. (COO) 30 Aug 182018 Q3 Earnings call transcript