The Cooper Companies Inc. (NYSE:COO) Q4 2017 Earnings Conference Call Transcript
Dec 07, 2017 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the Q4 2017 The Cooper Companies, Inc. Earnings Conference Call.
And as a reminder, this conference call is being recorded. And I would now like to introduce your host for today's conference, Ms. Kim Duncan, VP, IR. Ma'am, you may begin.
Good afternoon, and welcome to The Cooper Companies Fourth Quarter and Full Year 2017 Earnings Conference Call. During today's call, we will discuss the results included in the earnings release, along with the updated guidance and then use the remaining time for Q&A. Our presenters on today's call are Bob Weiss, CEO; and Al White, CFO and Chief Strategy Officer.
(Forward-Looking Cautionary Statements)
And now I'll turn the call over to Bob for his opening remarks.
Thank you, Kim, and good afternoon, everyone. Welcome to the fourth quarter and full year 2017 conference call. This was an exciting year, and we finished with record revenues, earnings per share and free cash flow. I'm proud of the team and everything we've accomplished and believe we're set for a strong fiscal 2018.
For the quarter, we reported $562 million in consolidated revenue, up 8% year-over-year. Non-GAAP earnings per share was $2.65, up 16%, and free cash flow was a very strong $167 million. CooperVision posted fourth quarter revenues of $439 million, up 7% as reported, up 5% pro forma. Daily silicone hydrogel lenses drove growth up 37% in constant currency. CooperSurgical posted revenues of $123 million, up 15% as reported, up 7% pro forma. Fertility drove growth up 28%, or up 7% (ph) pro forma.
Moving to the details for CooperVision. This was a solid quarter given tough comps and some hurricane disruptions. By geography, the Americas grew 2%; EMEA grew 5%; and Asia Pacific grew 10%, all pro forma. The Americas saw solid growth in August followed by weakness in September and October. There was some negative impact from the hurricanes during the time, which we estimate roughly at $2 million or 1%. Regardless, our total share fit in the Americas continues to be better than the revenue growth, indicating we're taking on-eye share. Regarding EMEA and Asia Pac, both had solid quarters, especially considering the difficult comps. We continue to gain share in both regions on a diversified geographic basis, which bodes well for continued growth.
Overall, revenues continued to be driven by our silicone hydrogel lenses, led by clariti and MyDay in the dailies space and Biofinity in the monthly space. Our tiered approach within the daily silicone hydrogel space continues to prove successful. We are expanding our offerings geographically and have recently started seeding the US market with MyDay toric fitting sets with the full launch to come soon. MyDay toric has been received incredibly well internationally due to its very comfortable design, and we expect a similar response in the US. Our clariti 1-Day products continue to perform extremely well as the only silicone hydrogel family with the sphere, toric and a multifocal offering.
Moving to other