The Cooper Companies, Inc. (NYSE:COO) today announced that
CooperSurgical has acquired the assets of The LifeGlobal Group and
its affiliates, a leading global provider of in-vitro fertilization
(IVF) devices. The transaction is valued at approximately
$125 million and is expected to be neutral to earnings per share in
fiscal 2018 and accretive thereafter, excluding one-time charges
and deal-related amortization. LifeGlobal had annual revenues of
approximately $24 million in calendar 2017, and is forecasted to
grow in the mid to upper single digits over the coming years.
Commenting on the transaction, Robert S. Weiss, Cooper’s
president and chief executive officer said, “This acquisition fits
perfectly into our very successful fertility solutions portfolio
with LifeGlobal strengthening CooperSurgical’s fertility media
offering and thus improving our industry leading fertility business
overall.”
About The Cooper CompaniesThe Cooper Companies,
Inc. ("Cooper") is a global medical device company publicly traded
on the NYSE (NYSE:COO). Cooper is dedicated to being A Quality of
Life Company™ with a focus on delivering shareholder value. Cooper
operates through two business units, CooperVision and
CooperSurgical. CooperVision brings a refreshing perspective on
vision care with a commitment to developing a wide range of
high-quality products for contact lens wearers and providing
focused practitioner support. CooperSurgical is committed to
advancing the health of families with its diversified portfolio of
products and services focusing on women’s health, fertility and
diagnostics. Headquartered in Pleasanton, CA, Cooper has more than
11,000 employees with products sold in over 100 countries. For more
information, please visit www.coopercos.com.
About The LifeGlobal GroupThe LifeGlobal Group
(“LifeGlobal”), headquartered in Guilford, Connecticut, is a
privately held company that specializes primarily in IVF
media. As the pioneer and leader in “one-step” media for
embryo culture, LifeGlobal maintains very strong customer
relationships along with product loyalty. The use of one-step
media has grown significantly over the years as it reduces handling
of embryos and lab requirements to hold multiple formulations of
media inventory. LifeGlobal’s other product categories
include other media products as well as IVF laboratory air
filtration products and dishware. For more information, visit
www.lifeglobalgroup.com.
Forward-Looking StatementsThis press release
contains "forward-looking statements" as defined by the Private
Securities Litigation Reform Act of 1995. Statements relating
to guidance, plans, prospects, goals, strategies, future actions,
events or performance and other statements which are other than
statements of historical fact, including our 2018 Guidance and all
statements regarding acquisitions including the acquired companies’
financial position, market position, product development and
business strategy, expected cost synergies, expected timing and
benefits of the transaction, difficulties in integrating entities
or operations, as well as estimates of our and the acquired
entities’ future expenses, sales and diluted earnings per share are
forward looking. In addition, all statements regarding
anticipated growth in our revenue, anticipated effects of any
product recalls, anticipated market conditions, planned product
launches and expected results of operations and integration of any
acquisition are forward-looking. To identify these statements
look for words like "believes," "expects," "may," "will," "should,"
"could," "seeks," "intends," "plans," "estimates" or "anticipates"
and similar words or phrases. Forward-looking statements
necessarily depend on assumptions, data or methods that may be
incorrect or imprecise and are subject to risks and
uncertainties.
Among the factors that could cause our actual results and future
actions to differ materially from those described in
forward-looking statements are: adverse changes in the global or
regional general business, political and economic conditions,
including the impact of continuing uncertainty and instability of
certain countries that could adversely affect our global markets,
and the potential adverse economic impact and related uncertainty
caused by these items, including but not limited to, the United
Kingdom’s election to withdraw from the European Union; changes in
tax laws or their interpretation and changes in statutory tax
rates, including but not limited to, United States and other
countries with proposed changes to tax laws, some of which may
affect our taxation of earnings recognized in foreign jurisdictions
and/or negatively impact our effective tax rate; our existing
indebtedness and associated interest expense, most of which is
variable and impacted by rate increases, which could adversely
affect our financial health or limit our ability to borrow
additional funds; foreign currency exchange rate and interest rate
fluctuations including the risk of fluctuations in the value of
foreign currencies or interest rates that would decrease our
revenues and earnings; acquisition-related adverse effects
including the failure to successfully obtain the anticipated
revenues, margins and earnings benefits of acquisitions,
integration delays or costs and the requirement to record
significant adjustments to the preliminary fair value of assets
acquired and liabilities assumed within the measurement period,
required regulatory approvals for an acquisition not being obtained
or being delayed or subject to conditions that are not anticipated,
adverse impacts of changes to accounting controls and reporting
procedures, contingent liabilities or indemnification obligations,
increased leverage and lack of access to available financing
(including financing for the acquisition or refinancing of debt
owed by us on a timely basis and on reasonable terms); a major
disruption in the operations of our manufacturing, accounting and
financial reporting, research and development, distribution
facilities or raw material supply chain due to integration of
acquisitions, natural disasters, system upgrades or other causes; a
major disruption in the operations of our manufacturing, accounting
and financial reporting, research and development or distribution
facilities due to technological problems, including any related to
our information systems maintenance, enhancements or new system
deployments, integrations or upgrades; disruptions in supplies of
raw materials, particularly components used to manufacture our
silicone hydrogel lenses; new U.S. and foreign government laws and
regulations, and changes in existing laws, regulations and
enforcement guidance, which affect areas of our operations
including, but not limited to, those affecting the health care
industry including the contact lens industry specifically and the
medical device or pharmaceutical industries generally; compliance
costs and potential liability in connection with U.S. and foreign
laws and health care regulations pertaining to privacy and security
of third party information, such as HIPAA in the U.S. and the
pending General Data Protection Regulation requirements which are
to take effect in Europe on May 25, 2018, including but not limited
to those resulting from data security breaches; legal costs,
insurance expenses, settlement costs and the risk of an adverse
decision, prohibitive injunction or settlement related to product
liability, patent infringement or other litigation; limitations on
sales following product introductions due to poor market
acceptance; new competitors, product innovations or technologies,
including but not limited to, technological advances by
competitors, new products and patents attained by competitors, and
competitors' expansion through acquisitions; reduced sales, loss of
customers and costs and expenses related to product recalls and
warning letters; failure to receive, or delays in receiving, U.S.
or foreign regulatory approvals for products; failure of our
customers and end users to obtain adequate coverage and
reimbursement from third party payors for our products and
services; the requirement to provide for a significant liability or
to write off, or accelerate depreciation on, a significant asset,
including goodwill, and idle manufacturing facilities and
equipment; the success of our research and development activities
and other start-up projects; dilution to earnings per share from
acquisitions or issuing stock; changes in accounting principles or
estimates; environmental risks; and other events described in our
Securities and Exchange Commission filings, including the
“Business” and “Risk Factors” sections in the Company’s Annual
Report on Form 10-K for the fiscal year ended October 31, 2017, as
such Risk Factors may be updated in quarterly filings.
We caution investors that forward-looking statements reflect our
analysis only on their stated date. We disclaim any intent to
update them except as required by law.
COO-G
Source: The Cooper Companies, Inc.
CONTACT:
Kim DuncanVice President, Investor RelationsThe Cooper
Companies, Inc.ir@cooperco.com
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