(Reuters) – Cooper Companies Inc beat quarterly revenue Wall Street estimates on Wednesday, driven by strong demand for its contact lenses.
The company posted total revenue of $930.2 million for the third quarter, above analysts’ estimates of $899.8 million, according to Refinitiv data.
A key growth driver for the medical device maker is its division that sells contact lens, known as CooperVision, which reported sales of $630.2 million. Analysts on average had expected $608.5 million.
Sales from the company’s surgical division rose 8% to $300 million in the quarter, higher than analysts’ estimates of $291.8 million. The unit provides a range of fertility and women’s care devices.
The company also increased its full-year revenue forecast range to $3.58 billion to $3.60 billion, from $3.51 billion to $3.57 billion.
Swiss eye-care company Alcon earlier in the month had also raised its full-year net sales and core earnings per share guidance after slightly beating quarterly sales estimates on strong performance of its vision care and surgical units.
Cooper reported an adjusted profit of $3.35 per share for the third quarter, slightly above analysts’ estimate of $3.34 per share.
Shares of the California-based company were down 1% in after-market trading.
(Reporting by Khushi Mandowara and Jaiveer Shekhawat in Bengaluru; Editing by Maju Samuel)
