CVI sales were $331.1 million during the quarter, which was about $3 million light of our target but, in our view, still quite strong. From a macro perspective, the overall contact lens market expanded 8% during the calendar first quarter, but this figure is inflated by pull-forward sales seen in Japan at Johnson & Johnson and CIBA, which are the market leaders in this geography.
Consequently, we believe the overall contact lens market expanded around 5% during the first quarter, with CVI at about 9%. We note that the company’s Americas business was essentially flat during the quarter but that was off a 15% comparison, so on a two-year rolling average, the performance here is actually quite strong.
Growth from the company’s single-use product line accelerated during the first quarter to 12.6%, largely due to uptake of MyDay in Europe. Management indicated that it continues to see solid capacity improvements in the manufacturing process for this key new lens and remains confident in its ability to reach $25 million in sales during fiscal 2014 and $75 million next year.
Multifocals were again strong, posting sales growth of nearly 20% ($35.5 million) on a very difficult 33% comparison. With our industry checks indicating that Cooper’s multifocals are among the best in the industry and the market for these products expanding rapidly as baby boomers use contacts to combat their presbyopia, we believe growth in this category will remain brisk going forward.
The company’s toric lenses were again solid, delivering 8.4% growth (sales of $104.8 million) during the first quarter. Long known as the “toric” company, Cooper’s brand in this large market remains powerful, and with considerable opportunities to expand this segment internationally, we forecast continued high-single-digit growth here.
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