PLEASANTON, Calif., Oct. 8, 2014 (GLOBE NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today announced that CooperSurgical, its women's healthcare unit, has acquired EndoSee Corporation, a developer of an office-based disposable hysteroscopy system. The transaction is valued at approximately $44 million and is expected to be neutral to fiscal 2015 earnings per share excluding one-time charges and deal-related amortization.
Commenting on the transaction, Robert S. Weiss, Cooper's president and chief executive officer, said, "The acquisition of EndoSee fits perfectly with CooperSurgical's office/surgical strategy of bringing high quality products to the OB/GYN while leveraging our infrastructure. This product has been cleared by the FDA and we plan to launch the product in the U.S. in the middle of fiscal 2015."
About The Cooper Companies
The Cooper Companies, Inc. ("Cooper") is a global medical device company publicly traded on the NYSE Euronext (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 crafting a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical focuses on supplying women's health clinicians with market leading products and treatment options to improve the delivery of healthcare to women. Headquartered in Pleasanton, CA, Cooper has approximately 9,000 employees with products sold in over 100 countries. For more information, please visit www.coopercos.com.
About EndoSee
EndoSee Corporation, headquartered in Los Altos, California, is a privately held company that specializes in the development of a disposable office-based hysteroscopy system. The EndoSeeTM Office Hysteroscope is a handheld, battery-operated, readily portable system that requires minimal setup and is easy to use. The system consists of a HandTowerTM – incorporating a rechargeable battery, video and control electronics, and touch screen LCD display – and a sterile, disposable hysteroscopic cannula with a camera and light source at the tip and which enables distention of the uterine cavity for optimal visualization. More information about EndoSee can be found at EndoSee.com
Forward-Looking Statements
This news 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 all statements regarding the acquisition of EndoSee including EndoSee's financial position, market position, product development and business strategy, expected cost synergies, expected timing and benefits of the transaction, as well as estimates of our and EndoSee's future expenses, sales and earnings per share 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: acquisition-related adverse effects including the failure to successfully obtain anticipated revenues, margins and earnings benefits of the EndoSee acquisition, integration delays or costs; adverse changes in the global or regional general business, political and economic conditions due to the current global economic downturn; a major disruption in the operations of our manufacturing, research and development or distribution facilities due to technological problems, natural disasters or other causes; manufacturing or supply chain disruptions; limitations on sales following product introductions due to poor market acceptance; new competitors, product innovations or technologies; reduced sales, loss of customers and costs and expenses related to recalls; new U.S. and foreign government laws and regulations, and changes in existing laws, regulations and enforcement guidance, which affect the medical device industry and the healthcare industry generally; failure to receive, or delays in receiving, U.S. or foreign regulatory approvals for products; failure to obtain adequate coverage and reimbursement from third party payors for our products; compliance costs and potential liability in connection with U.S. and foreign healthcare regulations; legal costs, insurance expenses, settlement costs and the risk of an adverse decision or settlement related to product liability, patent protection or other litigation; changes in tax laws or their interpretation and changes in statutory tax rates; the requirement to provide for a significant liability or to write off, or accelerate depreciation on, a significant asset, including goodwill; the success of our research and development activities and other start-up projects; dilution to earnings per share from the EndoSee acquisition or other 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, 2013, 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
CONTACT: Kim Duncan
Senior Director, Investor Relations
ir@cooperco.com
925-460-3663
