Albert G. White III
President & Chief Executive Officer at Cooper Companies
Thank you, Kim, and welcome, everyone, to Cooper Companies fourth quarter and fiscal 2022 year end conference call. We finished this year with CooperVision reporting its seventh consecutive quarter of double-digit organic revenue growth and CooperSurgical posting an eighth consecutive quarter of double-digit organic revenue growth within its fertility business. Demand for our products and services was very strong in Q4 and we're seeing that continue into fiscal 2023. I'm extremely proud of the dedication of our Cooper employees and the hard work it took to post another year of record revenues in fiscal 2022, and I look forward to another record-setting year in fiscal 2023.
Moving to the numbers, consolidated quarterly revenues reached an all-time high of $848 million, and we closed the fiscal year with record revenues of $3.31 billion. CooperVision posted quarterly revenues of $562 million, up 11% organically and reached a new record high of $2.24 billion in fiscal year revenues. CooperSurgical posted record quarterly revenues of $286 million, up 15% organically and reached new record fiscal year revenues of $1.07 billion. For the quarter, CooperVision's growth was led by our daily silicone hydrogel portfolio and myopia management products, while CooperSurgical's growth was broad based with strength in PARAGARD fertility and our broader medical device portfolio.
Non-GAAP earnings per share were $2.75. This was lower than we were forecasting primarily due to commercial spending tied to product launches and elevated distribution costs and Brian will cover this later in the call. For CooperVision in Q4 and reporting all percentages on an organic basis, revenue growth was strong and diversified in all geographic regions and across all product categories, spheres, torics and multifocal. The Americas grew 5%, EMEA was up 13% and Asia-Pac reached 16%. This performance was driven by new product launches, expanded product ranges, market-leading flexibility through our customized offerings and growth in key accounts.
Regarding product details, daily silicone hydrogel lenses grew 20% with especially strong growth from MyDay and from clariti in the Asia-Pac region. Daily silicones continue to be the main driver of growth for the contact lens industry, and we offer the broadest portfolio in the market with MyDay and clariti available on a broad range of spheres, torics and multifocal. Our silicone hydrogel FRP lenses, Biofinity and Avaira, reported another solid quarter of 6% growth.
Regarding product launches, we remain extremely active. The MyDay multifocal launch is going incredibly well, and the feedback from customers and practitioners remains outstanding. In the meantime, the MyDay toric parameter expansion launch has been overwhelmingly positive in the U.S. and Canada. With over 4,000 SKUs, we now match our standard Biofinity toric range and have the widest daily toric range in the market by a wide margin. Not only does this expand the daily toric category for everyone, but for many FRP toric wears, this is their first opportunity to enjoy the freedom of a daily contact lens. We'll be rolling out these expanded parameters in additional markets as we move through fiscal 2023 and look forward to continued success.
And lastly on MyDay, we're excited to be bringing MyDay Energys to the market. This lens uses the same innovative technology as Biofinity Energys to alleviate digital eye strain, and eye care practitioners are excited to be getting this technology in a premium daily offering. We started seeding the U.S. market and a full national rollout is scheduled for early spring. Combining all this MyDay activity, truly exemplifies CooperVision's leadership in the daily silicone hydrogel space and our focus on offering practitioners a wide variety of market-leading technologically superior products.
Outside of MyDay, demand for Biofinity remains especially strong to the point where we're somewhat capacity constrained. We've increased price and production, especially in the extremely high demand made-to-order extended range torics and toric multifocal, and we'll continue to focus on increasing capacity on a broader scale moving forward.
Moving to myopia management, we posted revenues of $26 million, up 29%, including MiSight up 88%. For the full fiscal year, we reported myopia management revenues of $93 million, which was impressive given the negative impact of currency and ongoing COVID restrictions in China. For MiSight, we're rolling out an expanded parameter range and launching in new countries and I'm happy to report that MiSight is now available in 41 countries.
Within this, we're seeing increased fitting activity from both independent optometrists and key accounts and we're continuing to see a positive halo effect with our MiSight customers accelerating their use of other CooperVision lenses. All this is a good sign and points to a strong fiscal 2023, where we expect myopia management revenue of $120 million to $130 million, up roughly 35% at the midpoint in constant currency.
As a reminder, MiSight contact lenses are the first and only FDA-approved soft contact lens proven to slow the progression of myopia in children aged 8 to 12 at the initiation of treatment. The product is backed by extensive clinical data and remains a shining example of CooperVision's leadership in the contact lens industry.
Moving to SightGlass, we've been making progress with these myopia control glasses as part of our great joint venture with EssilorLuxottica. This includes selling in China and pilot programs in Canada, the Netherlands, the U.K. and Israel. In the U.S., the JV submitted an FDA application to be the first spectacle lens product to receive FDA approval for myopia control, and we hope to receive a positive response by calendar year end.
And to conclude on the importance of myopia management and why it needs to become standard of care, the risk of visual impairment and eye complications such as glaucoma, grows exponentially with vision loss. So preventing higher levels of myopia is critically important for the long-term health of our children's eyes.
To finish on CooperVision, the contact lens market is performing exceptionally well with growth of roughly 9% in calendar Q3. There are still COVID-related challenges, especially with respect to staffing shortages in optometry offices negatively impacting patient flow, but progress is being made. Meanwhile, the long-term growth drivers of the industry remain intact. This starts with a macro growth trend and more people needing vision correction with an estimated 50% of the global population expected to have myopia or nearsightedness by 2050, up from roughly 34% of the population today. This is driven by a variety of factors, including greater levels of screen time and less time outdoors, especially among children.
Other industry drivers include the market's continuing shift to silicone hydrogel dailies, the increasing focus on higher-value products such as torics and multifocal and higher pricing, which is running ahead of historical trends. We expect global growth to remain healthy and believe we'll remain a leader with our robust product portfolio, ongoing product launches, fast-growing myopia management business and leading New Fit Data.
Moving to CooperSurgical, we posted a great quarter with growth throughout our portfolio. Fertility reported sales of $109 million, up 15% organically, its eighth consecutive quarter of double-digit organic growth. Success we've seen throughout the product portfolio and around the world, and given our momentum as we enter fiscal 2023, we're continuing to invest in our team and in our fantastic product portfolio, which includes leading consumables, capital equipment and genomics.
Demand remains very strong, especially among our key accounts, so we need to keep building infrastructure, investing in our people and delivering the products and services required in this high-growth market. Regarding the overall fertility market, the future looks bright. There are several industry growth drivers, but one of the key factors being women delaying childbirth. The average age of a women's first birth in the U.S. and several other developed countries now stands at a record high of 30 years old and age is one of the key factors in meeting fertility assistance.
Additionally, factors such as improving access to treatment, increasing patient awareness, improved product offerings such as cryopreservation, increasing fertility benefits coverage and technology improvements for both male and female and fertility are driving the industry forward. In total, it's estimated that roughly 15% of reproductive age couples have fertility challenges and that over 750,000 babies are born annually through fertility assisted measures, and these numbers are growing.
Regarding CooperSurgical's market positioning, we compete in a portion of the market that's roughly $2 billion in annual sales, and we forecast growth of 5% to 10% for many years to come. Within this, we're well positioned to continue delivering strong results with the broadest portfolio in the industry, a market-leading commercial footprint and strengthening key accounts.
Moving to office and surgical products, which includes OB/GYN, medical devices, PARAGARD and stem cell storage, we posted sales of $178 million, up 58% and up 15% organically. Within this, PARAGARD grew 19% and office and surgical medical devices were up 13%. PARAGARD posted strong results rebounding from several tough quarters, and our OB/GYN medical devices benefited from strong demand, especially for surgical products combined with clearing and backlog. Lastly, our stem cell storage business grew 2%, in line with expectations against the difficult comp.
To conclude on CooperSurgical, we made a ton of progress this year. Our fertility business continues to post great results. Our office and surgical products closed the year strong, and we completed an incredible amount of integration activity associated with several acquisitions, including the Generate deal.
Before I turn the call over to Brian, let me say, this was a great fiscal year for Cooper. We reported record revenues and made significant advancements throughout our organization. As we enter fiscal 2023, demand remains strong, supported by stable consumer activity and price increases, our investment activities, including new product launches and capacity expansion are going well. Our employees are highly engaged, and we're continuing to execute on our long-range strategic objectives. Having said that, we are aware of global inflation, geopolitical risks and other factors that could cause a global recession, and we're thus managing our investment activity with prudent cost controls and will continue to be vigilant in our operations.
With that, let me turn the call over to Brian.