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The Cooper Companies (COO) Q3 2020 Earnings Call Transcript

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COO earnings call for the period ending June 30, 2020.

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The Cooper Companies (COO 0.54%)
Q3 2020 Earnings Call
Sep 03, 2020, 5:00 p.m. ET


  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:


Ladies and gentlemen, thank you for standing by. And welcome to the CooperCompanies Inc. third-quarter 2020 earnings call. [Operator instructions] I will now hand the conference over to Kim Duncan, vice president, investor relations, and risk management.

Please, go ahead.

Kim Duncan -- Vice President, Investor Relations, and Risk Management

Good afternoon. And welcome to the CooperCompanies third-quarter 2020 earnings conference call. During today's call, we will discuss the results included in the earnings release and then use the remaining time for Q&A. Our presenters on today's call are Al White, president and chief executive officer, and Brian Andrews, chief financial officer, and treasurer.

Before we begin, I'd like to remind you that this conference call contains forward-looking statements, including all revenue and earnings per share guidance, and other statements regarding anticipated results of operations, market, or regulatory conditions, and integration of any acquisitions or their failure to achieve anticipated benefits. Forward-looking statements depend on assumptions, data, or methods that may be incorrect or imprecise, and are subject to risks uncertainties. Events that could cause our actual results and future actions of the company to differ materially from those described in forward-looking statements are set forth under the caption "forward-looking statements" in today's earnings release and are described in our SEC filings, including Coopers Form 10-K and Form 10-Q to filings all of which are available on our website at Should you have any additional questions following the call, please call our investor line at 925-4603663 or email IR at

And now, I'll turn the call over to Al, for his opening remarks.

Al White -- President and Chief Executive Officer

Thank you, Kim. And good afternoon, everyone. There are a number of things to cover on today's call, but let me start by saying our businesses are performing really well. They improved as we moved through the quarter and that momentum continued in August.

Before getting into the details, I want to first congratulate Dan McBride and the entire CVI organization for their performance during COVID. With our relatively strong June performance of down 3%, we had key milestones, including increasing our global market share to 25% and becoming the number two contact lens company in the world. The team is executing at an incredibly high level right now driving our key strategic initiatives of expanding key account relationships, launching new products, upgrading distribution capabilities, and expanding manufacturing. Combining this with our strong support of the independent optometrists are extremely high customer service levels, and the recent US launch of the most innovative contact lens in the world, MiSight, we remain in a great position to continue taking a share.

Moving to the numbers and reporting all percentages on a constant currency basis, we posted consolidated revenues of $578 million in Q3 with CooperVision revenues of $449 million, down 11%, and CooperSurgical revenues of $129 million, down 24%. Non-GAAP earnings per share were $2.28. These results were stronger than expected as both businesses bounced back nicely from COVID lows. Our strike continued in August, and we've incorporated that in our guidance which Brian will cover later in the call.

For CooperVision, all three regions posted improving performance as we progressed through the quarter with both June and July being down low-single digits. For the full quarter, the Americas and Asia-Pac were down 9%, while EMEA was down 15%. These results were better than expected as the strategic initiatives we've executed over the past couple of years really show their value during these challenging times. We're also seeing a halo effect from our MiSight launch bringing attention to our other products with positive activity in our daily silicone hydrogel, and Biofinity franchises.

Outside of CooperVision specific drivers, we've seen consumption improve with consumers returning to more normal wearing habits and social activity picks up and as video conferencing gains traction. Looking ahead to the fall, including back to school activity, we believe the market will be stronger than we were previously expecting. Parents are concerned about their kids' screen time, and with online education increasing they're proactively addressing their worries by scheduling eye exams for their kids. Digital eye strain is an issue for a lot of children but also adults a screen time and video conferencing has increased significantly.

This issue causes headaches and problems focusing, and is, therefore, something we all need to be attentive to. In conjunction with improving consumption, we're incredibly busy with product launches including MyDay sphere and toric which are being launched or relaunched around the world. MyDay has been in high demand for a long time, so it's great to be selling this premium daily silicone hydrogel lens in an unconstrained manner. We're also successfully continuing our global launches of BioFInity toward multifocal, and clarity is extended daily toric range.

And lastly, MiSight is in launch mode, and I'll cover that a minute. With all this going on with new offerings in the pipeline coming, we'll remain extremely active for quite some time. Moving to some quarterly numbers. Biofinity and Avaira combined to be down 8% in the quarter with strike noted in Biofinity toric and Energys.

You may remember Biofinity Energys is a very unique lens using digital zone optics to help alleviate eye fatigue from excessive screen time. It's a perfect fit in today's world and it showed a nice pop growing 4% in the quarter. Meanwhile, our silicone hydrogel dailies were down 11%, rebounding nicely as a quarter progressed including growing in July with notable strength in MyDay toric. With this activity, we've seen channel inventory rebound and expect to be back to pre-COVID levels by fiscal year-end.

Moving to MiSight. The team has done an amazing job. As the only FDA-approved myopia management contact lens clinically proven to slow the progression of myopia in children, interest is incredibly high. We far outpaced our initial estimates with over a thousand optometrists in the US now certified to fit MiSight with many more in process.

With the success, we just launched an exciting multi-channel, direct to the consumer advertising campaign, including partnering with a well-known actress, Sarah Michelle Gellar as our celebrity spokesperson. This initiative is already accelerated consumer interest in MiSight and it's being received incredibly well by optometrists. What's most exciting is that we're creating a new category. Myopia management is in its infancy, but it's set to become a brand new multi-billion dollar category and we're at the forefront.

Regarding the total addressable market, If we narrow the market to just 8 -12 years old which covers the FDA's approval for MiSight, we estimate the US myopia management market to be around $1.5 billion from a manufacturer's perspective. The math behind this is pretty straightforward. In the US, roughly 40% of people are myopic, and we conservatively estimate the percentage of myopic children ages 8 -12, to be 20% as many kids become myopic in their teenage years. There are roughly 20 million children between the ages of 8 and 12, so this equates to four million kids being myopic.

All these kids would benefit from myopia management but based on household income and the current lack of insurance reimbursement, we estimate roughly half the kids are candidates. This creates a total addressable market of $1.5 billion in the US, assuming an annual price of $750 for myopia management programs such as Brilliant Futures which includes the MiSight specialty lens and accompanying support including training, geo-targeted marketing, and a dedicated myopia support specialist. Adding Europe and the rest of the Americas increases the total addressable market to roughly 2.5 $billion. And adding Asia -Pac where the prevalence of myopia among young children is considerably higher takes the total addressable global market well over $5 billion.

These numbers do not include teenagers so they may be conservative, but they appear reasonable for contact lens programs such as MiSight and Ortho-K at this time. When looking at these estimates, you clearly get an appreciation for why we're so excited about creating this new category, and while you're seeing optometrists, now talk about pediatric, optometry as a new market similar to what you see with pediatric dentistry. And remember, everyone knows myopia needs to be corrected in order to be able to see, but more and more people are becoming aware that it needs to be treated to reduce the higher risk of serious eye diseases, including retinal detachment, cataracts, and glaucoma. Regarding sales, even with COVID challenges our myopia management portfolio including MiSight and Ortho-K lenses grew 15% this past quarter to $9 million.

Within that MiSight grew 35% to $1.6 million. With the US MiSight launch now fully under way, we expect solid growth in Q4. One additional point to highlight regarding myopia management and specifically MiSight is the positive impact we're seeing from telemedicine. Myopia management consultations involve a lot of early stage dialogue with parents that can easily be handled via virtual consultations which are actually -- extra important today with COVID restrictions.

These virtual consultations have been conveniently helping families understand what myopia is, how it progresses, and the critical need for treatment. To conclude our vision, let me touch on market data. For calendar Q2, the market felt the impact of COVID and was down 32%, while we were down 27%. With this outperformance, our global market share increased to 25% and we posted record shares in all three regions, including strengthening our number one position in Europe.

We also posted extremely strong new fit data which bodes well for the future. This is a testament to the hard work of our team and the strong execution of our multi-year strategic investment plan. Regarding future market growth, the underlying dynamics driving our market remain in place, and may actually be increasing with the macro trend of higher screen time. The key for our market remains myopia where it's estimated roughly one-third of the world is now myopic with that number expected to increase to 50% by 2050.

Combine this with a continuing shift of daily silicone hydrogel lenses that trade out from legacy hydrogel to silicone hydrogels' geographic expansion and growth in toric and multifocal, and our industry has a bright future. Moving to CooperSurgical, we reported revenue of $129 million, although, down 24%, we solidly exceeded expectations in a challenging market environment. Even more encouraging both the Fertility and Office and Surgical business segments posted improving results as we proceeded through the quarter and into August. Within office and surgical, our flagship brand Paragard saw a strong rebound as offices steadily reopened.

Paragard placement activity increased over the course of June and July, and we've seen that activity continues in August, so we expect a solid Q4. Elsewhere, we've seen deferred elective procedures steadily rescheduled and our medical device sales rebounded nicely. In particular, our focus products are performing solidly such as INSORB, our patented surgical skin closure device, and Endosee Advance, our direct visualization system for evaluation of Endometrial looking for potential causes of abnormal uterine bleeding. These products were down only slightly for the quarter, and we expect stronger results moving forward especially with Endosee Advance as it capitalizes on the trends of physicians and patients preferring an in-office setting to an OR visit.

All this success is a testament to our R&D group's ability to continue developing innovative products and our hard-working sales teams. Moving to fertility. We were down 26% for the quarter slightly better than expected. Fertility clinics have largely reopened around the world and we're seeing some really positive trends.

Patient flow is improving and the market is starting to address pent up demand, including through the use of telemedicine. With this, we believe we'll see IVF cycles return to normal in the US, and Europe by year-end with Asia-Pac following in Q1. Regarding products, we saw a nice rebound in our consumables such as media and pipettes as the quarter progress, and our Genomics business actually grew nicely in July. These trends continued in August so this bodes well for our business to strengthen considerably in Q4.

Moving forward, we'll continue to focus on in-office and virtual sales and marketing training sessions, adding sales personnel where appropriate, and expanding our product offerings. Fertility remains a long-term global growth business with very positive trends, so we'll continue investing in this space supporting our market-leading position. In conclusion, our businesses are performing well and we're optimistic. We'll continue to see improvement driven by our strong product portfolio, including some unique products like MiSight, Biofnity Energys our Ortho-K lenses, and Endosee Advance.

With that, I'll turn the call over to Brian.

Brian Andrews -- Chief Financial Officer

Thank you, Al. Good afternoon, everyone. Most of my commentary will be on a non-GAAP basis, so please refer to today's earnings release for a full reconciliation of GAAP to non-GAAP results. Our third-quarter consolidated revenues decreased by 15% or 14% in constant currency to $578 million.

Consolidated gross margin decreased year over year to 66.3% from 67.3% primarily driven by lower Paragard sales and higher expenses associated with COVID, partially offset by positive product mix at CooperVision. CooperVision's gross margin decreased to 64.8% from 65.6%. CooperSurgical gross margin with 71.5%, down from 72.4%. Opex is down 5.8% year over year resulting in consolidated operating margins of 23.2%, down from 28.4% last year.

Despite the top-line pressures, our performance exceeded expectations as we effectively managed expenses offsetting higher COVID related costs. We did this while supporting our employees, funding higher MiSight in Paragard advertising programs, and maintaining investments in internal projects such as upgrading our IT infrastructure. We will continue to closely monitor expenses balancing the costs against investment opportunities. Interest expense for the quarter was $5.7 million driven by lower interest rates.

The effective tax rate was 14% reflecting the geographic mix of income and lack of options activity. Non-GAAP EPS was $2.28 with roughly $49.5 million average shares outstanding. And the year over year opex impact for Q3 to revenue and EPS was a negative $3.3 million and a positive $0.03. Free cash flow was $68 million comprised of $113 million of operating cash flow offset by $45 million of capex.

Net debt decreased by $67 million to $1.75 billion, and our adjusted leverage ratio was two-point to three times. Given we're approaching the end of our multi-year capital expansion project, we remain very comfortable with our current and expected liquidity and leverage. Moving into guidance for Q4. Regarding two consolidated revenues of $665 million to $693 million.

This includes group revision at $500 million to $520 million which is minus 2% plus 2% on an as-reported basis, or minus 4% to flat in constant currency. This incorporates our strong Q3 and tough comp from last year which included 11% growth in Asia-Pac from buying associated with the Japan VAC increase. For CooperSurgical, providing $165 million to $173 million which is minus 9% to minus 5% as reported or minus 10% to minus 6% in constant currency. This also incorporates our strong Q3 and tough comp from last year which included 12% fertility growth.

Non-GAAP EPS is expected to be between $3.00 and $3.20. And with that, I'll hand it back to the operator for questions.

Questions & Answers:


Thank you.[Operator instructions]. Our first question is from Larry Keusch from Raymond James. Please, go ahead.

Larry Keusch -- Raymond James -- Analyst

Thanks. Good afternoon, everyone. I guess Al maybe just starting with a question on rebating. Obviously that it's been stable for some quarters now and saw a little bit of movement in this most recent quarter.

So just want to get some sense of how you're thinking about rebating activity out there. And are you still thinking that that net pricing is actually still positive.

Al White -- President and Chief Executive Officer

Yes, Larry. When we're talking about rebating the vast majority of what we're discussing here and what you're referencing I believe is associated with US consumer rebating. So it's a relatively small part of what occurs on a global basis from a pricing perspective, but there was some activity during the quarter from one of our competitors. I guess all I could say is when you look at that, I'm not going to comment on their strategy behind why they decided they wanted to give up profits.

But for us, we have a pretty strong product portfolio. Obviously, we're gaining market share. We're doing really well of what we have in the marketplace, and rolling out new products, and we're excited about where we stand. So we feel like we're in a really good position.

So I don't have much to comment on that other than just we're pretty happy with our position and where things are going.

Larry Keusch -- Raymond James -- Analyst

Ok. Perfect. And then, I just secondarily just again, can you -- I guess a two-part question. Just talk a little bit about how you're thinking about your manufacturing capacity for MyDay toric.

Kind of where that sits right now. And then I guess along with that there was about $22 million adjusted out of COGS for COVID in this quarter, very similar to the levels in the fiscal 2Q. So does that imply that the production lines are still idled, and do you -- where do you stand versus the last call when you expected those expenses to start to decline in the fiscal fourth quarter.

Al White -- President and Chief Executive Officer

Yes, sure. So from a production perspective, we're in really good shape right now. We're definitely in a good shape with MyDay and including MyDay toric. As we talked about, and we ramped up at a number of lines here over the last couple of quarters and production is ramping up nicely.

So we've continued with full production on MyDay. I think we'll continue on full production. I don't see us stepping back with respect to MyDay production based on the demand we're seeing around the world. With respect to the call outs from the quarter, yes, we had a number of COVID related call-outs associated with some specific COVID related actions that we took.

If we had an employee or someone who was infected, and we had to take action. And then, we also proactively initiated an inventory control project, and that they've not taken some lines down. So those were the costs that were incurred associated with that. We do not anticipate having any of those costs occurring in fiscal '21.

Larry Keusch -- Raymond James -- Analyst

Ok. Perfect. Thank you.


Thank you. Our next question comes from Larry Beigelsen with Wells Fargo. Please, go ahead.

Larry Beigelsen -- Wells Fargo Securities -- Analyst

Good afternoon. Thanks for taking the question, and congrats on a good quarter in a tough environment. Al, let me start with CVI. First, how much did restocking contribute to fiscal Q3.

Do you expect that to continue in Q4. Will you provide us, Al, with the growth rates in July and August. I heard you say June, July was down low-single digits, but will you give us a specific monthly growth rate. And then, maybe this is nitpicking a little bit Al, but on the Q2 call, you said you would be flat up slightly for CVI in Q4.

Now you're guiding to negative 4% to flat on a constant currency basis despite the fact you did a little better. You did a lot better in Q3 than you expected. So why the slightly lower guidance for Q4. And I guess, I'll drop out given the multipart after that given the multipart question.


Al White -- President and Chief Executive Officer

Thanks to the multipart.First off, thanks, Larry. Yeah, it's a good quarter. So I appreciate that. The restocking -- some of it is a little hard to get your hands around.

As you go down in doctors' offices and so forth. But I think it would be fair to say that we probably had about half of that restocking come in this past fiscal quarter. So fiscal Q3, I think we'll get the rest of the stocking that we lost in Q2 back during Q4. So I'm split the two of them and a half to some degree.

If you look at June, July, August, June was down 3%. July was down 2%. I'm not going to get into specific monthly numbers going forward because I'm not sure that's a good thing to keep doing. I mean we did it because of COVID and so forth.

But I guess, I will say that for August, CooperVision and CooperSurgical both grew year over year on a constant currency basis. So obviously, good news there. If you look at the Q4 guidance for CooperVision, yes. I was talking about fighting hard to get back to the flat.

Our guidance shows minus 4% to flat on a constant currency basis. Up a little bit with our currency as reported. I think part of that frankly just goes to we've seen consumption increase and it increased faster than we were anticipating which is great news. Right.

But that did pull some of that channel inventory fell into Q3, so let's say that we were thinking you know 5 million, 7 million, 8 million something in Q3. We ended up with probably 10 million extra channel fill that moved from Q4 into Q3 that you don't have that as an easier way if you will report the stronger Q4. Having said that, I'll take all day long that the pickup in consumption and improvement in the marketplace. got it.

Larry Beigelsen -- Wells Fargo Securities -- Analyst

Got it. Thanks, so much guys.


Thank you. Our next question is from Matthew Mishan with KeyBanc. Please, go ahead.

Matthew Mishan -- KeyBanc Capital Markets -- Analyst

Great. And thanks for taking the questions, and a very nice quarter. I just want to get back to the ECPs. I think you mentioned that parents were proactively scheduling like eye time.

Your performance seems to be outpacing the patient visits to the ECP as well. What do you think the capacity for ECPs is at versus a pre-COVID level. And like down low-single digits it just seems like you're well ahead of where the ECPs are well with a visit.

Al White -- President and Chief Executive Officer

Yes, I think so. Because I think right now ECP offices are open. They're basically all open right now. Now there are different degrees in terms of how many patients are seeing a very significant percentage of them are back doing NEO-fit.

So that's good news then. They're not at the same level they were historically, but their back doors open. Patients coming in new sets occurring. So a lot of positives from that perspective.

Yes, our performance is better than that if you will. That's coming from share gains, and we saw that encounter Q2. I believe we're continuing to see those share gains right now. And I think that goes back to what I've talked about over the last couple of years right which has been more tied to our own strategies.

And I know a few people may events frustrated you know every quarter I get on I talk about distribution investments and, product launches and that kind of stuff. But if you look at what we've accomplished over the last couple of years and where we are with key account relationships the focus that we put there. Right. When launching the new products with upgrading those distribution capabilities, so we can ship products directly to people's homes and what we've done in terms of expanding our manufacturing.

We're just doing a really good spot. So, yes, the market's coming back and we're taking share in that market. And when you look at some of the unique products we have like Biofinity Energys and our Ortho-K lenses, specialty lenses, and so forth, you know it puts us in a really really nice position to continue that. And that's the last point I touched on which is we're launching MiSight we're having conversations with a lot of optometrists about MiSight.

And we are starting to see that halo effect where you're having those conversations with people. You're able to talk to him about your other products.

Matthew Mishan -- KeyBanc Capital Markets -- Analyst

Excellent. This is a follow up to that. I think you mentioned that you had new offerings in the pipeline coming. Where do you think you have portfolio GAAP on the contact lens side.

And do you think it makes sense to migrate Energys down to the dailies.

Al White -- President and Chief Executive Officer

Yes. Good question. I'm not going to get too much into the pipeline. I mean, we have some new products that will be coming out.

We also have some expanded things like the expanded toric range we have going on for Clariti right now. So I don't want to get too much into that from a competitive perspective other than to say that the backlog is pretty good right now. And you'll be seeing more products coming.

Matthew Mishan -- KeyBanc Capital Markets -- Analyst

All right great. Thank you, very much.


Thank you. Our next question is from Jeff Johnson with Baird. Please, go ahead.

Jeff Johnson -- Robert W. Baird and Company -- Analyst

Thanks. Good afternoon, guys. So I wanted to talk about -- you said August up a little bit for CVI, sounds like are in positive territory and so you can probably hear my dog barking. Perfect timing here as I start my question.

But sorry about that. But with off in August talking to flat to down 4% for the quarter. Is that just conservatism in there that we should think about that. And how do you reconcile.

I find it interesting in the Eyecare business data I don't know if you follow that, but they talked about June and July down 4%, 5% as well. But then a little bit worse in August, and you guys are obviously bucking that trend. But has there been some backlog in June and July that's helping that, that might ease out a little bit over the next couple of months. Just how to think about kind of the backlog versus normalized demand.

Al White -- President and Chief Executive Officer

Yes. I think the backlog is helping a little bit. Right. Because we did see some of that pull a lot of inventory in Q2, and it's yet because consumption has picked back up.

That's a situation where distributors retailers need to order product back up and stocked their shelves. So, we have not really seen a pullback in terms of the marketplace right now. So when you look at sitting going on their new fitting, but I'm speaking with respect to our products. Again, I think where we took a share, I think we're continuing to take share.

So, I can't really comment on that in the marketplace, but I could tell you things continue to move in the right direction for us. If you look at Q4, I certainly don't want to say conservative, and I guess I'd say that for two reasons. One, COVID still exists, and it's still out there and there's still spikes and so forth. So I think you still need to take into consideration the potential for some disruption associated with COVID around the world.

And the other one I would mention is, as comp we did 7% last quarter and including we had some buy-in September of last year in Asia-Pac because of that VAC increase in Japan. So we'll see how it plays out. I mean, I love to be able to tell you after the fact it was conservative. But right now, I think that's probably pretty reasonable guidance.

Jeff Johnson -- Robert W. Baird and Company -- Analyst

That's helpful and then my side is you still thinking 78 million. I just don't remember what the number is with 1.5 million this quarter. What that brings up the year to date. Number two, and then Brian, just to make sure is there is any tailwind from the CNE acquisition you did in the quarter for CVI, or is that too small to really matter.


Al White -- President and Chief Executive Officer

Yes. MiSight, what are we at around four and a half for the year. So yes, I still think we have a chance to get into that seven to eight range based on how successful things are going right now. You would think that new fit with the way NEO-fit is and so forth.

That would be impacting on a lot more than it is. But we seem to be plowing through some of that from a physician's perspective. So I still think we can be in that seven-day range. And then, I still think we'll be $25 million or so in MiSight revenue next year.

I think on the acquisition you're talking about the GP specialist. Now what you're talking about.

Jeff Johnson -- Robert W. Baird and Company -- Analyst

Yes. I'm sorry. Yes. GP specialist.

Obviously, I mean CNE but. Yes. Sorry.

Al White -- President and Chief Executive Officer

Yes. OK. Yes. And the product.

Yes. So we acquired that business at the beginning of August for about $25 million. Looking at Brian, $27 million something like that. It'll add about a million dollars of revenue per quarter.

Jeff Johnson -- Robert W. Baird and Company -- Analyst

Thank you.


Thank you. Our next question is from Jon Block with Stifel. Please, go ahead.

Jon Block -- Stifel Financial Corp. -- Analyst

Thanks, guys. How you doing. Nice quarter. I'll start with MiSight.

Sure one question but two quick adds to it. The first is, you did a great job bringing down the market and the market size. What would it take for you guys to get label expansion beyond 8 to 12. You mentioned a pretty big chunk sitting in the teen years, so how do we think about your ability to go 13 to 18 overtime.

And then, you also talked about the halo effect, and I get it it's early Al, but is there any data that you have on MiSight adopter what their overall CVI growth rate is versus call it the non-MiSight Adopter. I mean I just got a follow-up.

Al White -- President and Chief Executive Officer

So getting the label beyond 8 -12 will be a little challenging here. Just in terms of where we are from a clinical perspective. Now we're doing a lot of R&D clinical work and so forth, and we'll have -- we'll expand out the product offering and so forth. But I don't think we'll be seeing a label be on an 8 -12 for a little while.

But keep in mind two things. One that's here in the US market per the FDA outside of the US, you don't have that restriction. And then even here in the US, based on some of the initial fitting because we already have hundreds of kids in the US are already wearing MiSight and adoptive could sit it off label if they wanted to. With respect to the halo effect, it's still really early here in the US.

We've seen some of that halo effect outside of the US. We're seeing it some here in the US in terms of conversations we're having because we're getting ECPs wanting to talk to us wanting to have a dialogue about what is MiSight. How does it work. How do I sell it.

How do I bring that into my practice right now. How to adjust make it a practice to accommodate MiSight. How do I incorporate telemedicine into that sale all that kind of stuff. Well as you can imagine when you're having that dialogue with them, you're also taking the opportunity to talk about your other products.

So there's no question there's a positive halo effect there, but at this point in time, I don't really have numbers to be able to give you that specific point.

Jon Block -- Stifel Financial Corp. -- Analyst

Ok, guys. Fair enough. The second question is just we talked about CVI last quarter. You talked about three distinct headwinds.

It was inventory. It was consumption. It was NEO-fit. And you mentioned about clawing back to normalized inventory between 3Q and 4Q consumption and it's just partially dependent on COVID.

And then there's a new fit. I guess where I'm going with this is with most of the brand is opening. When we look to next year whether that's your fiscal year or the calendar year, do we revert back to normal growth rate as inventories should be truly up by the end of the fiscal 4Q. Well, we think out to fiscal '21, or calendar 21 for you or the industry.

Can we rethink about our reset in the markets reverts back to that mid-single-digit, to mid-single-digit plus range. Thanks, guys.

Al White -- President and Chief Executive Officer

Yes. I do think it can. I mean you're going to have inventory work itself back here as we talked about. You take that if you look at consumption, I think we were all concerned about consumption to some degree.

People working from home and what was going on. You know what we've seen more recently here over the last couple of months is as one, people going back to work. Our office here is probably a third to a half-filled up on most days. But the other thing you're seeing is video conferencing.

You do video conferencing now in our company at least, and I think it's true in a lot of places. You are on the screen, so it is not a conference call, it's a video call. So the same reason that people were wearing lenses for cosmetic reasons, they're now wearing them because they're probably even more conscious about how they're looking than they were even coming into the office. So that helps.

There's other anecdotal stuff you talk about glasses fogging up as an example. Right. I mean, so you're seeing contact lens wearers actually where their contact lenses more because they're getting annoyed with glasses fogging up and you think that's only going to be worse in many parts of the country as winter gets here. So I think there's some -- there's obviously, negatives on consumption, but there are positives on consumption that we probably weren't anticipating.

NEO-fit is definitely coming back up. There's been some pent up demand on NEO-fits. We've heard that. We've seen that in the research that we're doing out there and especially among your teenagers.

Your younger group of people so as COVID is still out there. It still exists right. It's still a challenge in a lot of parts of the world in some markets coming back. So I certainly don't want to get ahead of ourselves.

But I do think as we move into next year depending on when it is during the year you're going to see contact lenses move back to normal growth rates if you will.

Jon Block -- Stifel Financial Corp. -- Analyst

Got it. Very helpful. Thanks, Al.


Thank you. Our next question comes from Anthony Petrone with Jefferies. Please, go ahead.

Anthony Petrone -- Jefferies -- Analyst

Thanks. And maybe two follow-ups there. to Jon's questions. One, on CVI.

I'm just wondering what was the benefit in fiscal 3Q from NEO-fit specifically associated with back to school. And just how is the back-to-school season playing out. I guess in fiscal 4Q, and how much of that is reflected in that guide. And then on margin expansion just a follow up there would be, you mentioned that obviously, some of the benefits was cost control.

How much of the cost control is completely executed, or is there more cost control efforts that are still available to the company. When you look out the next 12 months, should the COVID cycle extend. Thanks.

Al White -- President and Chief Executive Officer

Sure. I'll answer the first one. I'll give a shot on the second one that Brian has the color you want that. It's tough on the back-to-school side of things.

I mean where we were sitting at one point months ago thinking that that was gonna be close to zero Back-to-School has kind of turned to -- if anything back to learning if you will. Right. Where you're seeing people online and learning online, and what we've seen from a lot of people and kids right is everything that goes along without the headaches, the digital eye fatigue, and so forth. And parents reacting by calling optometrists and asking them about that.

So the decline that we saw -- that we thought we would see has not happened. It's really hard to give specific numbers around that. But it's clearly better than we anticipated it was going to be and it seems to be holding that way with parents concerned about their kid's eyesight. And margin expansion or on expense control if you will.

I mean I think we did a really nice job. Well, Brian did a really nice job in the team here in terms of controlling expenses. Some natural. Some control if you will.

I'm not sure there's quite that much more to do, but I think we're in a pretty good place with our expense control. I'll let Brian add to that.

Brian Andrews -- Chief Financial Officer

Yes. No, there's not much to add to that. I mean we were down $5 million sequentially in from $53 million more revenues. We'll have some outside investments that will hit us in Q4.

But I think we've worked. We're in a good place and really not to add out.

Anthony Petrone -- Jefferies -- Analyst

Thank you.


Thank you. Our next question is from Chris Cooley with Stephens. Please, go ahead.

Chris Cooley -- Stephens Inc. -- Analyst

Thank you. Congratulations again on the solid third quarter. If you just shift gears a little bit to CooperSurgical. Can we go back, I mean if I missed this I apologize but talk about the growth that you saw in Paragard, maybe the total for the quarter.

And when we think about CSI as a whole. It's a Paragard as a whole coming back into the next fiscal year. Do you think that's in line with historical expectations for growth, or are you starting to see more of a natural lift. I'm just curious about what you think about the normalized growth rate at Paragard longer term.

I'll just go ahead and ask as well from my second on to provision. just following up as well the months earlier question or just going around for a while. It's a great product. But, should we expect to see maybe heightened marketing around the corner reintroducing it to plant listeners of this kind of curious what additional color you can provide around.

Increased focus on the first time I've heard you call this one out in quite a long time. So just want to hear a little bit more there as well. Thank you.

Al White -- President and Chief Executive Officer

Yes. I'll touch on that one first. It's interesting when we talk about you know digital eye fatigue with kids because they're doing social media or TikTok, or video games and all that other kind of stuff they do. And now they're doing their school on video, but it happens with parents also.

Obviously, we're on screens and doing all of our stuff, and then we're also at work doing stuff and now we're on Zoom calls and whatever else all the time. That's what Biofinity Energys is about. I mean it actually grew in the quarter which was a pleasant surprise that. I don't think you're going to see really higher marketing if you will from us associated with it, but you'll certainly see us reminding people that it's out there.

I mean they know that it's out there their sales are growing, but putting a little emphasis on it and just saying "Hey, guys this a reminder for those of you who are not fitting Energys. For all those people who are calling and talking to you about digital eye fatigue, and some of the issues you're having". You know this is a perfect product for them. So, yes.

That product doing really well. We launched it probably two, three years ago something like that. And it's done fine. But it's clearly doing better now, and I guess if anything right, COVID is like upside if you will for a product like Biofnity and or just bringing attention to it.

On Paragard, I mean we were down on Paragard for the quarter, we were down 28% for Q3 because basically, we had no sales in the first month of the quarter. And then everything kind of pick back up as I talked about the channel inventory came back. We'll see the rest of the channel inventory come back in Q4. We're already seeing that right now.

We're seeing placements go back to what they were at the pre-COVID level. So we're in pretty good shape. We're pretty good shape in Paragard. think at the end of the day, Paragard would still be down in Q4.

And some of that is because you'll remember the last Q4, we had a strong Paragard quarter because we did a price increase. So we had buy-in for Paragard in Q4 last year. So we have a tough cap on that. But I think as you move into next year like I would anticipate Paragard going back to normal to that kind of true normal in terms of placements and so forth as a mid-single-digit grower.

Obviously, do better because it's got a couple of months it's comping against where we didn't have sales but. No. Paragard is doing well, and people seem to be a little bit more concerned about good health and so forth. And that's that trend in the marketplace about focusing on good health is obviously a positive for a product like Paragard which is a nonhormonal IUD option and the only one in the market.

Chris Cooley -- Stephens Inc. -- Analyst

Superb. Congrats again on a great quarter.

Al White -- President and Chief Executive Officer

Thanks, Chris.


Thank you. Our next question is from Matthew O'Brien with Piper Sandler. Please, go ahead.

Matthew O'Brien -- Piper Sandler -- Analyst

Afternoon. Thanks for taking my questions. Al, the delta between you and the market this quarter was larger than we've seen it. And I said it's all relative because they're both down.

But can you talk a little bit about where some of those gains are coming from so we parse out how durable they are. You've obviously got -- you obviously got the online retailers picking up and, and some of your own internal investments. But what are some of the real key drivers are you seeing that increase in that delta. And then how durable do you think some of those are especially in an environment where you've got a big competitor rebating, and another company coming out with some more and more competitive products.

Al White -- President and Chief Executive Officer

Yes. I mean at the end of the day, I look at it and say there's in my mind there is no one more active in the market today with new products. And then CooperVision is. And I believe over the next year to probably several years, there will be no one in the marketplace more active with new products than CooperVision.

Period. So that I would answer that one. From the perspective of sales, we're not big with online retailers. So I think that -- with online I'm talking about nine fitters.

We're big with fitters not the kind of the online distributors if you will right. The guys who aren't fitting products. So, we were probably hurt initially because of that. As the markets rebounded like when you look at June and July, the market rebounded with fitters, and it rebounded with like key accounts in fitters and buying groups and so forth.

That's where we're over-index. That's where we're strong. So when I look at durable growth and market share gains, I'd say "we grew around the world. We posted record market share in all regions around the world and it was driven by the stuff we're by what we're doing right.

We're strong with fitters. We're strong with key accounts. I've been talking about all the investments we put in that over the last couple of years. We're strong in new product launches where we're doing more and better product launches than anyone in the marketplace right now.

We're strong with the distribution. I've been talking about that over the years and our capabilities now being able to ship products to people's homes and so forth. We're strong on that side of thing, and we're strong on manufacturing where I've talked about how we reallocated resources to focus more on manufacturing". That's a strategic plan thereof focusing on those areas and executing on those areas for long term share gains.

When you had COVID here and you're coming out of COVID now, all those past investments and so forth. All those strategic initiatives are come into the light to show the value behind them. And that's why we're taking a share. And that's why I think that it's durable that we'll continue to take share.

Matthew O'Brien -- Piper Sandler -- Analyst

Ok. That's very helpful. And then shifting on to MiSight again. I understand again Bernard, COVID environment but it looks like you might come up a little light to that something like eight that you talked about.

I know everybody loves Sarah Michelle Gellar and other things, but you know getting up to $25 million from maybe around $6 million, seems like a big step. So I know there's a lot of investment coming in Q4 too. But what gives you that comfort. What have you see maybe in some of those early accounts so far as uptick goes.

And then how it progresses to the other thousand optometrists that give you comfort that you can get to that $25 million in 21. And that you are still comfortable with $50 million in 22. Thanks.

Al White -- President and Chief Executive Officer

Sure. Yes. When we look at the $25 million for next year the assumptions that build to that $25 million are based on what we've already seen in other markets. So in markets around the world where we've launched the product and have seen success like in Spain and the UK and Australia and so forth.

We did those launches. Now we didn't have the same consumer advertising programs and so forth. But the growth rates that we saw in those markets are the same growth rates that we're assuming we'll see in the US, and in Canada and other places. Now I would think that we could do better because we do have Sarah and other direct consumer programs and other activities.

And we're seeing a lot of acceleration and interest in NEO-fit and so forth. But we are now looking at some abnormal growth rate, or some crazy thing happening. We're just looking at say if we do what we've done in other markets, we'll get up the $25 million range. I think we can do better than that because at the end of the day there's enough interest and enough success right now.

And that I think we can exceed that. But there's nothing special there. There's nothing fancy. There it's just saying hey if we just do what we've done in other markets that's what we'll do.

And yes, I would confirm the $50 million number because as you break down the market you actually look at the size of the market, and as MiSight moves to becoming standard of care within the optometry practice, and as you see more offices looking and thinking about pediatric optometry you're going to see that accelerate. And that market size might seem really big to some people and say "wait a minute can't be that big right". But at the end of the day, you're talking about a product that sells for many multiples of what regular contact lenses sell for. You're talking about a product that has big compliance with it.

That opticians make the most money that they're going to sell out there, and that it's a brand new category. We're talking about creating a brand new category. I mean there's already pediatric dentistry will why because of braces. Because dentists can make money.

They don't have to have adults come in. They can treat children through braces and other reasons, and they can have a pediatric dentistry practice. You haven't been able to have that in optometry because you're talking about selling glasses. Well, that's not the case anymore.

Now, everyone knows about myopia. You have kids come in. You can now because of MiSight and because work OK. You can now have a pediatric optometry practice and be incredibly successful with it.

That is a brand new market that does not exist today. There is no pediatric optometry market other than kids going into a regular doctor's office. If you start seeing the market move in that direction, and you actually start seeing people open pediatric optometry offices to focus on MiSight, our focus on myopia management they're focusing on Ortho-K. Their focus then on MiSight.

So and ultimately in glasses. And that's going to help also as we move in that direction. So, yes. I think the $25 million in play.

I think $50 million or north of the $50 million is in play the next year.

Matthew O'Brien -- Piper Sandler -- Analyst

Very helpful. Thank you.


Thank you. Our next question is from Joanne Wuensch with Citibank. Please, go ahead.

Joanne Wuensch -- Citi -- Analyst

Good afternoon, everybody. And thank you for taking the question. I'm going to put them both upfront. The first one has to do with reimbursement for MiSight.

If it is being thought of as a treatment, do you think at some stage that you might be able to get proper reimbursement for it. And then my second question is, usually on the third quarter calls you to give some broad guidance or commentary about the next fiscal year. Is there some way that you can frame next year. Thank you.

Al White -- President and Chief Executive Officer

Sure. On the reimbursement from MiSight that would really blow up the market around myopia management. I think the answer to that question ultimately is yes. I do believe there will be reimbursement for myopia management in MiSight in particular at some point in the future.

We're working on that ourselves as a matter of fact spending money on that process right now to be determined on the timing around that. But as medical professionals become more and more comfortable with the fact that this is standard of care, and this will be standard of care as a treatment you will ultimately get to the point where you're going to have reimbursement. So it's just a matter of time in my mind. Yes 2021, right now, we're not gonna give any commentary on 2021.

I'm sure you can appreciate that. I gave guided thank you for it, and we'll get 2021 commentary in December when we get there.

Joanne Wuensch -- Citi -- Analyst

Thank you.


Our next question comes from Chris Pasquale with Guggenheim. Please, go ahead.

Chris Pasquale -- Guggenheim Securities -- Analyst

Thanks. One on guidance and a quick follow up for Brian. Al, I'm not sure I understand the idea that 4Qs in unusually tough comp. If I look at the numbers for last year, you did seven in the fourth quarter that was in line with your full-year growth rate.

Asia Pac actually grew a little slower in 4Q last year than either 3Q or the year overall. So what is it about 4Q that makes it unusually tough comparison.

Al White -- President and Chief Executive Officer

Yes. I wouldn't say it's an unusually tough comparison except we did have the buy-in Japan that created at least a tough comparison from that perspective. But I guess maybe more than anything Chris that the point behind it is that COVID still exists right. It's still out there.

There are still issues where there could still be spikes and so forth with it. So I don't want to say things we're guiding conservator or anything by those means because I don't think that would be appropriate to say so. I do think that 7% is not an easy comp. You look at Q1 as an example.

That's a little bit different of a story. Right. Q4 is a more normal slash challenging comp from last year. So I don't want to overplay that by any means.

That is going to highlight that as one reason that we're not guiding to growing in Q4.

Chris Pasquale -- Guggenheim Securities -- Analyst

Ok. Well, fair to say that the fourth quarter guidance implies or least bakes in some increased uncertainty rather than just taking into account known factors today.

Al White -- President and Chief Executive Officer

Yes. That's a good way to put it. Correct.

Chris Pasquale -- Guggenheim Securities -- Analyst

Okay. All right. Thanks, for that. And then Brian, you mentioned you're coming up on the end of a multiyear capex investment cycle.

Can capex actually come down meaningfully either next year or over the next couple of years to free up cash. There was a time when you were averaging closer to $150 million a year versus the more like $300 million we've been at for a while now.

Brian Andrews -- Chief Financial Officer

Yes. I absolutely believe that could be the case. I mean, I would expect that this year will be our peak year with capex coming down next year, and then coming down the year after. So with that comes free cash flow delivery.

And I would expect free cash flow to go up.

Chris Pasquale -- Guggenheim Securities -- Analyst

Great. Thanks.


Thank you. And our next question is from Steve Willoughby with Cleveland Research. Please, go ahead.

Steve Willoughby -- Cleveland Research -- Analyst

Hi, good afternoon. And thanks for taking my questions. I have to -- first to the follow up to a question Jon Block asked which he asked about changing consumer wear trends. How you discovered some other things that potentially changed to either your business or the industry because of COVID.

First, do you see any change in the purchasing or the rate of purchasing at annual supplies. And secondly, it seems like there's been a shift over the last six months, and there are ways to track patient shipping. Just wondering what your thoughts are on that, and if that's around, and what impact that could potentially have. And then third is, just if there's been any impact because of the COVID as it relates to patients switching their brand or type of contact lenses less frequently because of a desire from the patient and the physician to get the patient in and out of the practice.

And then that's one question. My second question is just, do you have any concern over a professional pull forward in demand by patients wanting to use up their vision benefits prior to potentially losing their job later on in the fourth quarter. Sorry for the long questions. I appreciate it.

Al White -- President and Chief Executive Officer

Yes, no worries there. Yeah. I don't know about a pull forward. We're not anticipating that every year.

There always seems to be a little bit of buying that goes in associated with benefits, and people using up their benefits and so forth. So I'm not sure it'll be any different this year. We're not anticipating any changes associated with that. When you look at some of the different kinds of consumers where it's that trans right some of the changes that have been happening out in the marketplace.

I talked about Biofinity Energys as an example of a nice pleasant surprise for us. Yeah, but you look at some of the other stuff out there annual supply purchases. That's mostly a US thing. It gets driven by those rebates, right.

But it's mostly the US. It's not so much the rest of the world. And even in the US, It is not that big of a number. But we haven't seen much of a change there.

So from where we were running to where we are today, I wouldn't really highlight any real changes in that. And I don't know maybe there's like a push and pull there between some higher rebates, but people hold onto some money a little bit. But we haven't really seen a lot of changes on that side of things. The direct to patient shipping, I do think that that's a difference.

And we saw a very significant spike in that around the world. We've seen that come back as people are getting out and are going to their doctor's offices and so forth. And I think we're all the same right. I mean every single one of us wants to help people.

We want to help small businesses. So when you go into your optometrist office, you're probably more likely to go ahead and purchase a product from them. Maybe even those, not the best deal you can get, but you still want to help the doc out. You want to help the physician out that you're going to write.

I think everybody is a little bit more willing to do that. Now having said that whether they're getting the lenses they're shipped to their house that's a different question. I think that we're at the forefront in terms of our ability to do direct patient shipping. We're willing to do that.

We've taken the financial hit associated with it. We're willing to do that as we ramp up all those efforts, and eventually leverage all the infrastructure that we put in. But I think that continues the direct to shipping thing continues because you just get more whole packages in your home right from Amazon and Target. And whatever else might as well get it from CooperVision.

Patients switching less. Yes, I think so. It's a hard time to launch new products. It's hard -- it's hard to get fitting sets in the doctor's offices and so forth right now.

They like what they like. It's been a little easier. Still a challenge, but a little easier with a product like MyDay because they know it they love it. So we've been having a little easier time launch in MyDay toric.

Remember, we did a launch of that, but we probably only did a 20% launch or something like that. So we have a long way to go. We're in a little bit more success getting that product out there. You're seeing a little bit less of some of that patient switching.

But I think from that perspective, we happen to be in a pretty good place because the products that we are launching and putting out their expanded range toric all that other kind of stuff are maybe is a change. Maybe the patients switching lenses per se, but they're still wearing Clariti or they're still wearing MyDay. Right. They're going to MyDay sphere or MyDay toric.

But that's the kind of switch that we are seeing.

Steve Willoughby -- Cleveland Research -- Analyst

Got it. Thanks, very much. That's very helpful.


Thank you. Our next question is from Steven Lichtman with Oppenheimer. Please, o ahead.

Steven Lichtman -- Oppenheimer and Company -- Analyst

Thank you. Hi, guys. I was wondering if you could give us an update on your key account workday. You alluded to it earlier of course.

I know it was tough to be aggressive on that front when you were capacity constrained. Have you been able to really reengage there now given better suppliers where COVID has impacted that.

Al White -- President and Chief Executive Officer

Yes. I won't get into particulars the specific details but, yes. We have been able to reengage and be more aggressive in terms of our discussions that we're having with those key accounts right now.

Steven Lichtman -- Oppenheimer and Company -- Analyst

Ok. Fair enough. And then just a follow up on Fertility. I think last quarter you talked about delayed recovery there.

You know his office is reopening at that go through the consultation of the course process first. It sounds as though your visibility on recovery there has improved. Are you seeing that patient consultation activity really picking up here over the last couple of months.

Al White -- President and Chief Executive Officer

Yes. It's picked up really well. Fertility, we were taking a lot of market share in Fertility right now. So although our numbers weren't that great, right.

We're still -- we're taking good share in Fertility. We're doing really, really well in that space right now. The one thing I would say about that, that's a little bit of a struggle in Asia-Pac. We haven't seen Asia-Pac rebound as fast as we've seen in Europe and in the Americas in terms of Fertility clinics opening and traffic coming through.

So I feel good. If I look at the Americas and Europe in terms of clinics opening, foot traffic which we have good visibility on. Our market share gains, I think that Asia-Pac is lagging a little bit. If you look at someplace like India as an example where we do fairly well, and we were getting a lot of growth they only have about 30%, 35% of their IVF clinics open right now.

So I think that'll come. There's no reason that that doesn't come, and they don't open. But that's why I was referring to maybe it's more Q1 before you start getting cycles back to pre-COVID levels. got it.

Steven Lichtman -- Oppenheimer and Company -- Analyst

Got it. Thanks, Al.


Thank you. And our last question comes from Robbie Marcus with JP Morgan. Please, go ahead.

Robbie Marcus -- J.P. Morgan -- Analyst

Great. Thanks for taking the question. Maybe to start. I was wondering you talked around these, but if you could just put a finer point on them what Paragard growth in the quarter was, and how many stockings in fiscal -- or destocking in fiscal 2Q and the dollar amount of stocking in this quarter.

And what you're expecting guidance in the fourth quarter.

Al White -- President and Chief Executive Officer

I don't think we ever got in any of the stocking numbers on Paragard. Do you have the Q3 numbers or that for Paragard.

Brian Andrews -- Chief Financial Officer

Yes. The Paragard number for Q3 was 40 sorry, $34 million.

Robbie Marcus -- J.P. Morgan -- Analyst

And anyway just to frame the impact is it like 1% or 2% in stocking more meaningful than that. Just trying to figure out what underlying vs. stocking is as we exit the year.

Al White -- President and Chief Executive Officer

Yes. I guess some rough numbers. Right. They were running somewhere roughly in the $15 million a month, a little bit higher than that in Paragard sales.

And then we didn't have anything basically in April and May. So, we probably were down about $30 million in sales something like that. Because of the stocking and that's what you're seeing work its way back through right now.

Robbie Marcus -- J.P. Morgan -- Analyst

Oh sorry, Al. Two separate questions one is CVI stocking, and destocking. And the other is just Paragard.

Al White -- President and Chief Executive Officer

Ok. Yes. So for a Paragard that would -- that answer is kind of the Paragard. For the CooperVision stocking, I think that some of it -- some of the inventory stockings you probably never get back.

People operate at lower levels, more efficient that kind of thing. You're going to have some of that happen for a period of time, or maybe it takes a while to come back. But I think what we did get back, I think you know we got, we got say half of it back in June and July. And then throughout fiscal Q4, we'll get the other whatever that amount is $15 million or so back in fiscal Q4.

Robbie Marcus -- J.P. Morgan -- Analyst

Great. Appreciate that. And then just lastly Bausch is moving to split out as a stand-alone physician company. Can you maybe give us some thoughts on how it's any way that will impact Cooper at all going forward.

Al White -- President and Chief Executive Officer

Yes. I don't know how it would impact us. I mean from our perspective, I think Bausch is around 8% global market share, somewhere in that kind of range right now. So no, I don't see that having much of an impact on us, one way or another.

Robbie Marcus -- J.P. Morgan -- Analyst

Great. Thanks a lot.


Thank you. And I'm not showing any further questions in the queue. I would like to turn the call back to Albert White for his final remarks.

Al White -- President and Chief Executive Officer

Yes. Thank you. And thank you, everyone, for calling and taking the time. I think that the difference this quarter from what people were expecting to some degree was some of the pickups in consumption, and then a lot of the unique things we have that are capitalizing on some of the real positive trends in the marketplace.

There are some big trends that are going on and some new trends that are there. You look at things like Biofinity Energys taking advantage of what's going on in that. The trend of more screen time. You look at MiSight with myopia management and kids, and our Ortho-K products.

And what we're seeing with Endosee Advance and so forth. And lastly, would be Fertility is another big megatrend that's moving in the right direction. So we're just in there. We have products in the right place right now.

I feel good about where we are, and where the trends are going in the marketplace. So with that, we'll wrap up. I hope everyone has a great Labor Day weekend. And look forward to speaking with everyone in the beginning of December for our next earnings call.

Thank you, operator.


[Operator signoff]

Duration: 65 minutes

Call participants:

Kim Duncan -- Vice President, Investor Relations, and Risk Management

Al White -- President and Chief Executive Officer

Brian Andrews -- Chief Financial Officer

Larry Keusch -- Raymond James -- Analyst

Larry Beigelsen -- Wells Fargo Securities -- Analyst

Matthew Mishan -- KeyBanc Capital Markets -- Analyst

Jeff Johnson -- Robert W. Baird and Company -- Analyst

Jon Block -- Stifel Financial Corp. -- Analyst

Anthony Petrone -- Jefferies -- Analyst

Chris Cooley -- Stephens Inc. -- Analyst

Matthew O'Brien -- Piper Sandler -- Analyst

Joanne Wuensch -- Citi -- Analyst

Chris Pasquale -- Guggenheim Securities -- Analyst

Steve Willoughby -- Cleveland Research -- Analyst

Steven Lichtman -- Oppenheimer and Company -- Analyst

Robbie Marcus -- J.P. Morgan -- Analyst

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