Cooper Cos. lowered its outlook after reducing its contact lens inventory as part of a strategic review.

The medical device company on Wednesday lowered its guidance for annual revenue to a range of $4.23 billion to $4.25 billion, down from $4.29 billion to $4.32 billion.

Full-year adjusted earnings per share are now anticipated to be $4.51 to $4.55, down from $4.58 to $4.66.

The lower guidance is the result of the company reducing its U.S. channel inventory at CooperVision, the firm's contact-lens manufacturer arm.

Cooper's stock slid 15% to $53.80 in after-hours trading.

The inventory reduction weighed on third-quarter results and is expected to continue to create challenges in the current fourth quarter, Chief Executive Al White said.

Revenue in the fiscal third quarter rose 1% to $1.07 billion, missing analysts' estimate of $1.10 billion.

Within CooperVision, revenue was $717 million, below the $741.5 million analysts were looking for.

Cooper initiated a strategic review in December 2025 with the goal of simplifying its business. The company has completed the review and plans to focus now on profitable growth, White said.

Profit was $432.8 million, or $2.24 a share, compared with $98.3 million, or 49 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $1.15, ahead of the $1.12 anticipated by analysts, according to FactSet.