You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: I'm happy to report that CooperVision and CooperSurgical both posted all-time record quarterly revenues, which drove record quarterly earnings.
Our businesses have rebounded nicely from the COVID lows with silicone hydrogel lenses and myopia management leading CooperVision and fertility and PARAGARD driving CooperSurgical.
For the quarter and reporting all percentages on a constant-currency basis, consolidated revenues were $720 million, with CooperVision at $523 million, up 25%; and CooperSurgical at $197 million, up 58%.
Non-GAAP earnings per share were $3.38.
For CooperVision, the Americas grew 38% with clariti, MyDay, and Biofinity leading the way.
was the strongest part of the region, and it allowed us to rebound quickly and strongly, offsetting challenges from markets such as Canada, which are still facing significant COVID restrictions.
We're still seeing nice momentum in the U.S., and we're looking forward to the back-to-school season.
EMEA grew 15% in the quarter, led by strength in MyDay and Biofinity.
1 contact lens company in EMEA, so we're obviously over-indexed in this region and the impact from COVID did temper the market's performance.
But we're executing at a very high level and taking share, which is offsetting the challenges.
This is a region where we've been a leader for quite some time, and we're getting stronger due to success with key accounts, so we're really looking forward to a rebound in consumer activity as that will definitely benefit us.
Lastly, Asia Pac was up 19%, led by strength in clariti and MyDay.
Asia Pac is making progress rebounding from COVID, but it's slow in many countries, including Japan, where we have a strong presence.
Nevertheless, similar to EMEA, our teams are executing at a very high level and taking share, which is helping offset the market challenges.
Overall, given our geographic mix, I'm extremely happy with our performance and expect it to remain healthy as vaccines roll out around the world and consumer activity improves.
Moving to some details, silicone hydrogel dailies grew 31% with MyDay and clariti both posting strong results.
MyDay, in particular, is taking share, led by improving availability, especially for MyDay Toric.
From a market perspective, there's still roughly $2.4 billion in annual global sales of older daily hydrogels that we expect to be traded up to silicones in the coming years.
This tailwind is a significant positive for us as we're under-indexed in dailies but are seeing great performance from clariti and MyDay.
Moving to our FRP portfolio, we saw solid growth around the world led by Biofinity.
In particular, Biofinity Energys, our unique and innovative lens that uses digital zone optics to help alleviate eye fatigue from excessive screen time, and our market-leading Biofinity Toric Multifocal posted extremely strong results.
We also just announced that we've doubled the number of prescription options for Biofinity Toric and to provide context on how significant this is, Biofinity Toric is the most prescribed toric lens in the world and is now available at over 33,000 prescriptions.
That's more options than all other monthly silicone hydrogel toric lenses combined.
Regarding product launches, we remain incredibly active.
clariti and the MyDay second base curve sphere are being rolled out in Japan and MyDay Toric, Biofinity Toric Multifocal and our extended toric ranges for clariti and Biofinity continue rolling out around the world.
And I'm happy to now add MyDay Multifocal to this launch list.
We'll start seeding select countries in the coming months with a full launch planned for late this calendar year.
As part of our prelaunch activity, we completed product testing in eight countries with thousands of patients and I'm excited to say the responses have been absolutely fantastic.
That's not a huge surprise given the extremely strong clinical data and the success of MyDay Sphere and Toric, but it's still great to see.
The multifocal category is roughly 10% of the $8.5 billion global contact lens market and roughly half of that is in dailies.
Given we're currently under-indexed in the daily segment at roughly a 16% share, we believe the MyDay Multifocal will be very successful.
Moving to myopia management, our portfolio grew 122% this quarter to $14 million.
Within this, MiSight grew 152% to $4 million, and Ortho K grew 112% to $10 million.
As a global leader in the myopia management space, our portfolio is the broadest in the industry, comprised of MiSight, the only FDA-approved myopia control product; a broad range of market-leading ortho-k lenses; and our innovative SightGlass Vision spectacles.
Given the strength we're seeing, we now expect this portfolio to reach $65 million in sales this year and exceed $100 million next year.
Regarding MiSight, we've made fantastic progress with our key accounts and have entered into multiple new pilot programs with retailers and buying groups around the world.
Our momentum has been accelerating, including in the U.S., where sales grew sequentially from 100,000 to 700,000, and we're about to launch in South Korea, which should be a great market.
The only thing holding us back from growing MiSight even faster is COVID restrictions in several important countries such as Canada, Spain, Taiwan, and Singapore.
Regardless, we're making tremendous progress and expect very strong growth moving forward.
From a fitting perspective, the average age of a new MiSight wearer remains 11, compared to a regular new contact lens wearer of 17, showing this treatment is bringing kids into contact lenses at a much younger age.
Additionally, multiple professional associations are now recommending myopia management as standard of care, including the World Council of Optometry and more universities are adding educational training courses to their curriculum.
Regarding Ortho K, we had a great quarter driven by our broad product portfolio and from the halo effect we started seeing from MiSight.
As the myopia management market develops, we're seeing the value of offering multiple options to eye care professionals and this is helping our Ortho K franchise.
We also believe it will benefit our SightGlass myopia management spectacles, which are scheduled to be launched in multiple European markets prior to calendar year-end.
With respect to SightGlass, we just received two-year clinical data and are in the process of submitting it to the FDA for approval as a myopia management treatment.
It took three-year data to get MiSight approval, but we're hoping to receive approval faster for SightGlass given the strong data and that these are glasses rather than contact lenses.
In the meantime, we're finishing the legal and regulatory work to close our joint venture with Essilor Luxottica and remain very excited about the potential of that partnership.
To wrap up on myopia management, we're actively investing in sales and marketing, new launches, regulatory approvals, and R&D to keep driving success.
Our focus remains on leading with clinical data and providing the best and broadest portfolio on the market.
To conclude on vision, the rollout of vaccines is definitely benefiting us, given the consumer nature of our business.
On a longer-term basis, the macro growth trends remain solid, with roughly one-third of the world being myopic today, and that number is expected to increase to 50% by 2050.
Given our robust portfolio, new product launches, momentum with myopia management, and strong new fit data, we're in great shape for long-term sustainable growth.
Moving to CooperSurgical, this was an outstanding quarter, with record revenues of $197 million in all three focus areas: fertility, PARAGARD, and office and surgical medical devices outperforming.
Starting with fertility, revenues grew 53% year over year to $84 million, easily becoming the best fertility quarter we've ever had.
Strength was seen around the world and throughout the product portfolio.
We're taking share, and we're well-positioned for future gains with improving traction in several markets.
Our key account strategy is creating opportunities, capitalizing on our market-leading portfolio of products and services, which cover this full spectrum of clinics needs outside of pharma offerings.
We're seeing strong growth from consumable products like media and RI Witness, our proprietary automated lab management system that clinics implement to maximize safety and security by optimizing their lab practices.
And we're benefiting from increased utilization of our artificial intelligence-based genetic testing platform which increases the doctor's ability to select the best embryos for transfer and also from our capital equipment business with growth in products like incubators.
From a market perspective, COVID is still negatively impacting patient flow in many countries, but the combination of share gains and healthy patient flow in the U.S. and parts of Europe is driving our results.
Overall, increasing vaccination activity will continue supporting the recovery of the IVF industry as more patients are able to return to clinics.
And increasing maternal age and better access to IVF treatments are trends that will continue supporting strong growth for many years to come.
Within our office and surgical unit, we grew 62%, with PARAGARD up 103% and office and surgical medical devices up 41%.
PARAGARD performed really well as positive health and wellness trends continue driving patient activity.
As the only 100% hormone-free IUD in the U.S. market, the product offers fantastic, long-lasting birth control that addresses the needs and interests of women looking for a healthy alternative.
Within Medical Devices, several products performed well, including EndoSee Advance, our direct visualization system for evaluation of the endometrium, and our portfolio of uterine manipulators.
To conclude our CooperSurgical, this was an excellent quarter.
Some of it was tied to reopening activity and capital equipment sales, which are tough to forecast, but you'll note in our guidance that we expect to continue delivering strong results.
Similar to Vision, we have powerful macro trends supporting our growth and our exposure to consumer activity is benefiting us as economies around the world reopen.
To finish, let me add that we'll be releasing our new ESG report in a few weeks.
For those of you like me who are passionate about environmental sustainability, social responsibility, and good governance, you'll see a great summary of where we stand today and insights into our future efforts.
We're in an excellent ESG position, and I look forward to continuing advancements and providing additional updates in the future.
Our second-quarter consolidated revenues increased 37% year over year or 32% in constant currency to $720 million.
Consolidated gross margin increased year over year to 68.1%, up from 65.8%.
Improvement was driven by strength in our higher-margin CooperSurgical business led by PARAGARD and a nice improvement in our fertility margins where we're seeing the positive impact of transferring a significant amount of production to Costa Rica.
CooperVision also posted improving margins driven by currency and product mix.
Moving forward, we're in excellent shape to continue delivering solid gross margins.
We've completed the largest parts of our capital expansion projects at both CooperVision and CooperSurgical and expect to receive the benefits of this over time as capacity utilization increases.
Opex was up 17% year over year as expenses naturally increased with the rebound in revenues, along with higher sales and marketing expenses associated with investments in areas such as myopia management.
Having said that, expenses were kept under control, resulting in consolidated operating margins of 26.8%, up from 17.4% last year.
Interest expense was $6.1 million due to lower interest rates and lower average debt levels and the effective tax rate was 9.6%, driven by a 2.1% benefit from options exercises.
Non-GAAP earnings per share was $3.38 with roughly 49.7 million average shares outstanding.
Free cash flow was very solid at $143 million, comprised of $193 million of operating cash flow, offset by $50 million of capex.
Net debt decreased to $1.6 billion, and our adjusted leverage ratio decreased from 2.1 to 1.8 times, driven by lower debt and improving EBITDA.
Before moving to guidance, it's worth noting we acquired two businesses since we last reported earnings.
The first was No7 Contact Lens, a U.K.-based contact lens manufacturer primarily focused on specialty lenses, including Ortho K, that had annual revenue of roughly $4.4 million, which we purchased for roughly $12 million.
The second was OBP Medical, a U.S.-based medical device company that develops and markets a suite of differentiated women's health medical devices with integrated LED illumination.
OBP Medical had roughly $10 million in annual revenues, and we purchased them for $60 million.
Both deals are highly strategic and fit perfectly into CooperVision and CooperSurgical, respectively.
Moving to guidance, we continue to monitor and evaluate the scope, duration, and impact of the ongoing COVID-19 pandemic on our operations and financial results.
While we still view this as a risk factor, our visibility is sufficient to allow us to provide the following update to our fiscal 2021 guidance.
Consolidated revenues are expected to range from $2.855 billion to $2.885 billion, up 14% to 15% in constant currency, with CooperVision revenues between $2.11 billion and $2.13 billion, up 11% to 12% in constant currency; and CooperSurgical revenues between $745 million and $755 million, up 25% to 27% in constant currency.
Non-GAAP earnings per share is expected to range from $13.20 to $13.40.
To provide color on this earnings per share range, our gross margin expectations are unchanged as we expect CooperVision's improved manufacturing efficiencies to be offset by moderate margin pressure from growing dailies and surgical continuing to post strong results.
We expect opex as a percent of revenues to track higher than the first half of the year, led by sales and marketing investments to support reopening activity and for the ongoing support of myopia management.
Given the lower tax rate in Q2, we now expect our full-year tax rate to be around 11%.
Lastly, FX has moved against us primarily due to the yen, but we expect the tax improvement to offset this negative impact.
And to wrap up on guidance, our business continues to strengthen, and we now expect free cash flow to exceed $500 million this year.

user
q2 non-gaap earnings per share $3.38.
sees fiscal 2021 non-gaap diluted earnings per share $13.20 - $13.40.

assistant