COOCooper Companies

Following the end of the “Brexit” transitional period, from January 1, 2021, the MHRA became the UK’s independent regulatory agency for medical devices. Post-Brexit, amendments have been made to the existing UK medical devices legislation which require medical devices to be registered with the MHRA before being placed on the Great Britain market. Manufacturers based outside of the UK need to appoint a UK Responsible Person to register devices with the MHRA. On January 9, 2024, the MHRA published a roadmap setting out its plans and timelines for towards the reform of the regulatory framework for medical devices in the UK. Regulations implementing core elements of the new framework are intended to be in place by 2025. Pending such reform of the UK regulatory framework, the government has confirmed that general medical devices compliant with the EU MDD with a valid declaration and CE marking can be placed on the Great Britain market up until the sooner of expiry of certificate or June 30, 2028. Medical devices, including custom-made devices, compliant with the EU MDR can be placed on the Great Britain market up until June 30, 2030. The rules for placing medical devices on the market in Northern Ireland, which is part of the UK, differ from those in Great Britain (England, Scotland and Wales) and continue to be based on EU law. These developments, or However, consultations are underway which propose substantial reforms to the perception that any related developments could occur, have had Great Britain regulatory regime for medical devices and may continue IVDs, including with respect to have a material adverse effect on global economic conditions market access and financial markets, and our business may be impacted conformity assessment procedures. Any divergent requirements between the UK and the demand for EU may increase the cost and complexity of running our products could be depressed. business.

In November 2023, The Company adopted the FASB issued ASU Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, Disclosures in the fiscal year 2025, which enhances the disclosures required for operating segments in our annual and interim consolidated financial statements. The ASU is effective standard was applied retrospectively to all periods presented in the financial statements. As this accounting standard only impacts disclosures, it did not have a material impact on the Company’s Consolidated Financial Statements. See Note 12. Business Segment Information for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, which means it will be effective from our fiscal year ended October 31, 2025, and interim periods within fiscal years beginning from November 01, 2025, and will be applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and required disclosures.

Cash provided by operating used in investing activities in fiscal 2024 increased 2025 decreased compared to fiscal 2023, primarily due to increases cash used in net income, and non-cash add backs such as deferred income taxes and share-based compensation expenses investing activities in fiscal 2024 and the release of $31.8 2024, primarily attributable to $343.4 million contingent consideration liability associated with SightGlass Vision's regulatory approval milestone cash paid for acquisitions in fiscal 2023, offset by net changes in operating capital. 2024.