Cooper Companies shares fell more than 15% in Thursday’s premarket trading after the medical-device maker said it would retain CooperSurgical, its women’s healthcare and fertility division, disappointing investors who had expected a possible divestiture. The decision followed a strategic assessment completed Wednesday evening, when Cooper’s board unanimously voted to keep the unit. The stock became the worst performer in the S&P 500 during the premarket session. Cooper reported third-quarter adjusted earnings per share of $1.15, above the $1.12 consensus estimate, but revenue of $1.07 billion missed Wall Street’s $1.10 billion forecast. The shortfall was primarily linked to an intentional reduction in U.S. distribution-channel inventory for CooperVision, the company’s contact-lens division. CooperVision revenue for the quarter ended July 31 was $717 million, down from $723.5 million in the previous quarter. Cooper also cut its full-year adjusted earnings per share outlook to $4.51-$4.55 from $4.58-$4.66, below the $4.63 consensus, and reduced annual revenue guidance to $4.23-$4.25 billion from $4.29-$4.32 billion, compared with analysts’ $4.31 billion estimate. Fourth-quarter revenue is expected at $1.06-$1.08 billion, with adjusted earnings per share of $1.05-$1.09, while management said the inventory issues would continue through the final quarter of fiscal 2026. KeyBanc analyst Brett Fishbin said investors would likely need time to assess the combined effect of lower guidance and the review’s conclusion without a transaction; he maintains a Sector Weight rating. Some investors had viewed a CooperSurgical sale as a route to creating a more focused contact-lens company that could become more attractive to an acquirer. Cooper also increased its share buyback authorization to $3 billion from $2 billion. The company is the world’s second-largest contact-lens producer, behind Johnson and Johnson’s Acuvue brand.