CooperVision, Inc., a segment of the global medical device company The Cooper Companies Inc. (COO - Analyst Report), unveiled a new contact lens brand, Biofinity XR, as an extension to its popular Biofinity (comfilcon A) silicone hydrogel technology. The lens is suitable for greater number of monthly replacement lens patients, including those who are suffering from significant hyperopia (far sightedness) and myopia (short sightedness).
Biofinity lens mitigates the problem of limited breathability of older contact lens. It is equipped with Aquaform Technology that results in more oxygen reaching the eyes, enabling clearer and whiter vision with less irritation. These lenses also retain moisture for smoothness and comfort, and maintain softness and flexibility for more comfortable wear.
CooperVision is a leading global manufacturer of monthly, two-week and single-use contact lenses. Its products are designed to mitigate vision challenges such as astigmatism, presbyopia and ocular dryness.
Cooper Companies reported earnings and revenues for the fiscal third quarter ended Jul 31, 2013, both of which surpassed the Zacks Consensus Estimate. The company’s adjusted earnings of $1.74 per share exceeded the year-ago level of $1.45 by 20% as well as the Zacks Consensus Estimate by 3 cents. On a reported basis, earnings per share improved 31.6% to $1.79 from $1.36 a year ago.
Revenues in the quarter grew 8.9% to $412.0 million, ahead of the Zacks Consensus Estimate of $410 million. Thanks to the solid CooperVision (CVI) and CooperSurgical (CSI) sales during the quarter and their continued market share gains.
For fiscal 2013, COO upgraded the lower range of its revenue guidance to the range of $1,586 million–$1,601 million compared with the earlier guidance of $1,575 million–$1,605 million, comprising CVI revenues between $1,271 million and $1,281 million (previously $1,260 million to $1,280 million) and CSI revenues between $315 million and $320 million (previously $315 million to $325 million).
Cooper Companies also upgraded its reported and adjusted earnings per share guidance for the fiscal year. The company now expects reported earnings in the band of $6.57 to $6.62 compared with the earlier range of $6.42 to $6.52 and adjusted earnings in the range of $6.23 to $6.28 compared with the earlier range of $6.15 to $6.25.
Currently, COO carries a Zacks Rank #2 (Buy). Other medical supplies stocks that are also worth a look include STRAUMANN HLD N AKT (SAUHF) with a Zacks Rank #1 (Strong Buy), and Align Technology Inc. (ALGN - Analyst Report) and Cardinal Health, Inc. (CAH - Analyst Report), both with a Zacks Rank #2 (Buy).