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Cooper Companies (COO) Unit's MiSight Gets Approval in China

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The Cooper Companies, Inc. (COO - Free Report) recently announced that its CooperVision MiSight 1 day contact lenses has received approval from the China’s National Medical Products Administration – regulating medical devices and pharmaceuticals – for usage within the country post a priority review. CooperVision has been leading the way (for more than a decade) when it comes to building the global myopia management category to provide aid to millions of children and their caregivers through partnership with the optometry and ophthalmology communities.

Currently, CooperVision’s innovative MiSight 1 day contact lenses are available in above 25 countries. The lenses were the first and continue to be the only FDA approved soft contact lenses created for myopia control with a proven capability to slow the progression of nearsightedness in children between the ages eight and 12 at the beginning of treatment.

With this approval, Cooper Companies is likely to see a boost in its CooperVision portfolio, which in turn will drive the company’s prospects.

Significance of the Approval

It is important to note here that myopia progression has been found to cause cataracts, retinal detachment, glaucoma and myopic maculopathy in the later stages of life. The prevalence of myopia among high school students is projected to be about 80% in China.

Per management, the rising incidence of myopia is one of the most critical global eye-health issues that the company is facing presently. This approval enables the company to work with eye-care professionals, treating children in China, more closely and proactively.

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With MiSight being one of the most innovative contact lenses in the market, the company looks forward to promoting it alongside its ortho-k and SightGlass Vision myopia management products.

Market Prospects

Per a report by Research and Markets, the global myopia and presbyopia treatment market is anticipated to reach $23.55 billion by 2025, at a CAGR of 7.9%. Hence, the approval is well-timed.

Recent Developments

In May, Cooper Companies’ business unit, CooperVision, received European approval for its Specialty EyeCare’s Procornea DreamLite night lenses for slowing the development of myopia in children and young adults.

Again, in the same month, the company’s unit – CooperSurgical – acquired a U.S. based medical device corporation, obp Medical Corporation. This buyout is an excellent strategic fit for Cooper Companies as it builds upon CooperSurgical’s robust family of OB/GYN medical devices.

Price Performance

Shares of this Zacks Rank #3 (Hold) company have gained 43.3% in a year’s time compared with the industry’s growth of 25%. 

Stocks to Consider

Some better-ranked stocks from the broader medical space are Henry Schein, Inc. (HSIC - Free Report) , Envista Holdings Corporation (NVST - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Henry Schein’s long-term earnings growth rate is estimated at 13.9%.

Envista Holdings’ long-term earnings growth rate is estimated at 27.4%.

Merit Medical’s long-term earnings growth rate is projected at 13.6%.