The Cooper Companies Inc. (COO - Free Report) has been an active player in addressing the global epidemic of myopia disease.
Recently, the company announced that its CooperVision unit is steadily taking multiple initiatives to increase adoption of its innovative MiSight 1 day product across major world markets. This apart, CooperVision’s Eye care professional (ECP)-focused standards development and educational programs are gaining traction globally.
CooperVision’s Global Foothold Strong
In Australia and New Zealand, ECP-focused programs have already started operating.
Across Canada, CooperVision has launched multiple tools for ECPs. These include two recent webinars on myopia management and experts that drew nearly 2,000 attendees.
In the United Kingdom, MiSight has been made available at Boots Opticians — the eyecare subsidiary of Boots UK. Investors should notice that this development complements expanded access to MiSight 1 day at independent ECPs.
In Spain, France and the BeNeLux region, MiSight 1 day Professional Services leads have been recently appointed for market expansion. They will train ECPs for pediatric myopia.
A Sneak Peek at Specialty Lenses’ Portfolio
Cooper Companies maintained its leading position in the markets of specialty lenses, supported by highly exclusive products like Biofinity and Clariti. In fact, the company’s flagship silicone hydrogel lenses are also expected to deliver robust sales for in the coming quarters.
The company’s MyDay lenses are already available in Europe and have gained significant traction within a short span of time. Clariti lenses also hold solid prospects for the company.
The CooperVision segment garnered revenues worth $470.1 million, up 8% on a pro-forma basis and 6% on a reported basis. Per management, the segment saw a noticeable uptick in the Single-use sphere lenses (28% of CooperVision), reflecting pro-forma growth of 17% driven by accelerating growth in both Clariti and MyDay.
In January, CooperVision acquired Blanchard contact lenses, thereby strengthening its specialty segment. Further, CooperVision announced the nationwide availability of expanded parameters for its Avaira Vitality toric two-week contact lenses in the recent past. This now includes plus powers, high minus powers, and a -2.25D cylinder.
In February, CooperVision contact lens manufacturing facility in Alajuela, Costa Rica has been awarded the prestigious LEED Silver certification for its environmentally-conscious design and operation.
For fiscal 2019, revenues from CooperVision are expected between $1,968 and $1,995 million, higher than $1,940 million and $1,980 million anticipated earlier. This represents 3-6% year-over-year growth on a pro-forma basis.
Rising prevalence of myopia and a geriatric population are the major growth drivers in the global contact lenses market. Per Research and Markets, the global contact lenses market is projected to reach a worth of $9.2 billion by 2023, multiplying at a CAGR of 4.9% (from 2018 to 2023). Considering the bountiful prospects in the niche markets, Copper Companies’ latest initiatives can be considered as well-timed.
However, the company faces cutthroat competition from other healthcare behemoths like Johnson & Johnson (JNJ - Free Report) , National Vision Holdings, Inc. (EYE - Free Report) and Novartis AG (NVS - Free Report) .
Johnson & Johnson has been gaining traction in the contact-lenses space with unique solutions like Blink Contracts lubricating eyedrop, Blink-N-Clean Lens Drops, Blink Tears Preservative Free lubricating eyedrops and many more.
Meanwhile, National Vision is a leading player in the U.S. optical retail industry. The company manages more than 200 Vision Centers that are located in Walmart, across the country.
It is interesting to note that Novartis announced that its eye-care unit, Alcon, has acquired privately-held U.S.-based medical device development company — PowerVision, Inc. Per the terms of the deal, Alcon paid $285 million to PowerVision at closing, with additional payments based on specified regulatory and commercial milestones starting 2023. PowerVision develops fluid-based accommodating intraocular lenses for cataract surgery patients.
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