CooperVision, Inc., a segment of the global medical device
The Cooper Companies Inc.
), 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
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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
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
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
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
Currently, COO carries a Zacks Rank #2 (Buy). Other medical
supplies stocks that are also worth a look include
STRAUMANN HLD N AKT
) with a Zacks Rank #1 (Strong Buy), and
Align Technology Inc.
Cardinal Health, Inc.
), both with a Zacks Rank #2 (Buy).