CooperVision, a unit of
The Cooper Companies
(
COO
), recently reported that it was widening the scope of its global
recall of the Avaira brand of contact lenses to include select lots
of Avaira Sphere contact lenses. In coordination with the Food and
Drug Administration ("FDA"), CooperVision expanded the recall as
the company noted that some lots of Avaira Sphere lenses did not
adhere to its latest quality specifications on account of the level
of a silicone oil residue.
Nearly 5 million contact lenses shipped to customers are being
recalled by CooperVision. The company will continue to market
Avaira Sphere lenses which are not a part of this recall.
Residual silicone oil on the Avaira Sphere contact lenses may
lead to discomfort, blurred vision, pain or even injuries to the
eye, necessitating medical attention. CooperVision recommends that
those who experience such symptoms should immediately stop wearing
lenses and contact their eye care professional for guidance.
The company unveiled a web-site, on November 16, 2011, to
facilitate recall of the affected lenses. Users can enter the lot
number of their contact lenses to determine if their lenses have
been recalled. CooperVision is also running a toll-free customer
hotline for this purpose. Customers are advised to return recalled
lenses to their eye care professional.
Earlier, in August 2011, CooperVision recalled select lots of
Avaira Toric contact lenses. The company has rectified the problem
since then and corrective measures have been undertaken.
The recall efforts of the company include measures such as - the
issue of a press release regarding the recall; provide distributors
and retailers with access to material for communicating with
patients and extend support to eye care providers to remove
recalled lenses from stores.
Cooper is a global medical products company specializing in a
wide range of contact lenses for the vision correction market with
a smaller strategic business unit for women's health. It reportedly
holds the number three position in the approximately $6 billion
global contact lens industry.
Cooper is a leader in the high-margin toric lens market. It
offers multiple designs of toric lenses, across a wide range of
parameters, unlike some of its competitors, who offer toric lenses
in a limited number of designs. The company is benefiting from
strong demand for its Biofinity toric lenses.
However, Cooper faces formidable competition in each of its
major product lines. Competition comes from globally well
established contact lens makers such as
Johnson & Johnson
(
JNJ
) and
Novartis
(
NVS
). Depressed levels of consumer spending have heightened the
competitive pressures on the company. We are currently Neutral on
the stock, backed by a short-term Zacks #3 Rank (Hold).
COOPER COS (
COO
): Free Stock Analysis Report
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JNJ
): Free Stock Analysis Report
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NVS
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