The Cooper Companies, Inc. COO recently announced that CooperVision (CVI) has received FDA approval of its MiSight 1 day contact lens, which has been effective in slowing down the progression of myopia when it was prescribed for children in the age group of eight to 12 years. This FDA nod is likely to provide a boost to CooperVision.
It is important to note here that this is the first FDA approved myopia management contact lens and is anticipated to become available in the United States in the beginning of March 2020.
Few Words About Myopia
According to the definition by Mayo Clinic, nearsightedness (myopia) is a common vision condition where one can see objects near to oneself clearly but objects at a distance become blurry. Nearsightedness may develop gradually or rapidly, and more often than not the condition worsens during childhood and adolescence.
Per American Optometric Association, more than 40% of Americans are myopic and there is an alarming rise in the number especially when it comes to school-aged children. Moreover, one in four parents have a child suffering from myopia and about three-fourth of American children with myopia were diagnosed between the ages of three and 12, according to new data from the association’s 2018 American Eye-Q survey.
MiSight at a Glance
MiSight has proven to be a revolutionary product that can make significant difference in the lives of children needing visual correction. Given the rising prevalence of myopia in the United States and worldwide, this approval is being considered a milestone pertaining to children’s vision.
Notably, MiSight 1 day has been scientifically proven to lower myopic progression by up to 59%.
With this approval CooperVision will bring an innovative myopia management approach to U.S. eye care professionals that are likely to benefit countless kids throughout the country. In fact, this will further boost its efforts toward eye health innovation. Consequently, this will drive growth at CooperVision.
Per a report by Grand View Research, the global contact lenses market is projected to reach $17.7 billion by 2025 at a CAGR of 5.6% from 2019-2025.
Utilization of innovative materials for manufacturing contact lenses and increasing adoption of contact lenses are main factors fueling the market.
Zacks Rank and Price Performance
Cooper Companies carries a Zacks Rank of 4 (Sell). Shares of the company have gained 20.1%, outperforming the industry’s growth of 1.9% on a year-to-date basis. Meanwhile, the S&P 500 Index rallied 23.3% in the same timeframe.
Stocks to Consider
Some better-ranked stocks from the broader medical space are Conmed Corporation CNMD, Cardinal Health, Inc. CAH and DENTSPLY SIRONA Inc. XRAY, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Conmed Corporation has a long-term earnings growth rate of 17%.
Cardinal Health has a long-term earnings growth rate of 6.2%.
DENTSPLY SIRONA has a long-term earnings growth rate of 11.6%.
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