Alcon Inc. ALC recently announced the availability of Clareon Vivity — the first and only non-diffractive extended depth of focus (EDOF) intraocular lens (IOL) on Alcon’s most advanced lens platform in Canada. The Clareon Vivity is intended to offer a superior halo profile compared to diffractive EDOF lenses.
The recent launch will fortify Alcon’s Vision Care segment.
More on the News
The Clareon Vivity IOL is a new addition to the Clareon Collection and is intended for individuals who want an increased vision range. To increase the depth of focus and provide a visual disturbance profile akin to a monofocal, Clareon Vivity uses a wavefront shaping optic principle, patented as X-WAVETM technology.
Clareon Vivity is equipped with wavefront-shaping X-WAVE technology. The X-WAVE technology employs proprietary transition elements to generate advanced and delayed wavefronts, resulting in an enlarged focal range that is continuous. Other significant advantages include the IOL's ability to stretch and modify the wavefront without splitting it, which boosts confidence in hitting refractive goals.
Significance of Latest Launch
With its similarity to a mono-focal visual disturbance profile, Clearon vivity has been a game changer for surgeons and their patients, providing some independence from spectacles. The Clareon Vivity IOL highlights proven results and high levels of patient satisfaction and is developed to offer a similar halo profile when compared to a monofocal IOL.
Image Source: Zacks Investment Research
Worldwide, cataracts are the most frequent cause of vision loss. Nonetheless, surgeons can now supply cataract patients with lenses like Clarion Vivity, which have been shown to have a visual disturbance profile similar to a monofocal IOL and are made to deliver excellent vision from a distance to a functional close-up.
Per Grand View Research, the global contact lenses market size was estimated at $17.14 billion in 2022 and is expected to grow at a CAGR of 8.9% by 2030. The increasing cases of refractive errors, such as myopia, hyperopia, presbyopia, and astigmatism, are the major factors driving the demand for contact lenses globally.
Progress in Optical Care Line
Alcon is registering solid growth in vision care, banking on strong sales of its contact lenses and ocular health products. In contact lenses, the company is successfully investing in fast-growing market segments with significant share opportunities. As a result, Alcon is outpacing market growth in every category where it has launched new products.
In October 2023, Alcon launched launched TOTAL30 Multifocal — the first and only monthly Water Gradient multifocal contact lens for Patients with Presbyopia. The lenses are now available in the United States and other international markets. The lenses use PRECISION PROFILE, the most popular multifocal optical design in the United States, giving wearers of the lenses clear, uninterrupted vision from close up to far away.
Alcon expanded the TOTAL30 family in the United States and Europe by launching its multifocal modality. In terms of Daily Lenses, the company benefits from the strong performance of Toric lenses, including Precision1 and DAILIES TOTAL1 Toric.
In the past year, shares of ALC have gained 27.6% against the industry’s 2.2% fall.
Zacks Rank and Other Key Picks
Alcon currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space are Abbott Laboratories ABT, Inari Medical NARI and Integer Holdings Corporation ITGR.
Abbott, carrying a Zacks Rank of 2, reported adjusted EPS of $1.14 in third-quarter 2023, beating the Zacks Consensus Estimate by 3.6%. Revenues of $10.14 billion outpaced the consensus mark by 3.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Abbott has a long-term estimated growth rate of 5.1%. ABT’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 6.8%.
Inari Medical, carrying a Zacks Rank #2, reported adjusted EPS of 4 cents in third-quarter 2023, beating the Zacks Consensus Estimate by a staggering 128.6%. Revenues of $119 million outpaced the consensus estimate by 2.3%.
Inari Medical has an estimated earnings growth rate of 725% for the following year. Inari Medical’s earnings surpassed estimates in all the trailing four quarters, the average being 66.8%.
Integer Holdings reported a third-quarter 2023 adjusted EPS of $1.27, beating the Zacks Consensus Estimate by 20.9%. Revenues of $404.7 million surpassed the Zacks Consensus Estimate by 8.7%. It currently carries a Zacks Rank #2.
Integer Holdings has a long-term estimated growth rate of 15.8%. ITGR’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 11.9%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report