Connect with us

Headlines

Alcon Debuts As Independent Company

It now trades on the New York Stock Exchange under the symbol ‘ALC.’

mm

Published

on

GENEVA – Alcon announced the completion of its separation from Novartis, positioning the business as an independent, publicly traded company.

Alcon’s shares begin trading on the SIX Swiss Exchange and New York Stock Exchange under the symbol “ALC.”

Alcon describes itself as the largest eyecare device company in the world, with complementary surgical and vision care businesses. The company has a presence in 74 countries and serves patients in more than 140.

“For more than 70 years, Alcon has been dedicated to helping people see brilliantly and now, as an independent company, we are pursuing even more opportunities to further that mission,” said David Endicott, CEO of Alcon. “We are poised to achieve sustainable growth and create long-term shareholder value as a standalone company. We have a long history of industry firsts and, as a nimble medical device company, we are sharply focused on providing innovative products that meet the needs of our customers, patients and consumers.”

Eye care is an approximately $23 billion a year market, growing at roughly 4 percent annually, the company noted in a press release. Last year, Alcon had sales of $7.1 billion, including $4 billion in surgical – up 7 percent from the prior year – and $3.1 billion in vision care – up 3 percent.

Endicott stated: “Demand for eye care is growing significantly as our population ages and people spend more time in front of screens and mobile devices. As we mark this new chapter in the life of our company, all of us at Alcon are committed to addressing the growing consumer need for improved vision and eye health and to expanding access to quality eye care all around the world.”

Advertisement

The company launched a new global website that can be found at www.alcon.com.

Under the terms of the separation, each Novartis shareholder or ADR (American Depositary Receipt) holder will receive one Alcon share for every five Novartis shares or ADRs they held as of the close of business on April 1, 2019, the record date for the distribution.

As an independent company, Alcon “will have more focus and flexibility in pursuing its own growth strategy driven by rapid iterative innovation,” according to the release.

“The company will have a distinct investment identity with a more efficient capital structure that will allow it to expand markets, enter promising adjacencies and introduce new business models. These benefits, combined with Alcon’s industry-leading customer relationships, favorably position the company to achieve sustainable growth.”

Alcon is headquartered in Geneva. Its facilities in Fort Worth, TX, “will remain a major operational center and innovation hub with a large base of employees.”

Alcon stated that it will continue its corporate giving efforts, which in 2018 included $62 million in monetary and product donations. Through its charitable organizations, the Alcon Foundation and Alcon Cares, Alcon partners with hundreds of charitable organizations to help increase access to eyecare, providing sight-restoring surgeries, eye exams and other services to people in underserved communities around the world.

Advertisement

Alcon also sponsors hands-on and virtual eyecare provider training and skills-transfer to strengthen the level of care, and supports its communities through charitable donations and associate volunteerism.

 

Since launching in 2014, INVISION has won 23 international journalism awards for its publication and website. Contact INVISION's editors at editor@invisionmag.com.

Advertisement

SPONSORED VIDEO

SPONSORED BY Essilor USA

See What Happens When Patients Try Varilux® Lenses for the First Time

Take the first step toward truly satisfying your patients.

Promoted Headlines

Headlines

Optical Retailer to Add 25 Stores, Expand Into 4 New States

It’s entering the Florida, Maryland, Pennsylvania and Wyoming markets.

mm

Published

on

DALLAS –Dallas-based optical retailer Eyemart Express announced that it plans to have 25 new locations operating by the end up 2019.

The company currently owns and operates 206 stores in 38 states, according to a press release. It’s expanding into four additional states: Florida, Maryland, Pennsylvania and Wyoming.

“The drive behind our aggressive growth strategy is to make prescription eyewear accessible and convenient for more communities,” said Michael Bender, Eyemart Express CEO. “Seeing clearly should not be a burden or an excessive expense for any family. We work hard to make all our locations an affordable one-stop shop for all eyewear needs.”

Eyemart Express carries more than 2,000 frames for prescription glasses and sunglasses, ranging from exclusive private label brands to well-known brands such as Converse, Longchamp, Calvin Klein, Ray-Ban and Nike. Stores also feature onsite labs so 90 percent of glasses can be ordered and received on the same day.

“Eyemart Express’ growth helps entire communities as well. Job creation is an important factor in determining new store locations — we examine where Eyemart Express can make the biggest contribution to local economies with career opportunities,” said Bender.

More than 300 jobs will be created for hourly wage earners as a result of the optical retailer’s expansion.

Continue Reading

Headlines

Warby Parker Rolls Out 5 Extended Sizes

They range from ‘extra narrow’ to ‘extra wide.’

mm

Published

on

Eyewear  retailer Warby Parker is launching an “extended sizes” collection to help more consumers benefit from its products.

It features “five proportional sizes, ranging from ‘extra narrow’ to ‘extra wide’ and even including low bridge options,” the Observer reports.

Twenty-seven styles are available in seven best-selling frames.

To leverage augmented reality, the company utilized Apple’s ARKit and TrueDepth camera to create software that evaluates proper fit, according to the Observer.

Advertisement

Warby Parker co-founder Dave Gilboa was quoted saying, “We started getting feedback from our customers saying, ‘I love these styles, but you don’t have anything that fits me’ or ‘you only offer one frame that fits me.’”

Chain Store Age reports that Warby Parker spent two years developing the new sizes.

Continue Reading

Headlines

Vision Health Firm Buys Italian Company Focused on Retinal Screening and Telehealth

Next Sight develops robotic and IT technologies to provide ophthalmic diagnostic solutions.

mm

Published

on

Luneau Technology has acquired Next Sight, an Italian company specialized in retinal screening and telehealth.

This acquisition “brings to Luneau increased capabilities – covering both Back and Front of the eye – to propose a comprehensive eye exam, which is a key customer need” and it “supports and brings a set of experience and technology which will help to drive forward a focus on a range of telehealth solutions for Luneau Technology group,” according to a press release.

Financial terms of the deal were not disclosed.

Paola Griggio, CEO of Next Sight, will continue to manage initiatives around retinal topics and will also take up a key leadership role as she is appointed vice president for telehealth at Luneau Technology.

Marc Abitbol, president and CEO Luneau Technology, said, “It is a great opportunity for Luneau Technology to expand our offer.

“We are very excited to enter the telehealth space and welcome Paola among our management team to lead this new capability for the group.”

Advertisement

Luneau Technology produces devices aimed at ophthalmic, optometrists and optical professionals.

Next Sight develops robotic and IT technologies to provide ophthalmic diagnostic solutions. Next Sight produces Nexy, a device which allows retina screening through a platform to securely send patient data to remote locations.

Continue Reading

Advertisement

Advertisement

Subscribe


BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Advertisement

Most Popular