Cooper Cos., a Lake Forest maker of contact lenses, could benefit from issues at Santa Ana-based Advanced Medical Optics Inc., according to an article on the Motley Fool investing Web site.
Cooper could see a boost from the growth in single-use contact lenses, author Billy Fisher wrote.
The company’s single-use disposable lens business grew 31% worldwide in the first three months of 2007.
Single-use lenses are seen as safer after recalls of solutions to clean other lenses by Advanced Medical and rival Bausch & Lomb Inc., Fisher wrote.
The recalls “will likely amplify growth in single-use lenses going forward,” he said.
The article also addressed Cooper’s pending launch of silicone hydrogel contact lenses in the U.S. and Europe.
“The company’s focus in this area demonstrates its responsiveness to growing trends,” Fisher wrote. Silicone hydrogel lenses, which can be worn for up to 30 days, made up nearly half of new patient visits to U.S. eye doctors during the first three months of 2007, according to Motley Fool.
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Cooper disposable lenses: no cleaning solutions required |
Cooper had been criticized in the past for being slow to come out with silicone hydrogel lenses, which al-ready were sold by rivals including Bausch & Lomb, Johnson & Johnson and Novartis AG’s Ciba Vision.
The article called the outlook for Cooper’s investors “fairly positive” for the 12 months through October.
Based on projections and analysts’ estimates, Cooper could see sales of about $930 million for the 12 months, up from $859 million a year earlier, and profits of $69 million to $85 million, up from $66 million.
Advanced Medical Suits
Speaking of Advanced Medical, two more lawsuits were filed in federal court in mid-June against the maker of contact lens solutions and eye surgery devices.
The suits stem from Advanced Medical’s voluntary recall of Complete MoisturePlus no-rub lens solution last month after federal officials linked it to a rare eye infection.
The complaints are fairly standard stuff: one, from a Texas woman, alleges she suffered permanent vision loss from Acanthamoeba keratitis after using Complete MoisturePlus. She wants compensatory and punitive damages.
The second is a class action filed by two Northern Californians who seek reimbursement for their purchases of Complete MoisturePlus.
Advanced Medical doesn’t comment on pending lawsuits, a spokesman said.
The company is planning to pick out one of three other Complete formulations and bring it back to market by the end of 2007 with instructions for patients to rub their lenses clean, rather than just rinse them.
Silverado: New Finance Chief
Thomas Croal is the new chief financial officer of Silverado Senior Living Inc., a San Juan Capistrano-based operator of facilities that care for senior citizens with memory impairment diseases, including Alz-heimer’s disease.
Croal replaces James Smith, who is retiring. Smith and Loren Shook, Silverado’s chief executive, co-founded the company in 1996.
Before Silverado, Croal was chief financial officer of Sage Publications Inc., a Thousand Oaks-based publisher of journals, books and electronic media.
His background also includes serving as chief financial officer at InSight Health Services Corp. of Lake Forest, and working at Arthur Andersen & Co. in Orange County.
Silverado has 13 facilities with 1,077 beds in California, Utah and Texas that provide long-term, short-term and day-care services. The company’s other services also include geriatric care management, in-home care and hospice.
Bits and Pieces:
Cortex Pharmaceuticals Inc., an Irvine drug maker, said it extended a licensing pact with the University of California, Irvine, until October 2012. The deal calls for Cortex to have exclusive worldwide rights to Ampakine compounds for neurological and psychiatric applications. UC Irvine has patent rights for the compounds FlexScan Inc., a Mission Viejo company, said that it’s going to provide wellness services to patients and employees of Prime Healthcare Services Inc., which owns three Orange County hospitals and is in the process of acquiring Anaheim Memorial Medical Center. Huntington Beach Community Hospital, La Palma Intercommunity Hospital and West Anaheim Medical Center are Prime’s other hospitals here. Separately, FlexScan said it signed an advertising deal with Woonsocket, R.I.-based CVS Caremark Corp. intended to reach 500,000 of FlexScan’s wellness360 enrollees Margaret Schumacher, widow of David Schumacher, author of “Buy and Hold: 7 Steps to A Real Estate Fortune,” gave $1 million to Mission Hospital in Mission Viejo. The gift will be used to create a healing garden next to Mission’s new patient care tower, which will break ground this fall.
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