Core Insights - Bausch + Lomb Corporation will hold an investor day on November 13, 2025, at the New York Stock Exchange [1] - Chairman and CEO Brent Saunders will provide an update on the company's transformation and strategic outlook [1] - Executive Vice President and Chief Financial Officer Sam Eldessouky will share details on a three-year plan to drive sustainable growth [1]

Product Portfolio and Development - Bausch + Lomb reported a comprehensive portfolio of approximately 400 products, including contact lenses, IOLs, and surgical devices, marketed in about 100 countries[189]. - The company acquired Whitecap Biosciences in 2025, expanding its clinical-stage pipeline with therapies for glaucoma and geographic atrophy[195]. - The acquisition of Elios Vision in December 2024 is expected to enhance the glaucoma treatment portfolio with a minimally invasive surgery procedure[196]. - Bausch + Lomb's R&D team of around 1,000 employees is focused on over 60 projects, including new contact lenses for myopia and investigational treatments for dry eye[199]. - The company launched enVista Aspire IOLs in the U.S. in October 2023, with further launches planned in Europe and Canada[205]. - The company is developing a next-generation eye vitamin formulation, AREDS3, anticipated to launch in 2026[203]. - Bausch + Lomb's Blink NutriTears, launched in June 2024, targets the root causes of dry eyes and promotes healthy tear production[203]. - The company plans to launch enVista Beyond extended depth of focus (EDOF) in the U.S. in early 2027[215]. - The European launch of the LuxLife Trifocal IOL is currently in process, expanding the premium IOL portfolio[215]. - The company is planning the U.S. submission for ELIOS, a minimally invasive glaucoma surgery procedure using an excimer laser[215]. Financial Performance - Revenues for the three months ended September 30, 2025, were $1,281 million, an increase of $85 million, or 7%, compared to $1,196 million in 2024[242]. - Product sales contributed $1,277 million to revenues, with a notable increase in volumes of $76 million primarily from Pharmaceuticals and Vision Care segments[242]. - Vision Care segment revenue was $736 million, up 8% from $684 million, driven by sales from dry eye and eye vitamins portfolios[251]. - Pharmaceuticals segment revenue increased to $330 million, an 8% rise from $306 million, primarily due to increased net sales of branded pharmaceuticals like MIEBO[252]. - Surgical segment revenue reached $215 million, a 4% increase from $206 million, attributed to higher sales of consumables and equipment[253]. - Total revenues for the nine months ended September 30, 2025, were $3,696 million, a 5% increase from $3,511 million in the same period of 2024, driven by increased volumes and favorable currency impacts[283]. - Vision Care segment revenue increased by $129 million, or 6%, to $2,145 million for the nine months ended September 30, 2025, primarily from the dry eye portfolio and contact lenses[288]. - Pharmaceuticals segment revenue rose by $23 million, or 3%, to $906 million for the nine months ended September 30, 2025, mainly due to increased sales of MIEBO[289]. - Surgical segment revenue increased by $33 million, or 5%, to $645 million for the nine months ended September 30, 2025, driven by demand for consumables and implantables[290]. Costs and Expenses - Cost of goods sold was $509 million, an increase of $45 million, or 10%, primarily due to higher volumes and unfavorable foreign currency impacts[258]. - Total provisions to reduce gross product sales to net product sales were $837 million, representing 39.6% of gross product sales, an increase of 3.9 percentage points from 35.7% in 2024[256]. - SG&A expenses increased by $17 million, or 3%, to $528 million in Q3 2025 from $511 million in Q3 2024, driven by higher selling costs in the Pharmaceuticals segment[262]. - R&D expenses rose by $11 million, or 13%, to $95 million in Q3 2025 compared to $84 million in Q3 2024, attributed to ongoing product development[264]. - Selling, General and Administrative (SG&A) expenses rose by $120 million, or 8%, to $1,670 million for the nine months ended September 30, 2025, driven by higher selling costs and Business Transformation Costs[295]. - Research and Development (R&D) expenses increased by $27 million, or 11%, to $277 million for the nine months ended September 30, 2025, due to ongoing product development[297]. Losses and Income - Operating income for the three months ended September 30, 2025, was $95 million, a significant increase from $43 million in 2024[240]. - Net loss attributable to Bausch + Lomb Corporation was $28 million for the three months ended September 30, 2025, compared to net income of $4 million in 2024[240]. - Net loss attributable to Bausch + Lomb Corporation improved by $12 million to $302 million for the nine months ended September 30, 2025, mainly due to a decrease in the provision for income taxes[311]. - Operating income decreased by $74 million to $1 million for the nine months ended September 30, 2025, reflecting increased SG&A and R&D expenses[301]. Economic and Market Conditions - The ongoing Russia-Ukraine war has impacted economic conditions, including inflation and global supply-chain disruptions, affecting the company's business trends[210]. - Revenues attributable to Russia, Ukraine, and Belarus were approximately 3% of total revenues for both the nine months ended September 30, 2025, and the year ended December 31, 2024[214]. - Revenues from the impacted regions in the Middle East were less than 1% of total revenues for the nine months ended September 30, 2025, and the year ended December 31, 2024[218]. - The company is assessing the impact of macroeconomic factors, including inflation and fluctuations in exchange rates, on its financial performance[357]. - The company is exposed to adverse global economic conditions, including inflationary pressures and foreign currency exchange volatility[364]. - The company faces risks associated with the ongoing conflict between Russia and Ukraine, which could affect sales, earnings, and market conditions[364]. Regulatory and Compliance Issues - The company is monitoring ongoing policy changes by the Trump administration, which could adversely affect business operations due to tariffs and trade restrictions[220]. - The global minimum corporate tax rate of 15% for companies with revenue above €750 million is expected to be effective for fiscal years beginning on or after December 31, 2023[223]. - The company anticipates minimal impact on its 2025 tax rate due to the global minimum tax provisions, but there is a risk of an increase in the overall effective tax rate[227]. - The implementation of the OECD inclusive framework on Base Erosion and Profit Shifting may impact the company's tax provision for 2025 and future years[364]. - The company must navigate complex regulatory environments, including compliance with healthcare laws and potential changes in legislation[367]. Debt and Financial Obligations - As of September 30, 2025, Bausch + Lomb had outstanding borrowings of $490 million under the September 2028 Term Facility and $2,319 million under the January 2031 Term Facility[323]. - The interest rate for the September 2028 Term Facility was 8.16% per annum as of September 30, 2025[327]. - The January 2031 Term Facility had an interest rate of 8.41% per annum as of September 30, 2025[328]. - Bausch + Lomb expects to make interest payments of approximately $120 million and mandatory debt amortization payments of $7 million for the period from October 1, 2025, to December 31, 2025[343]. - The weighted average stated rate of interest for the company's outstanding debt obligations was 7.97% as of September 30, 2025[339]. - The company is required to make mandatory prepayments of loans under certain circumstances, including 100% of net cash proceeds from asset sales[329]. Strategic Initiatives and Risks - The company is evaluating strategic separation from Bausch Health Companies Inc., which may include a distribution of shares to shareholders[190]. - The company is actively managing its pipeline to identify innovative projects expected to provide sustainable revenues and growth[237]. - The company is pursuing acquisitions, including the acquisition of XIIDRA and other ophthalmology assets, with potential risks related to realizing expected benefits[362]. - The company is facing risks related to the recent voluntary recall of certain enVista IOL products, which may affect inventory resupply and operational costs[358]. - The potential for product recalls could lead to significant costs and impact the company's reputation[367]. - The success of the company's drug development pipeline is contingent on the outcomes of clinical trials and regulatory approvals[367]. - The company is at risk of illegal distribution or sale of counterfeit products, which could harm its market position[367]. - There have been no material changes to the company's assessment of its sensitivity to market risks[370].

Core Insights - Bausch + Lomb reported $1.28 billion in revenue for Q3 2025, a 7.1% year-over-year increase, with an EPS of $0.18 compared to $0.17 a year ago [1] - The revenue was slightly below the Zacks Consensus Estimate by -0.04%, while the EPS exceeded the consensus estimate by +12.5% [1] Revenue Breakdown - Vision Care revenues were $736 million, slightly below the average estimate of $743.74 million, reflecting a year-over-year increase of +7.6% [4] - Surgical revenues reached $215 million, in line with the average estimate of $214 million, marking a +4.4% change year-over-year [4] - Pharmaceuticals revenues totaled $330 million, surpassing the average estimate of $327.18 million, with a year-over-year increase of +7.8% [4] - Other revenues were reported at $4 million, below the two-analyst average estimate of $5 million, showing no change year-over-year [4] Stock Performance - Bausch + Lomb shares returned +0.9% over the past month, underperforming compared to the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Bausch + Lomb (BLCO) reported quarterly earnings of $0.18 per share, exceeding the Zacks Consensus Estimate of $0.16 per share, and showing a slight increase from $0.17 per share a year ago, resulting in an earnings surprise of +12.50% [1] - The company posted revenues of $1.28 billion for the quarter ended September 2025, which was slightly below the Zacks Consensus Estimate by 0.04%, but an increase from $1.2 billion year-over-year [2] - Bausch + Lomb shares have underperformed the market, losing about 15.8% since the beginning of the year compared to the S&P 500's gain of 17.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.35 on revenues of $1.4 billion, and for the current fiscal year, it is $0.51 on revenues of $5.09 billion [7] - The estimate revisions trend for Bausch + Lomb was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Medical Services industry, to which Bausch + Lomb belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]

Financial Data and Key Metrics Changes - Total company revenue for Q3 2025 was $1.281 billion, reflecting a year-over-year growth of 6% [10][11] - Adjusted EBITDA for Q3 was $243 million, up 7% year-over-year, with an adjusted EBITDA margin of 19%, representing a sequential increase of 400 basis points [14][15] - Adjusted cash flow from operations was $161 million, with adjusted free cash flow at $87 million, indicating strong cash flow generation [14][15] Business Line Data and Key Metrics Changes - Vision Care revenue for Q3 was $736 million, increasing by 6%, driven by growth in both consumer and contact lenses [10][11] - Pharmaceuticals segment revenue was $330 million, representing a 7% increase, with MIEBO generating $84 million, a 71% year-over-year increase [13][14] - Surgical segment revenue was $215 million, a 1% increase, with premium IOLs showing a 27% constant currency revenue growth [12][14] Market Data and Key Metrics Changes - The U.S. branded RX business in pharmaceuticals grew by 13%, while the international pharmaceuticals business was up 12% [13][14] - The contact lens market is expected to grow in the mid-single digits, with the company outpacing market growth [38][80] - The company reported a 9% growth in the U.S. contact lens market and a 4% growth internationally [12][14] Company Strategy and Development Direction - The company is focused on three core pillars: Selling Excellence, Operational Excellence, and Disruptive Innovation, with the addition of a fourth pillar, Financial Excellence [6][27] - The strategy aims to deliver sustained, profitable growth through innovation and operational efficiency, with a strong emphasis on cash flow optimization [7][10] - Upcoming product launches and innovations are expected to drive future growth, particularly in the dry eye treatment market [8][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the dry eye market, with MIEBO and XIIdra leading the way [18][104] - The company anticipates continued revenue growth and margin expansion, supported by disciplined cost management and operational improvements [15][29] - The management is closely monitoring tariff impacts and believes they can mitigate potential negative effects [16][78] Other Important Information - The company is maintaining its full-year revenue guidance at $5.05 billion to $5.15 billion, representing constant currency growth of approximately 5% to 7% [15][16] - Adjusted gross margin for Q3 was 61.7%, reflecting a 130 basis points decrease year-over-year, primarily due to product mix and the Invista IOL recall [13][14] Q&A Session Summary Question: Commentary on Financial Excellence pillar - The Financial Excellence pillar focuses on ensuring every dollar spent drives growth and efficiency, emphasizing disciplined execution and resource allocation [26][27] Question: Insights on contact lens market share - The company has been growing faster than the industry, attributing this to new product innovations and effective execution [38][39] Question: MIEBO and combination therapy - MIEBO's TRx growth of 110% indicates strong market potential, and combination therapies are seen as a way to enhance treatment efficacy [44][49] Question: Surgical business and Invista IOL recovery - The Invista IOL platform has shown impressive recovery, with sales reaching 82% of pre-recall levels, and the company is regaining momentum in premium IOLs [58][60] Question: Sustainability of SG&A leverage - The company aims for sustainable SG&A improvements while balancing reinvestment in growth opportunities [61][62] Question: Tariff impact and market growth outlook - The company is monitoring tariff impacts closely and believes it can manage potential challenges while maintaining a positive growth outlook [78][80]

Financial Data and Key Metrics Changes - Total company revenue for Q3 2025 was $1.281 billion, reflecting a year-over-year growth of 6% [10][11] - Adjusted EBITDA for Q3 was $243 million, up 7% year-over-year, with an adjusted EBITDA margin of 19%, representing a sequential increase of 400 basis points [14][15] - Adjusted cash flow from operations was $161 million, with adjusted free cash flow at $87 million, indicating strong cash flow generation [14][15] Business Line Data and Key Metrics Changes - Vision Care revenue for Q3 was $736 million, increasing by 6%, driven by growth in both consumer and contact lenses [10][11] - Pharmaceuticals segment revenue was $330 million, representing a 7% increase, with MIEBO contributing $84 million, showing a 71% year-over-year increase [13][14] - Surgical segment revenue was $215 million, a 1% increase, with a 7% growth excluding the enVista recall [12][14] Market Data and Key Metrics Changes - The U.S. branded RX business in pharmaceuticals grew by 13%, while the international pharmaceuticals business was up 12% [13][14] - The contact lens market is growing at a low end of the mid-single digit range, with the company outpacing market growth [38][80] - The company reported a 9% growth in the U.S. contact lens market and a 4% growth internationally [12][11] Company Strategy and Development Direction - The company is focused on three core pillars: Selling Excellence, Operational Excellence, and Disruptive Innovation, with the addition of a fourth pillar, Financial Excellence, aimed at improving cash conversion and margin structure [6][27] - The company plans to showcase its pipeline of innovative products at the upcoming Investor Day, emphasizing sustained, profitable growth [7][10] - The strategy includes maintaining a strong field force and focusing on combination therapies to expand the dry eye market [105] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing growth of the dry eye market, with MIEBO and Xiidra expected to benefit from increased awareness and education [18][104] - The company is monitoring tariff impacts closely, with expectations to offset potential tariff costs in 2025 [16][78] - Management highlighted the importance of disciplined execution and resource allocation to drive financial excellence and margin expansion [27][29] Other Important Information - The company maintained its full-year revenue guidance at $5.05 billion to $5.15 billion, representing constant currency growth of approximately 5%-7% [15][16] - Adjusted gross margin for Q3 was 61.7%, reflecting a 130 basis points decrease year-over-year due to product mix and the enVista recall [14][88] Q&A Session Summary Question: Commentary on Financial Excellence pillar - Management explained that Financial Excellence focuses on ensuring every dollar spent drives growth and efficiency, emphasizing disciplined execution and better resource allocation [26][27] Question: Insights on contact lens market share - Management noted that the contact lens market is growing in the mid-single digits, with the company growing faster than the market due to new product innovations [38][39] Question: MIEBO and combination therapies - Management discussed the potential for combination therapies to expand the dry eye market, highlighting MIEBO's unique position in treating evaporative dry eye [44][51] Question: Surgical business recovery post-recall - Management reported strong recovery in the enVista IOL platform, with sales approaching pre-recall levels and a focus on regaining market trust [58][60] Question: Sustainability of SG&A leverage - Management indicated that the recent SG&A improvements are sustainable, with a focus on reallocating resources towards revenue generation [66][68] Question: Tariff impact and market growth outlook - Management acknowledged the fluidity of the tariff situation but expressed confidence in the ability to manage and offset impacts, while also noting mixed signals in market growth [78][80]

Financial Data and Key Metrics Changes - Total company revenue for Q3 2025 was $1.281 billion, reflecting year-over-year growth of 6% [10] - Adjusted EBITDA for Q3 was $243 million, up 7% year-over-year, with an adjusted EBITDA margin of 19%, representing a sequential increase of 400 basis points [14][15] - Adjusted cash flow from operations was $161 million, with adjusted free cash flow at $87 million, indicating strong cash flow generation [14] Business Line Data and Key Metrics Changes - Vision Care revenue for Q3 was $736 million, increasing by 6%, driven by growth in both consumer and contact lenses [10] - Pharmaceuticals segment revenue was $330 million, representing a 7% increase, with MIEBO generating $84 million, a 71% year-over-year increase [13] - Surgical segment revenue was $215 million, a 1% increase, with premium IOLs showing 27% constant currency revenue growth [12][13] Market Data and Key Metrics Changes - The U.S. branded RX business in pharmaceuticals grew by 13%, while the international pharmaceuticals business was up 12% [13] - The contact lens market is growing at a mid-single-digit rate, with the company outpacing the market growth [41][80] - The company reported a 9% growth in the U.S. contact lens market and a 4% growth internationally [12] Company Strategy and Development Direction - The company is focused on four strategic pillars: Selling Excellence, Operational Excellence, Disruptive Innovation, and Financial Excellence [5][6] - The upcoming Investor Day will showcase a three-year plan aimed at delivering sustained, profitable growth [6][15] - The company aims to elevate the standard of care in eye health through innovative product launches and a strong pipeline [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the dry eye market, anticipating continued expansion due to increased awareness and education [18][100] - The company is committed to maintaining a disciplined approach to cost management while investing in R&D for future growth [15][66] - Management noted that the tariff situation remains fluid but expressed confidence in the ability to mitigate impacts [75][78] Other Important Information - Adjusted gross margin for Q3 was 61.7%, a decrease of 130 basis points year-over-year, primarily due to product mix and the Invista IOL recall [14][86] - The company is maintaining its full-year revenue guidance at $5.05 billion to $5.15 billion, representing constant currency growth of approximately 5% to 7% [15][16] Q&A Session Summary Question: Commentary on Financial Excellence pillar - Management explained that the Financial Excellence pillar focuses on ensuring every dollar spent drives growth and efficiency, emphasizing disciplined execution and resource allocation [24][26] Question: Insights on contact lens market share - Management indicated that the contact lens market is growing in the mid-single digits, with the company growing faster than the market due to new product innovations [41][42] Question: MIEBO's performance and market opportunity - Management highlighted MIEBO's strong TRx growth of 110% year-over-year, indicating a positive outlook for the dry eye treatment market [18][49] Question: Surgical business and Invista IOL recovery - Management reported impressive recovery in the Invista IOL platform, with sales reaching 82% of pre-recall levels, and expressed confidence in regaining market momentum [58][60] Question: Capital allocation strategy - Management confirmed a commitment to deleveraging while also considering reinvestment in R&D and potential M&A opportunities [108]

3Q25 Financial Results Forward-Looking Statements; Non-GAAP Information This presentation contains forward-looking information and statements, within the meaning of applicable securities laws (collectively, "forward-looking statements"), including, but not limited to, statements regarding future prospects and performance of Bausch + Lomb Corporation ("Bausch + Lomb", the "Company", "we", "us", or "B+L") (including the Company's 2025 full-year guidance), our strategic roadmap and the steps thereof, our antic ...

Revenue Performance - Total reported revenue for Q3 2025 was $1.281 billion, an increase of $85 million or 7% compared to Q3 2024[4] - Vision Care segment revenue was $736 million, up $52 million or 8% year-over-year, driven by growth in over-the-counter dry eye products and SiHy Daily lenses[8] - Pharmaceuticals segment revenue increased to $330 million, a rise of $24 million or 8%, primarily due to increased sales of MIEBO and growth in International Pharmaceuticals[9] - Surgical segment revenue was $215 million, an increase of $9 million or 4%, attributed to higher equipment sales and premium IOLs[9] - Product sales for Q3 2025 reached $1,277 million, a 7.1% increase from $1,192 million in Q3 2024[46] - Total revenues for the nine months ended September 30, 2025, were $3,696 million, compared to $3,511 million for the same period in 2024, reflecting a 5.3% growth[46] - Total revenues for the three months ended September 30, 2025, were $1,281 million, reflecting a 7% increase from $1,196 million in the same period of 2024[53] - For the nine months ended September 30, 2025, total revenues were $3,696 million, a 5% increase from $3,511 million in the same period of 2024[55] Financial Metrics - Adjusted EBITDA for Q3 2025 was $243 million, an increase of $31 million from $212 million in Q3 2024[15] - Adjusted EBITDA (non-GAAP) is used to assess financial performance, focusing on underlying operational results[33] - Full-year adjusted EBITDA excluding acquired IPR&D guidance updated to $870 million to $910 million[17] - Adjusted net income (non-GAAP) for Q3 2025 was $66 million, translating to an adjusted EPS of $0.18, up from $46 million and $0.13 in Q3 2024[47] - Operating income for Q3 2025 was $95 million, significantly higher than $43 million in Q3 2024[46] - Total non-GAAP adjustments for Q3 2025 amounted to $94 million, contributing an additional $0.26 to the adjusted EPS[47] - Adjusted selling, general and administrative expenses for the three months ended September 30, 2025, were $514 million, compared to $495 million in the same period of 2024[51] - The company reported adjusted cost of goods sold of $490 million for the three months ended September 30, 2025, compared to $443 million in the same period of 2024[51] Net Income and Loss - Net loss attributable to Bausch + Lomb was $28 million for Q3 2025, compared to a net income of $4 million in Q3 2024, reflecting a $32 million unfavorable change[11] - The company reported a net loss of $25 million for Q3 2025, compared to a net income of $8 million in Q3 2024[46] - For the three months ended September 30, 2025, Bausch + Lomb reported GAAP net loss of $28 million, compared to a net income of $4 million in the same period of 2024[51] - The company’s diluted loss per share for Q3 2025 was $(0.08), compared to a diluted income per share of $0.01 in Q3 2024[47] Cash Flow and Guidance - Cash flow from operations decreased to $137 million in Q3 2025, down $17 million from $154 million in Q3 2024[13] - Full-year 2025 revenue guidance remains at $5.050 billion to $5.150 billion, with expected constant currency growth of approximately 5% to 7%[17] - Cash, cash equivalents, and restricted cash totaled $332 million as of September 30, 2025[21] Expenses and R&D - Research and development expenses increased to $95 million in Q3 2025, compared to $84 million in Q3 2024, marking a 13.1% rise[46] - Research and development expenses for the three months ended September 30, 2025, were $95 million, up from $84 million in the same period of 2024[51] Risks and Operational Changes - The company faces risks related to economic conditions, including heightened inflation and interest rates, which could adversely impact revenue and margins[26] - Management has made assumptions regarding 2025 full-year guidance, including expectations for base performance growth and adjusted gross margin[26] - Risks associated with acquisitions may affect the company's ability to realize expected benefits in a timely manner[26] - The company has incurred restructuring and transformation costs as part of its operational improvements and separation initiatives[34] - The company has implemented enhanced inspection protocols for certain products following a voluntary recall[26] - Future amortization of intangible assets will recur until fully amortized, impacting financial results[41] - The company emphasizes the importance of non-GAAP measures for investors to evaluate performance and valuation[29] - Constant currency revenue growth is utilized to assess performance without the impact of foreign currency fluctuations[40]

Core Viewpoint - Activist investor Jana Partners has acquired a stake in The Cooper Companies and is advocating for strategic alternatives, including a potential merger of its contact-lens division with Bausch + Lomb [1][2] Group 1: Strategic Moves - Jana Partners aims to unlock shareholder value by improving capital allocation and possibly separating Cooper's two distinct business segments [2] - The CEO of Bausch + Lomb has expressed openness to a merger, suggesting it would enhance competition in the global contact-lens market [3][4] Group 2: Financial Performance - CooperCompanies has increased its share repurchase program by $1 billion to a total of $2 billion [1] - CooperVision's third-quarter sales reached $718.4 million, a 6% increase year-over-year, with fourth-quarter sales expected between $700 million and $713 million [7] - CooperSurgical sales rose by 4% to $341.9 million, with fourth-quarter expectations between $350 million and $356 million [8] Group 3: Market Context - Cooper is valued at approximately $14 billion, while Bausch + Lomb has a market capitalization of around $5.3 billion [4][5] - The contact-lens market is competitive, with major players including Cooper, Johnson & Johnson, and Alcon [5]