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VAUGHAN, Ontario – Bausch + Lomb Corporation (NISE/TSX: BLCO ), a prominent eye health company trading near its 52-week high of $21.69, today announced the acquisition of Elios Vision, Inc., developer of a new minimally invasive glaucoma surgical procedure (MIGS). According to InvestingPro According to the data, BLCO has shown strong momentum with a price return of 38% over the past six months, although current valuations suggest the stock may be slightly overvalued. The ELIOS™ procedure, which uses an excimer laser, is the first of its kind to be clinically validated and does not require implants.
This strategic move expands Bausch + Lomb’s glaucoma portfolio, which already includes pharmaceutical and surgical solutions. Luc Bonnefoi, President of Surgical at Bausch + Lomb, emphasized the importance of this acquisition in meeting the growing needs of patients, citing an expected increase in the prevalence of glaucoma of 47% from 2020 to 2040.
MIGS is known for its safety and effectiveness in lowering intraocular pressure, with a shorter recovery time compared to other surgical methods. It is particularly advantageous because it can be performed concurrently with cataract surgery, which is common considering that more than 19% of cataract surgery patients also suffer from glaucoma or ocular hypertension.
Professor Ike K. Ahmed, MD, of the University of Toronto and Moran Eye Center, highlighted the ELIOS system’s precision approach and tissue access. He also pointed to the potential for improving patient care through the synergy of cataract surgery and MIGS.
Eliot Friedman, former president and CEO of Elios Vision, expressed confidence that Bausch + Lomb’s global reach will help establish combined cataract and glaucoma treatment as a new standard of care. ELIOS technology is CE marked and currently available in the European Union, and Elios Vision is seeking approval from the US Food and Drug Administration.
Bausch + Lomb, with a history dating back to 1853, has a significant global presence, employing approximately 13,000 people in nearly 100 countries. The company’s comprehensive product range includes contact lenses, eye care products and ophthalmic surgical devices.
The purchase is based on a press release and is subject to customary risks and uncertainties, including those discussed in Bausch + Lomb’s filings with the US Securities and Exchange Commission and Canadian securities regulators.
Leerink Partners acted as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati provided legal advice to Elios Vision during the acquisition process.
In other recent news, Bausch & Lomb Corporation made headlines for its financial performance and analyst ratings. The company reported a significant 19% year-over-year increase in revenue in the third quarter of 2024, reaching $1.196 billion. This growth was primarily driven by products such as Miebo and Xiidra, as well as the contact lens segment, particularly SiHi Dailies, which saw a 79% year-over-year increase.
Following these strong results, Bausch & Lomb raised its full-year revenue outlook for 2024. The company also secured $400 million in new term loans, providing it with additional financial flexibility. Despite these positive developments, both Citi and Morgan Stanley (NISE:) downgraded shares of Bausch & Lomb, citing a variety of reasons, including significant stock appreciation over the past year.
In terms of analyst notes, HC Wainwright upgraded the price target on shares of Bausch & Lomb to $23.00 from the previous target of $22.00, while Stifel maintained a Hold rating with a consistent price target of $19.00. These recent developments underscore Bausch & Lomb’s strategic focus on high-margin products and operational efficiencies, which have contributed to its growth and financial leverage.
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