Analyst Steven Lichtman initiated research coverage of Alcon Inc. (ALC $80.42) and RxSight, Inc. (RXST $9.11) and resumed William Blair’s coverage of The Cooper Companies, Inc. (COO $80.48) and Sight Sciences, Inc. (SGHT $6.03). All four companies are in the medical technology industry and specialize in vision and eye care products.
“Alcon is a leading manufacturer of surgical equipment and devices, pharmaceutical eye drops, and consumer vision products to treat eye diseases and disorders,” Lichtman said. “Over the past two years, it has been aggressive in driving top-line growth both internally, through increased R&D spend, and externally, through tuck-in acquisitions. One of the biggest opportunities for Alcon is a capital equipment upgrade cycle led by its new surgery platforms, UNITY VCS and UNITY CS. There is also growth potential in the dry eye disease market, where the patient population is large and penetration of prescription pharmaceuticals is relatively small. Alcon has launched TRYPTYR, which brings a novel mechanism of action and rapid effect, and for which it sees $250 million to $400 million in annual peak revenue potential.”
Regarding RxSight, Lichtman said, “this ophthalmic medical device company has commercialized the world’s first adjustable intraocular lens, or IOL, that is customizable after cataract surgery. This is a unique technology in a large market. Premium IOLs account for 20% of the approximate 4.5 million cataract procedures performed each year in the U.S., and premium procedures are outpacing monofocal led by technological advancements, surgeon incentives, and increasing patient demand for spectacles independence. We estimate that RxSight has captured about 12% of this premium IOL market and it is beginning to expand into the premium market outside the U.S.”
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