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August 13, 2020August 13, 2020

Optik Launches New Continuing Education Website for Optical Professionals

Optik is pleased to announce the launch of an entirely new continuing education service for Optical professionals.

The new site (www.OptikConEd.com) offers FREE courses, primarily for Opticians but also for paraoptometric professionals.

Course takers will be able to easily select courses approved by their relevant accrediting body, including any of the following:

ABO – American Board of Opticianry
CCOA – Canadian Certified Optometric Assistants
COO – College of Ontario Opticians
NACOR – National Alliance of Canadian Optician Regulators
NCLE – National Contact Lens Examiners (USA)
OODQ – L’Ordre des opticiens d’ordonnances du Québec

Users can take courses at their own pace and timetable facilitating learning at a relaxed in-home setting.

Upon completion of a course, the learner can take an online quiz to test their knowledge. The quiz is instantly graded and a certificate with the relevant accreditation seal is immediately generated.

The OptikConEd.com platform is strategically interwoven with the company’s marketing automation system, which provides clients with a built-in lead generation tool that serves to optimize return on investment.

OptikConEd is tightly connected to the entire Optik communication network, allowing courses to be promoted through Optik print and digital magazine, Optik INFO digital newsletters and the targeted Optik DIRECT email broadcast service.

“OptikConEd provides a 360-degree service for clients who deploy continuing education as part of their ECP strategy. Bringing awareness to courses and capturing leads are both critical to generating a positive ROI from a CE investment.” notes David Pietrobon, Optik President and Publisher.

The OptikConEd platform can provide clients with full turn-key service including design, delivery, promotion and lead-capture or cost-effectively leverage existing CE assets, regardless of their current media format.

The addition of OptikConEd.com complements the optometric CE Education website, CROJournal.com, which provides COPE-accredited CE courses to Optometrists across North America.

Users can explore both continuing education resources at:

www.OptikConEd.com
www.CROJournal.com

Clients interested in learning more about how CE can be implemented on the new OptikConEd.com website can contact the company at: learn@optikconed.ca.

August 12, 2020August 10, 2020

The Board of Directors of Safilo Approves Financial Results of First Half of 2020

The Board of Directors of Safilo Group has reviewed and approved the results of the first half of 2020.

Angelo Trocchia, Safilo Chief Executive Officer, commented: “As we had anticipated to the market in May, our second quarter sales and economic results were heavily impacted by the massive shutdown of commercial activities across the world in April, and the very gradual and patchy reopening of stores for prescription frames and sunglasses starting to occur in May as lockdowns were eased in many countries. In these two months, this business context resulted in a sales drop of approximately 75% compared to the same period last year, and in an unprecedented deleveraging of costs and negative economic performance.

In June, store traffic and conversion rates started to clearly rebound in markets like Italy, France and Germany, while the recovery of the Chinese market, which began in April, further strengthened. On the other hand, we did not experience a sales rebound yet in North America where re-openings came a bit later than Europe and were temporarily impacted by social disruptions. The growth of the US market materialized for us in July.”

In North America, Q2 2020 net sales equaled Euro 44.1 million, down 45.3% at current exchange rates and 46.1% at constant exchange rates compared to the same quarter of last year. Safilo’s wholesale revenues declined around 65% in quarter, reflecting the slower pace of re-openings which occurred in the region between May and the beginning of June, with the social turmoil affecting the country temporarily delaying the restart of commercial activities.

The newly acquired businesses of Privé Revaux and Blenders Eyewear, the latter completed on June 1st, 2020, added a total of Euro 15.7 million to the quarterly sales of North America, more than doubling their respective sales compared to their prior year business.

On the positive side, also the quarterly performance of the brand Smith, whose e-commerce business in US surged around 40% in the period, allowing for a more moderate total brand decline of approximately 9% at constant exchange rates. In June, the reopening of the brick and mortar sport customers contributed to Smith double-digit sales growth compared to the same month of last year.

In North America, H1 2020 net sales totaled Euro 128.5 million, declining 24.2% at current exchange rates and 26.0% at constant exchange rates compared to H1 2019.

Click HERE for the full press release.

Italian Frame Industry Needs a Renaissance:

Italian Renaissance S.V.P.!

August 11, 2020August 11, 2020

New Look Vision Reports Results for Q2 of Fiscal 2020

New Look Vision Group reported financial results for the 13 and 26 week periods ended June 27, 2020 (“Q2 2020”) and provided updates on actions in response to COVID-19, store re-openings, and new financing arrangements.

Q2 2020 highlights, which were significantly impacted by COVID-19, are as follows:

• Revenues decreased by 64.9% to $27.4 million, resulting principally from COVID-19 temporary store closures, as well as scheduled store closures offset by revenue from newly acquired stores.

• Cash flows related to operating activities reached $5.5 million, a decrease of $4.7 million or 46.3% from last year and decreased 47.0% on a per diluted share basis to $0.35.

• During the quarter, the Company successfully secured $73.9 million of additional bank and subordinated debt financing.

Year-to-date Financial and Operating Results

It should be noted that the Company has adopted IFRS 16 Leases effective Q1 2020. The Company has applied a modified retrospective approach: the operating results of previous fiscal periods have not been restated. Occupancy costs previously recorded as operating expenses are now recorded through depreciation of right-of-use assets and interest expenses on lease liabilities.

• The increase in the number of stores in the last twelve months reflects the acquisition of 19 stores net of five planned closures and the sale of one clinic.

• Net (loss)/earnings attributed to shareholders were ($12.7) million or ($0.81) per diluted share, compared to $8.9 million last year or $0.57 per diluted share.

• Adjusted net (loss)/earnings attributed to shareholders decreased to ($8.3) million, a decrease of $19.6 million, as compared to last year. Adjusted net (loss)/earnings attributed to shareholders reached ($0.53) per diluted share, down 173.6% from $0.72 in 2019.

• Cash flows related to operating activities reached $19.0 million, a decrease of 16.7% as compared to last year and decreased 17.1% on a per diluted share basis to $1.21.

Actions in response to COVID-19

New Look Vision has and continues to respond swiftly to the crisis along three principles: participation, protection and responsibility.

1. Participation in stemming the pandemic spread by closing a large number of locations early on (stores, offices, factories and distribution centers).

2. Protection for our employees with a supplemental pay program for those placed on temporary leave. Protection of our financial autonomy with immediate cash burn optimization (expense freeze, CAPEX postponement, dividend suspension, executive pay reduction) and expansion of our available funding from both our lenders. As a result, the Company is confident that it has the necessary financial resource to sustain the ongoing impact of the pandemic.

3. Responsibility, as eye care professionals, to keep open a minimum number of stores to serve those in urgent need of eye care and eyewear. The Company launched the Guardian Angel program on March 25th giving hospital personnel the opportunity to replace broken eyewear quickly. Our central lens processing facility retooled to produce safety eyewear for use in health care facilities.

Throughout the shutdown, teams working on strategic initiatives, both internal and external, have carried on. New Look Vision continues to diligently control its cost structure while actively monitoring market conditions.

Antoine Amiel, the President and CEO of New Look Vision, stated that: “The second quarter started after most of the Company’s retail stores stopped operating mid-March. Gradual reopening started mid-May and was completed by June 21st when the last local retail operation restrictions were lifted. In March, the Company implemented a high impact cash conservation plan which yielded minimum cash burn throughout the 90+ day physical retail shutdown. This, in addition to revenues generated online, is reflected in the strong cash position at quarter’s end, given the circumstances. Retail operations re-started in each market as soon as local regulatory restrictions allowed and under all-encompassing safety-first internal protocols. Trade has been brisk since the re-start. Strengthened by its resilience, financial and organizational strengths throughout the COVID-19 disruption, the Company has resumed its profitable growth journey, organic and external. I am, more than ever, in awe of the New Look Vision Group people’s fortitude through the ordeal and dedication to eyecare and eyewear since the re-start. They deserve the highest praise and deepest gratitude.”

Click HERE for the full press release.

August 11, 2020August 11, 2020

CooperVision Acquires GP Specialists

CooperVision has acquired C&E GP Specialists, Inc., the well-known customized orthokeratology contact lens manufacturer and distributor. The move further expands CooperVision’s Specialty EyeCare business and its leadership in addressing the increasing severity and prevalence of myopia.

“CooperVision is committed to providing eye care professionals with advanced lenses and services, deep expertise and educational resources vital to expanding their options for managing myopia. This acquisition further improves our ability to meet ECPs’ needs, and ultimately the quality of vision and life for their patients,” said Juan Carlos Aragón, OD, President of CooperVision Specialty EyeCare. “Adding the tremendous experience of GP Specialists builds upon what we have created with the acquisitions of Blanchard, Paragon, Procornea and Soflex in recent years.”

Founded in 2003, GP Specialists has earned a reputation for designing and manufacturing high quality ortho-k lenses for use by ECPs worldwide, including the popular iSee™ design. In addition, it manufactures and distributes a large portfolio of lens designs such as the OK-GOV™ series brands and OrthoTool’s designs. It will also continue as a key distributor of Paragon CRT lenses.

Mr. Wagner will serve as a consultant to the company over the next several months to assist with a smooth transition. Industry veteran Mark Cosgrove will remain as GP Specialists’ General Manager, responsible for daily operations. Rich Jeffries from CooperVision Specialty EyeCare’s senior management team will provide additional guidance, working across functions to help develop and deliver current and future offerings.

Like CooperVision’s other Specialty EyeCare entities, GP Specialists will retain its name and operate as a complementary business, headquartered in San Diego, Calif. GP Specialists’ customers should continue to work with their current representatives.

Terms of the transaction were not disclosed.

Click HERE for the full press release.

August 11, 2020August 7, 2020

Essilor Supports IMI Efforts to Move the Needle on Myopia Management

In a landmark moment for the eye care industry, the International Myopia Institute (IMI), published last year a series of eight white papers sponsored by Essilor and other leading industry players.

In a landmark moment for the eye care industry, the International Myopia Institute (IMI), a consensus body of global myopia experts with an independent advisory board, published a series of eight white papers last year. These white papers were sponsored by Essilor and other leading industry players, and provide a comprehensive, evidence-based picture of myopia management by some of the most respected minds in our field.

IMI has now released online the official IMI clinical summaries of the white papers in twelve languages including English, French, Chinese, Spanish, Vietnamese, Portuguese and Japanese, and many more languages as part of their commitment to make evidence-based knowledge free and accessible everywhere.

This ground-breaking effort has already seen important progress in advancing clinical knowledge and practice globally to help eye care professionals better assess and manage the growing epidemic among children.

Gilles Le Saux, Senior Vice President, Research and Foresight, Essilor International, said “We’ve already seen that the statistics for the burden of myopia are worrying, and the level of high myopia and related complications are only going to increase further. Together with IMI, we hope to see a real impact in the advancement of myopia research and practice, particularly to contribute to widespread adoption of myopia management among eye care professionals.”

“IMI creates the unique opportunity to bring together the whole spectrum of stakeholders from different professions and from around the world – which is essential not only to advance research, but also to foster the delivery of existing interventions,” commented Professor Serge Resnikoff, IMI Chair on the institute’s role. The full length white papers covering the areas of definitions, experimental models, interventions, genetics, clinical management, clinical trials, and industry guidelines and ethical considerations, were originally published in a special issue of the high impact journal IOVS in February 2019.

Following the initial success of the IMI in bringing consensus to the areas mentioned above, and the advocacy and recognition of myopia at the WHO level in the first WHO World Report on Vision, the next stage of IMI will involve tackling the areas of myopia that were not yet addressed, and have been identified as areas of urgent need. New task forces have been established with their chairs. These task forces include the impact of myopia, pediatric high myopia, high myopia in adults and their associated complications, preferred practice patterns, environmental risk factors in myopia, and accommodation and binocular vision in myopia. A yearly digest will also be published which will provide an update on the latest myopia research for each IMI section.

Click HERE for the full press release.