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New Look Vision Reports Results for Q1 of Fiscal 2020 and Provides Actions in Response to COVID-19

New Look Vision Group reported financial results today for the 13-week period ended March 28, 2020 and provided actions in response to COVID-19 and new financing arrangements.

Q1 2020 highlights, which were impacted by COVID-19 in March, are as follows:

• Revenues decreased by 4.8% to $68.0 million, resulting from COVID-19 temporary store closures, as well as scheduled store closures offset by revenue from newly acquired stores.

• Comparable store sales orders were down by 14.3%, compared to last year (but up 2.1% at the end of February 2020, pre-COVID-19).

• Adjusted EBITDA attributed to shareholders reached $15.4 million, an increase of $3.5 million or 29.6% over last year.

• Net loss attributed to shareholders was $0.3 million, a decrease of 115.3% over last year, mainly driven by the temporary closure of the majority of the Company’s stores during the last two weeks of March and the impact of IFRS 16.

• Cash flows related to operating activities reached $13.5 million, an increase of $0.9 million or 7.4% over last year and increased 7.5% on a per diluted share basis to $0.86, which is mainly explained by the impact of IFRS 16.

• Since the previous quarter total debt has increased by $35.4 million mainly as a result of business acquisitions.

Antoine Amiel, the President and CEO of New Look Vision, stated that: “The strong organic growth momentum from the fourth quarter of 2019 carried into 2020 until the impact of COVID-19 hit company wide full force in March. New Look Vision has responded swiftly to the crisis. Utmost on our minds has been the safety and well being of our employees, associates and clients. Many measures have

been taken to secure the future of the business through and beyond the crisis, including significant new additional financing arrangements. I want to specifically thank all of our employees and associates across the country who have worked so hard and showed such dedication in these unusual times. We are well positioned to withstand the current disruption given New Look Vision’s efficient operations, historical profitability and strong balance sheet, and be in a position, as conditions improve, to successfully pursue our growth strategy in Canada and the United States in 2020 and beyond.”

Click HERE for the full press release.

Langis Michaud named Director of the School of Optometry at Université de Montréal

At its March 23rd meeting, the Board of the Université de Montréal appointed Langis Michaud as Director of the School of Optometry for a five-year term beginning June 1.

“His in-depth knowledge of the school, his impressive track record, his rigour and his ability to face challenges head-on will add to the School’s strengths and its influence as a key player in the health care system in Quebec, Canada and abroad,” said Rector Guy Breton.

A graduate of the School of Optometry, Mr. Michaud also holds a master’s degree in physiological optics from the Université de Montréal and a postgraduate diploma from the École nationale d’administration publique.

A full professor since 2013, Langis Michaud began his career at the School of Optometry as a guest lecturer and clinical lecturer before becoming an assistant professor. He has been chief of the contact lens department for more than 10 years, and he also works in primary care (eye emergencies). He was president of the Association des optométristes du Québec from 1997 to 2005 and president of the Ordre des optométristes du Québec from 2013 to 2018.

Source: Université de Montréal

Clinical Highlights of a Three-year Study on Myopia Control Contact Lenses

Myopia management is a topic highlighted in optometry news lately. Myopia is on the rise and increasing at a remarkable rate worldwide. It’s estimated that 23% of the population is currently myopic and that by year 2050 this number will rise to 50%. There is also a correlating trend upwards of high myopia which is the chief concern at hand. Not only is high myopia an inconvenience, but also associated with a significant increase in pathological risks; therefore, researchers are finding ways to manage this myopia epidemic and eye care professionals are starting to educate patients and their parents on the latest management options.

In recent years, research studies on optical methods have been found to reduce myopia progression, including progressive addition lenses, orthokeratology, and multifocal or aspheric designed soft contact lenses. The mechanism of myopic defocus has been shown to slow down the progression of myopia by inhibiting eye growth and therefore axial length. Myopic defocus in dual focus contacts work by alternating powers of distance correction and myopic defocus, which allows for correction of the child’s refractive error while simultaneously controlling the progression of myopia.

One such contact lens that uses hyperopic defocus is MiSight lenses by CooperVision approved in Canada. CooperVision MiSight® 1-day contact lenses have shown to reduce the rate of myopia progression by 59% over 3 years. A study by Anstice and Phillips evaluated the effect of dual-focus contact lenses in 40 children aged 11 to 14 years old. The results showed that after 10 months, the change in spherical equivalent refraction and axial length was significantly less in the eye wearing the dual focus lens compared to the eye wearing the single vision lens. Spherical equivalent was -.044D in the dual focus wearing eye versus -0.69D in the eye with a single vision lens. Axial length was 0.11mm in the dual focus lens wearing eye versus 0.22m in the single vision lens wearing eye.

This study demonstrates the effectiveness of the MiSight daily disposable soft contact lens in slowing progression in spherical equivalent refractive power and axial length. The results of the clinical study can give eye care professionals the confidence to start adding myopia management to their practice. In turn, they can increase patient satisfaction, lower disease risks and increase revenue.

Reference: https://www.ncbi.nlm.nih.gov/pubmed/?term=anstice+and+phillips

Lightec from Morel: Comfort is Key

The Lightec collection captures the latest trends to give men and women an ultra-minimalist look. Lightec uses the latest innovative materials and techniques to create concepts that offer men and women a comfortable and lightweight option.

These Lightec frames have acetate and metal color perfect match, super slim acetate tips and nylon wire connexion.

Featured model: 30182L

Distributed by Lanctôt: www.rlanctot.com

AAOF Announces Recipients of the 2020 Johnson & Johnson Vision Award of Excellence in Contact Lens Patient Care Grants

AAO American Academy of Optometry logo

The American Academy of Optometry Foundation (AAOF) announces the 2020 Johnson & Johnson Vision Award of Excellence in Contact Lens Patient Care Grant recipients. This award recognizes outstanding fourth-year student clinicians who have demonstrated skillful knowledge of the contact lens field. Each winner will receive a $500 educational award and a personalized plaque commemorating their accomplishment.

2020 Recipients and Institutions Attended:

-Camille Leblanc, University of Montreal, School of Optometry

– Angela Zhang, University of Waterloo, School of Optometry and Vision Science

-Alice Han, Illinois College of Optometry

-Tyler Kerr, Indiana University, School of Optometry

-Patrick Patterson, Inter American University of Puerto Rico, School of Optometry

-Nicholas Pike, Massachusetts College of Pharmacy and Health Sciences, School of Optometry

-Abigail Zielke, Michigan College of Optometry at Ferris State University

-Taylor Erhardt, Midwestern University Arizona, College of Optometry

-Esther Lee, New England College of Optometry

-Kristen Moore, Northeastern State University Oklahoma College of Optometry

-Crystal Victor, Nova Southeastern University, College of Optometry

-Jasmine Barker, The Ohio State University, College of Optometry

-Liandra Jung, Pacific University, College of Optometry

-Janice Chau, Pennsylvania College of Optometry at Salus University

-Taylor Kiyota, Southern California College of Optometry at Marshall B. Ketchum University

-Jared Freedman, Southern College of Optometry

-Mariya Klyuzner, State University of New York, College of Optometry

-Mohammed Haque, University of Alabama at Birmingham, School of Optometry

-Connie Chen, University of California Berkeley, School of Optometry

-Megan Wagner, University of Houston, College of Optometry

-Caroline Mendus, University of Missouri – St. Louis, College of Optometry

-Nitya Murthy, University of Pikeville, Kentucky College of Optometry

– Brooke Segerstrom, University of the Incarnate Word, Rosenberg School of Optometry

– Esther Lautz Abuata, Western University of Health Sciences, College of Optometry

Click HERE for the full press release.

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