The Cooper Companies Inc.’s COO unit, CooperVision, recently deployed Vuzix (NASDAQ:VUZI) M400 Smart Glasses with LogistiVIEW’s Vision+ augmented reality (AR) warehouse software that will aid in hands-free picking guidance at the company’s upstate New York distribution center. Notably, this distribution site can store above 120,000 different contact lens products at any given period.
It is worth mentioning that Vuzix Corporation VUZI is a renowned supplier of Smart Glasses and AR technology products.
This announcement is likely to give a boost to CooperVision’s prospects with respect to its market position in specialty lenses.
More on the News
LogistiVIEW’s Vision+ Software Automation Platform brings together the best of traditional picking tools that include gesture control, voice interaction in a single system. Artificial Intelligence (AI) and computer vision provide intelligence to the process, thereby streamlining tasks and picking sequence to get the best efficiency.
Equipped with a hands-free solution, CooperVision can enhance the efficiency and accuracy of operations.
Market Prospects
Per a report by Grand View Research, the global smart glass market was worth $4.5 billion in 2020 and is anticipated to reach $7.5 billion by 2028, at a CAGR of 6.8% during the forecast period.
Hence, this announcement is a well-timed one for Cooper Companies.
Recent Development
In February, Cooper Companies and EssilorLuxottica – two of the world’s leading vision care companies – inked a deal to create a 50/50 joint venture for the buyout of U.S.-based life sciences company, SightGlass Vision. Notably, SightGlass Vision is focused on building innovative spectacle lenses to lower the progression of myopia in children.
Price Performance
Shares of this Zacks Rank #2 (Buy) company have gained 5.7% on a year-to-date basis compared with the industry’s growth of 4.2%.
Other Stocks to Consider
Two other same-ranked stocks from the broader medical space are Hologic (NASDAQ:HOLX), Inc. HOLX and IDEXX Laboratories, Inc. IDXX, both carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic’s long-term earnings growth rate is estimated at 15.4%.
IDEXX’s long-term earnings growth rate is projected at 15.8%.
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