Initiation of Coverage US Medical Supplies and Devices: Eyes on the Prize: We‘re Selective on Opportunities in Eyecare

Research evidence excerpt

Initiation of Coverage US Medical Supplies and Devices: Eyes on the Prize: We‘re Selective on Opportunities in Eyecare

Global Research

28 July 2026ab

Initiation of Coverage

EquitiesUS Medical Supplies and Devices

Eyes on the Prize: We're Selective on Americas

Opportunities in Eyecare Healthcare

Patrick Wood

Analyst

patrick.wood@ubs.com

Our view on the eyecare landscape +1-212-713 3018

We are resuming coverage across the vision sector (Neutral rated GKOS, Neutral rated Jayna Francis

RXST, Buy rated SGHT) and initiating coverage of Buy rated BLCO, Neutral rated COO, Associate Analyst

and Sell rated STAA. In general our view is that we should be selective on opportunities jayna.francis@ubs.com

within the space, but certainly there are bright spots. +1-212-713 4939

Priya Sachdeva

General take on the market as a whole: it's hard to parse out the eyecare market Analyst

given different dynamics, but overall the sector is in better shape than we had feared. In priya.sachdeva@ubs.com

+1-212-713 4193particular, the US consumer has been holding up decently across most categories, with

mix dynamics in contacts (dailies, multifocal, toric) remaining solid, not much Olwyn Bartis

downtrading in OTC ocular health (Lumify still strong etc), and premium IOLs Associate Analyst

remaining strong (see JNJ's print). While refractive is still weak, this is hardly new olwyn.bartis@ubs.com

+1-212-713 1297

and a function of other dynamics, and if we look across the names overall the pipeline of

assets looks in decent shape (GKOS and BLCO in particular). Overall then, the market Daniella Paretti

seems stable at a minimum, and a little healthier than we'd imagined. Associate Analyst

daniella.paretti@ubs.com

+1-212-713 1398

Differentiating between the stocks is key however...