Cata-Racking Up Share: Analyzing Unity's Runway in the Phaco and Vitrectomy Markets

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Cata-Racking Up Share: Analyzing Unity's Runway in the Phaco and Vitrectomy Markets

June 8, 2026 Alcon, Inc.

(ALC, Buy, $82 PT)MEDICAL Ryan Zimmerman

Cata-Racking Up Share: Analyzing Unity's Runway in the Phaco and (212) 527-3586 rzimmerman@btig.com

Vitrectomy Markets Iseult McMahon

(332) 400-5103 imcmahon@btig.com

WHAT YOU SHOULD KNOW: If there is one thing we believe ALC does well, it's selling Company Data

equipment to ophthalmologists. Even before Unity VCS launched in mid-2025, there Closing Price $66.58

were investor concerns that ALC could not hit the growth needed to achieve their

Price Target $82.00 targets as it required a meaningful step-up in 2H25. While FY25 was challenging from

Market Cap (M) $32,637.52TECHNOLOGY a slowdown in broader cataract market growth, specific to the equipment line, the

last 3 quarters (since the start of Unity's launch) has seen expanding beats vs. Cons. Enterprise Value (M) $36,855.47

from -160bps in 3Q25 to +80bps in 4Q25 to +280bps in 1Q26 suggesting that the Unity Shares Out (M) 490.20

launch is gaining momentum. The question we try to answer in the note today is what Avg Daily Vol-3 Months (M) 1.89

kind of runway Unity has in the broader equipment market and how long could ALCEQUITY Dividend / Yield $0.36 / 0.5% maintain the DD growth we're seeing today. Based on our market models and share

analysis, we expect ALC's rollout of Unity VCS and CS to drive an accelerated capital Revisions

upgrade cycle through FY28, leading to broader market growth and capturing ~120bps Previous Current

of market share over the time period. However, we anticipate this momentum begins Rating Buy Buy

to stall by FY29 as system placements normalize and the product mix is weighed down Price Target $82.00 $82.00

by lower-priced Unity CS systems.