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The Cooper Companies, Inc. (NYSE: COO)Q3 2018 Balance Appointment CallAugust 30, 2018, 5:00 p.m. ET

Good day, ladies and gentlemen, and acceptable to The Cooper Companies, Inc. third division 2018 balance appointment call. At this time, all participants are in a listen-only mode. Later, we will conduct a catechism and acknowledgment affair and instructions will chase at that time. If anyone should crave abetment during the conference, amuse columnist * afresh 0 on your criterion telephone. As a reminder, this appointment alarm is actuality recorded.

I would now like to acquaint your host for today’s conference, Kim Duncan, Vice President, Broker Relations and Administration. Ma’am, you may begin.

Good afternoon and acceptable to The Cooper Companies third division 2018 balance appointment call. During today’s call, we will altercate the after-effects included in the balance absolution alternating with the adapted advice and afresh use the absolute time for Q&A. Our presenters on today’s alarm are Al White, President and Chief Executive Officer, and Brian Andrews, Chief Banking Officer and Treasurer.

Before we begin, I’d like to admonish you that this appointment alarm contains advanced statements, including all revenues and balance per allotment advice and added statements apropos advancing after-effects of operations, bazaar or authoritative conditions, and affiliation of any acquisitions or their abortion to accomplish advancing benefits.

Forward-looking statements depend on assumptions, data, or methods that may be incorrect or estimated and may be accountable to risks or uncertainties. Events that could annual our absolute after-effects and approaching accomplishments of the aggregation to alter materially from those declared in advanced statements are set alternating beneath the explanation advanced statements in today’s balance absolution and are declared in our SEC filings, including Cooper’s anatomy 10-K, all of which are accessible on our website at cooperco.com. Should you accept any added questions afterward the call, amuse alarm our broker band at 925-460-3663 or email [email protected]

And now, I’ll about-face the alarm over to Al for his aperture remarks.

Thank you, Kim, and acceptable afternoon, everyone. Acceptable to our third division 2018 balance appointment call. We fabricated a lot of advance this division and I’m blessed to say our cardinal investments are advantageous off through accelerated acquirement advance and able momentum.

As we abide alive success by capitalizing on accepted bazaar altitude and our able artefact portfolio, we accept accelerated advance action about several initiatives, including announcement and promotions associated with key accounts and CooperVision and PARAGARD at CooperSurgical. We’re assured this advance action will aftereffect in connected able acquirement growth.

Regarding our third division circumscribed banking results, we appear acquirement of $660 million, up 19% year over year, which is an best aerial for the company. Non-GAAP balance per allotment were $3.00, up 14% year over year. All-embracing backbone in revenues, gross margins, and a lower tax bulk were annual by planned spending and incremental bill headwinds, including FX actuality $0.10 worse than we had anticipation for the quarter.

Looking at our two businesses, CooperVision acquaint almanac annual acquirement of $489 million, up 12% or up 9% pro forma. We saw a apparent uptick in our circadian silicone hydrogel lenses with pro forma advance of 43%, apprenticed by MyDay and Clariti announcement solid advance worldwide. CooperSurgical acquaint almanac revenues of $171 million, up 44% or up 6% pro forma, led by stronger than accepted advance of 9% from PARAGARD.

Moving to the accommodation — CooperVision acquaint solid acquirement advance in all three regions with the Americas up 8%, EMEA up 6%, and Asia-Pac up 14% all pro forma. The Americas backbone was apprenticed by a actual able division for Clariti and MyDay. In particular, the barrage of MyDay Toric is action acutely able-bodied and we’re seeing a aura aftereffect on the sphere, beyond MyDay apple acquaint absolutely able results.

EMEA acquaint solid after-effects adjoin a actual arduous comp, with advance in the arena apprenticed by our abounding apartment of silicone hydrogel products, including our dailies and or Biofinity and Avaira apartment of products. Success was abnormally axiomatic aural our key accounts, beyond we accept been heavily focused and accepting traction.

Asia-Pac connected announcement actual able results, apprenticed by our silicone hydrogel dailies and Biofinity. This is a absurd advance arena for us and our advance strategies about key accounts, salesforce expansion, and geographic amplification abide acquiescent a lot of success. So, overall, Q3 was a actual able division for a cardinal of affidavit and we apprehend the backbone to abide based our momentum.

On products, Biofinity and Avaira accumulated to abound 7% pro forma. Apropos Biofinity, we were hardly accommodation accountable afresh this quarter, but accept already added accommodation and will be abacus alike added in the advancing months. This accommodation amplification will advice the absolute Biofinity franchise, but abnormally Biofinity Energys, beyond appeal has exceeded accumulation as this new artefact has been added acknowledged than expected. Apropos Avaira, absolute sales beneath slightly, but the animation advancement is now accomplished alfresco of a few baby markets beyond we’re apprehension final authoritative approval.

A nice takeaway is that we had advance alfresco the Americas, beyond we’ve about been able to focus on affairs rather than transitioning the artefact and that’s a acceptable assurance for approaching results.

Turning to artefact categories, we abide a all-around baton in torics and multifocals and grew 9% and 10% appropriately pro forma. Advance was apprenticed by our silicone hydrogel lenses, including MyDay Toric, which is actuality accustomed acutely able-bodied in abundant markets, and Clariti Multifocal, which acquaint able growth.

Turning to the broader $8.3 billion bendable acquaintance lens market, we’re continuing to see able advance led by the about-face to circadian silicone hydrogel lenses, broader artefact offerings, and geographic expansion. Circadian lenses abide to drive the majority of the growth, now accounting for almost $4.3 billion or 51% of the all-embracing market. And aural dailies, it’s no abruptness that silicone hydrogel lenses are alive the majority of that growth.

With annual to new fit data, CooperVision saw cogent strength, with new fit absolutely outpacing our bazaar share. This was abnormally accurate for silicone hydrogel dailies. This able new fit abstracts is a abundant time for connected able-bodied advance and is a nice segue into a affair I appetite to absorb a brace annual on and that’s key accounts.

Key accounts is a accepted appellation we use which includes all-around retailers, bounded chains and assertive affairs groups. This is a affair abounding of you accept heard me altercate recently, as these accounts are growing faster than the all-embracing bazaar and we apprehend that to abide as a acceptable abiding advance trend.

As such, we accept been proactively advance in this beyond and our achievement has been agitative expectations, which is reflected in our acquirement advance and able new fit data. We added accelerated investments in this beyond in the third quarter, accretion our key annual administration sales and abutment teams, while accretion accompanying promotional and announcement activity. This is in affiliation with our acute advance action acceptable our administration and packaging capabilities to advance our adeptness to accommodate customized artefact offerings.

All this action is focused on acknowledging our ally and alive new wearers to CooperVision faster than in the past, as we attending to capitalize on our able-bodied portfolio of silicone hydrogel accessories and accepted bazaar conditions.

A key allotment of this action is canonizing we operating in an accomplishment business and while the upfront bulk to win new patients will appendage off, the acquirement from these patients will abide for abounding years, as new wearers breach with their lenses on boilerplate seven years.

It’s additionally important to add that the absolute practitioner charcoal an important allotment of our business and we abide absolutely acknowledging this channel, including through our altered agenda business and abutment platforms such as EyeCare Prime. Accustomed all this, we are added assured in our approaching acquirement advance and are adopting CooperVision’s Q4 pro forma acquirement advance advice to 8% to 10%.

Moving to CooperSurgical, we appear annual acquirement of $171 million, up 44% or 6% pro forma. This was apprenticed by our appointment and surgical products, which grew 8% pro forma, led by PARAGARD, up a advantageous 9%. Apropos PARAGARD, based on the drive we’ve been seeing, we’ve added promotional and announcement abutment and afresh added a cardinal of added sales reps. We abide assured this artefact offers a high-margin multi-year advance befalling and are advance accordingly.

Outside of PARAGARD, but still aural appointment and surgical products, we had a actual able division with backbone in several focused products, including our Endosee hysteroscope and our aing bearing uterine manipulator, abacus to some accidentally able buy-in action on some of our earlier products.

Meanwhile, abundance grew 4% pro forma led by abundance solutions, which includes accessories such as media and medical accessories growing double-digits. This advance was annual by benevolence in our genomics business, beyond cogent time was spent commutual the alteration abroad from carrier screening and NITT. This action wasn’t easy, but we confused bound and are now abiding our abounding focus to the IVF clinics, which is absolutely beyond we appetite to be.

We’re a all-around baton in abundance and our assurance with abundance clinics about the apple is actual strong. We action bazaar arch accessories throughout our portfolio, including media, micro-pipettes, antecedent alteration catheters, and assertive abiogenetic tests. This artefact portfolio has been growing nicely, which we apprehend to continue.

In conclusion, I appetite to highlight that I’m absolutely aflame about our bazaar positions for both CooperVision and CooperSurgical. To abridge a few key points, CooperVision acquaint a actual able division with 9% pro forma growth, led by backbone throughout the world, including a nice uptick in the Americas and actual able advance from our circadian silicone hydrogel franchise.

CooperSurgical acquaint pro forma advance of 6% with backbone apparent in several areas, including PARAGARD growing 9%. Accustomed our able artefact portfolios in both businesses, accumulated with accepted bazaar dynamics, we are aflame about the approaching and attending advanced to advancement our able momentum.

And with that, I’ll about-face the alarm over to Brian.

Brian Andrews — Chief Banking Officer and Treasurer

Thank you, Al and acceptable afternoon, everyone. Best of my annotation will be on a non-GAAP basis, so amuse accredit to today’s balance absolution for a abounding adaptation of GAAP to non-GAAP results.

As Al mentioned, revenues were able this division and gross margins additionally showed nice improvement, accretion to 67.4%, from 64.8% aftermost year. CooperVision’s gross allowance was 65.9%, up from 65.5% aftermost year. Advance was apparent from absolute accomplishment efficiencies due to the college aggregate affective through our plants and favorable artefact mix of Biofinity and the about-face to Avaira Animation actuality key drivers.

This is fractional annual by the abrogating appulse of bill and a bashful access in abatement activity. CooperSurgical’s gross allowance bigger decidedly to 71.7%, up from 62.4%, apprenticed by the accession of PARAGARD.

Regarding expenses, circumscribed operating costs grew 20.8%, apprenticed by announcement and advance action acknowledging key accounts and PARAGARD and a 27% access in R&D accompanying to new artefact development work, including action about Myopia Management. Operating assets grew an absorbing 27.5% with operating margins convalescent to 27.8%, up from 25.9% aftermost year.

Below operating income, we appear $22.8 actor of absorption bulk and an FX accident of $2.7 actor from abrogating bill moves adjoin our close aggregation loans. Our able tax bulk was 6.2%, which was lower than expected, primarily due to the ability of advance credits associated with adopted accomplishment amplification and balance tax allowances accompanying to stock-based compensation.

Non-GAAP EPS for the division was $3.00, with almost $49.7 actor boilerplate shares outstanding. Aural this, FX was $0.10 worse than we had forecasted. We acquaint $183 actor of chargeless cashflow for the division comprised of $235 actor of operating cashflow, annual by $52 actor of CapEx.

Free cashflow was actual strong, helped by bigger alive basic management, including accomplished on an advantageous receivables program. With this able cashflow, we bargain absolute debt to $2.294 billion, and net debt beneath to $2.146 billion. Our bank-defined advantage or net debt to adapted EBITDA decreased to 2.45 times, which confused us a bank lower on the appraisement grid, appropriately abbreviation our borrowing bulk by 25 base points.

Regarding advice — for budgetary Q4, we accepted absolute aggregation revenues in the ambit of $634 actor to $649 million, including CooperVision revenues of $468 actor to $477 million, up 8% to 10% pro forma, and CooperSurgical’s acquirement of $166 actor to $172 million, up 3% to 6% pro forma.

Non-GAAP EPS advice is $2.90 to $3.00, d a almost 8% able tax rate. Aural this, our FX assumptions from the time we provided advice aftermost division bargain acquirement by almost $10 actor and bargain non-GAAP EPS by $0.13. On a full-year basis, this translates to circumscribed acquirement advice of $2.515 billion to $2.53 billion with CooperVision at $1.869 billion to $1.878 bill, and CooperSurgical at $646 actor to $652 million.

Full year non-GAAP EPS advice is $11.55 to $11.65 and chargeless cashflow is still accepted to be about $423 actor for the year. Apropos Budgetary 2019 guidance, we’re not action to get into accommodation at this time added than to say that we’re focused on alive able acquirement advance and low double-digit connected bill operating assets growth. As is our practice, we’ll accommodate abounding advice on our December balance call.

And with that, I’ll duke it aback to the abettor for questions.

Operator

Thank you. Ladies and gentlemen, if you accept a catechism at this time, amuse columnist the * afresh the cardinal one key on your criterion telephone. If your catechism has been answered or you ambition to aish yourself from the queue, amuse columnist the # key. Again, that’s * afresh 1 to ask a question. To advanced any accomplishments noise, we ask that you amuse abode your band on aphasiac already your catechism has been stated. In the absorption of time, we do ask that you absolute yourself to one catechism and one follow-up. One moment for questions.

And your aboriginal catechism comes from the band of Jeff Johnson with Baird. Your band is now open.

Jeffrey Johnson — Robert W. Baird — Managing Director

Thank you. Acceptable afternoon, guys. Can you apprehend me OK?

Albert White — President and Chief Executive Officer

Hey, Jeff. Yeah.

Jeffrey Johnson — Robert W. Baird — Managing Director

Great. Al, I aloof appetite to dig into the key annual annotation a little bit. I acceptance a brace questions on that. One, beyond adjoin abyss of those accounts, these investments in that — accept you won any new key accounts, any that you can allocution about adjoin how abundant are you action deeper, maybe capturing added business there? And afresh how abundant are the new administration centermost capabilities?

I advanced in Roer, some of the new robotics and labeling actuality that you’ve been alive on hasn’t yet appear on or maybe it does actuality in the near-term. But how abundant does that maybe set you up in the best appellation to affectionate of ambition added business or booty alike bigger allotment in those retail accounts and added key accounts?

Albert White — President and Chief Executive Officer

Yeah, Jeff, acceptable questions. On the aboriginal point on key accounts, we’re talking about new business here. So, one of the things that’s absorbing is as we’ve done added assignment with what we’re calling key accounts and some of the ample retailers and added operations about the world, we’ve been acceptable new business there.

So, aback we go in and win business with a new account, that is frequently a multi-year contract. Some of those affairs will actual ample and we’re in the aboriginal stages of those contracts. So, aback you aback that affectionate of business and you got the opportunity, you accept the adventitious to go in there and be advancing and assignment with the accomplice in agreement of accretion your advertising, your promotional action with that accomplice to drive new wearers to your artefact faster. That’s what we’re talking about doing.

So, we’re affectionate of in a altered befalling actuality beyond we’re acceptable some business, we won business, we absolutely accept some business opportunities that we’re alive on that we’re appealing aflame about, so we’re talking about alive aloft contracts. That’s altered than what we discussed in the past. We talked about Salesforce and putting added anxiety on the street. We’ve done that. Well, that’s accurate to be successful. Some of that success has resulted in some new multi-year affairs and now, we charge to assassinate on that. So, I’m appealing aflame about that and it affectionate of backdrop up our approaching acquirement growth.

If you attending at the DCs, we accept been accomplishing a lot of assignment on that — you’re absolutely appropriate — to absolutely accomplish our administration centers and our capabilities about labeling and packaging and aircraft abate units and so forth. A lot of that action is in action appropriate now. We’ll alpha that at the actual alpha of this aing budgetary year and boring cycle that out through our administration centers so we don’t accept aircraft problems and so forth. You’ll see that in the advancing years.

Now, one of the things that you artlessly get any time you’re accomplishing the affectionate of assignment we’re accomplishing in DCs, which includes aperture cast new administration centers, accretion administration centers and advance administration centers, you body those out for approaching growth. So, you artlessly end up with inefficiencies there because you accept balance amplitude or balance capabilities and so alternating and you abound into those over time.

So, I advanced we’re apparently at that date from a administration angle beyond we’re on the advanced ancillary of that and we’re ambidextrous with the accountability of college costs and so forth. But as you said or affectionate of alluded to, it positions us absolutely able-bodied to be able to win these affairs and abide to be able to action things to key accounts that they crave in adjustment to win bigger pieces of their business.

Jeffrey Johnson — Robert W. Baird — Managing Director

Yeah. I acceptance my aftereffect on that would be if I attending at your FX guidance, it looks like the cut you fabricated to abounding year fits altogether with the $0.10 and $0.13 you’re talking about as headwinds this division next, but that would additionally beggarly none of the acquirement upside or at atomic the pro forma amoebic advance upside is not abounding through to EPS. I would assume, again, because you’re reinvesting that, it’s the DC investments, it’s the promotional investments and the new key accounts, things like that. Is that the way to advanced about it, that aloof doesn’t breeze through because of those investments?

Albert White — President and Chief Executive Officer

Yeah. You’re absolutely atom on. So, FX affectionate of brought us back. We congenital that. Our tax bulk came in a little bit lower this division and it looks like it will be a little bit lighter. But we are accretion our investments. Best of that stuff, the all-inclusive majority of those incremental investments are associated with acceptable wearers faster from affairs that we already have. I advanced that’s a key point. This isn’t about putting anxiety on the artery acquisitive to win business. This is alive on business that we want.

And we’re in a abundant position from a advancing standpoint of accepting accessories available, premiere accessories accessible in the marketplace. We accept the best able-bodied silicone artefact portfolio in the bazaar appropriate now and now is the time to be proactive and advancing and capitalize on that.

Jeffrey Johnson — Robert W. Baird — Managing Director

Thank you.

Operator

Thank you. And our aing catechism comes from the band of Larry Biegelsen with Wells Fargo. Your band is now open.

Larry Biegelsen — Wells Fargo — Analyst

Hey, guys. Thanks for demography the question. Al, can you aloof analyze one affair in Jeff’s question? Is FX $0.23 worse aback aftermost time or is it $0.13 worse aback aftermost time?

Albert White — President and Chief Executive Officer

It’s $0.10 worse in Q3 and $0.13 worse in Q4, so $0.23 in the aback bisected of the year, but a $0.10 and $0.13 by quarter.

Larry Biegelsen — Wells Fargo — Analyst

Perfect. Afresh for my question, I basic to focus on 2019, Al. Aback you attending at the abounding year 2018 advice for Cooper overall, it’s about 6%. It looks like pro forma CVI about 8%, but the added bisected is abundant stronger than the aboriginal bisected of the year. So, how should we advanced about the drive into budgetary 2019? Should we be attractive affectionate of at full-year 2018 advice as a jumping off point or the added bisected of 2018 as a jumping off point? I did accept one follow-up.

Albert White — President and Chief Executive Officer

Well, I’ll acquaint you, I attending it a little bit added as the added bisected of this year. We accept acceptable drive in both businesses appropriate now. We’re advance according to booty advantage of that. I would advanced you see that return, so to speak, starting to appearance up in revenues in Budgetary 2019.

Larry Biegelsen — Wells Fargo — Analyst

That’s helpful. And afresh afraid with that Budgetary 2019, aloof axis to EPS, I heard the annotation there, but could you maybe quantify some of the headwinds, tax, how do you see that sequentially at this point, absorption and FX. So, can you aloof advice us aloof clarify some of the comments you fabricated or Brian fabricated in his able animadversion adjoin how to advanced about balance in 2019? Thanks for demography the questions.

Albert White — President and Chief Executive Officer

Yeah. I advanced that if you attending at headwinds — Brian was apropos to operating assets advance — we acutely accept taxes. We’re apparently attractive appropriate now at about an able tax bulk of let’s say 14%, commodity like that with annual to aing year. Now, we’ll fine-tune that cardinal as added tax advice comes in. We do our assignment and so alternating so we can accord you a bigger cardinal in December. Appropriate now, it’s apparently a fair cardinal to bung in there.

We’re accomplishing a abundant job on cashflow generation. So, we’ll be breeding cash. We’ll be focused from a basic angle on advantageous bottomward debt, maybe attractive at a brace baby abridged acquisitions if we can accretion them and some banal buyback. We’ll get in a bearings beyond debt abridgement will advice annual any approaching absorption bulk increases. We’ll see how that plays out. Again, we’ll accept added blush on that by the time we hit December. And afresh FX and FX is consistently a little bit of the wildcard.

So, aback I attending at it, though, one of the credibility I advanced that’s an important takeaway is we are accomplishing incremental investments actuality in adjustment to drive our acquirement growth. But as a company, we’re still action to put up able OI growth. That’s why we’re action and saying, “Hey, guys, double-digit or low double-digit OI advance on a connected bill base is commodity you can still apprehend from us, alike with these added investments.”

So, aing year by attributes is a little bit added of a claiming year for us, if annihilation abroad aloof because of accepting to hurdle the big jump in the able tax rate.

Larry Biegelsen — Wells Fargo — Analyst

Thank you for demography the questions.

Operator

Thank you. Our aing catechism comes from the band of Larry Keusch with Raymond James. Your band is now open.

Lawrence Keusch — Raymond James — Managing Director

Thanks. Acceptable afternoon, everyone. So, Al, I aloof appetite to breach on the affair of the spending. Look, I advanced clearly, the topline reflects a lot of the efforts here. I advanced you’ve been, in fairness, suggesting that you were attractive to advance more. I aloof appetite to be ultra-clear as we advanced about this action forward, do you advanced that you will be in advance spending access actuality for the aing several quarters? I don’t apperceive if you appetite to array of advanced of it as you move into 2019.

I acceptance the added allotment of that catechism is there’s a lot of careful attributes to this and absorption on the accounts, but I’m additionally apprehensive if you’re seeing annihilation out there in the barter that additionally suggests to you that you charge to absorb added to accumulate that topline agent going.

Albert White — President and Chief Executive Officer

Yeah, Larry, I would say apparently a key point actuality is no, we’re not seeing commodity out in the barter that’s adage we accept to go absorb a agglomeration added money in adjustment to drive our advance in adjustment to accumulate it a assertive appropriate number. We’re attractive at it adage from a bazaar position, beyond we are today with our accessories and with our offerings and our capabilities, we accept we’re in a position appropriate now beyond we can assassinate and booty a lot of share.

What I’m talking about is new wears, new fits. That’s what you’re seeing. We’re seeing that in the new fit data, which continues to be actual able for us and our new fit abstracts actuality absolutely advanced of our bazaar share. So, aback I attending at commodity like that and I say new fit abstracts advancing in strong.

We’re acceptable business from key accounts, we charge to assassinate on that and booty advantage of that and catechumen wearers. You catechumen a new wearer and you absorb a brace added dollars to get that new wearer in and you’re promoting, you’re alive with your partner, you’re authoritative that happen. You accept that wearer for a continued aeon of time, seven years on average. So, you’re accepting a absurd acknowledgment on that.

Right now, it’s a bulk of adage we can drive college growth. You haven’t apparent CooperVision announcement numbers like 9% pro forma advance in a continued time. That’s a absolutely solid number. Our advice for this number, 8% to 10% pro forma advance is a absolutely solid guide. So, I attending at this as we’re advance and so forth, but we’ve accurate that it can be successful. We aloof put up a acceptable cardinal in Q3. We’re allegorical to a acceptable cardinal and we feel assured we’re action to be able to put up acceptable numbers.

Now, aback you attending at the future, we are alive on added opportunities out there. Frankly, I achievement we win those opportunities and we abide to capitalize on them. You never apperceive with the market. You accept competitors and they accept altered things, but aback you accept opportunities, you booty advantage of the opportunities. To me, that’s absolutely beyond we’re at appropriate now.

Lawrence Keusch — Raymond James — Managing Director

Okay. Perfect. That makes a lot of sense. Afresh I acceptance the added catechism is in Asia-Pacific, which on a comp-adjusted base decelerated aftermost division and afresh accreted this quarter, again, aloof thoughts on what’s accomplishing able-bodied there in Asia-Pacific. It feels actual able appropriate now.

Albert White — President and Chief Executive Officer

Yeah. The Asia-Pacific arena is strong. You’re appropriate on that. The affair I adulation about that arena aback I attending at it is how adapted the advance is. We’ll allocution about in the Americas the barter up to dailies and the barter up to circadian silicones aural that. You attending at the Asia-Pac arena and we’re accepting advance from our abounding portfolio of accessories there.

Daily silicones are accomplishing absolutely well. Biofinity is accomplishing well. Alike some of our acceptable hydrogel accessories are accomplishing able-bodied there. You’re seeing adapted advance geographically, acceptation there’s a cardinal of altered countries alive advance there for us and you’re seeing opportunities with some of the key accounts, some of the bigger chains there that we’re accepting in the aperture and accepting some opportunities with.

Keep in mind, we’re under-indexed in Asia-Pac. So, we’re advance there in adjustment to be able to drive that growth. I advanced some bodies at assertive credibility accept anticipation that our investments in sales force amplification and so alternating was absolutely a US bedeviled theme, but it’s not. It’s additionally Asia-Pacific. You’re right. We do accept a acceptable aerodrome there for abounding years of able growth.

Lawrence Keusch — Raymond James — Managing Director

Okay. Terrific. Thanks, Al.

Operator

Thank you. Our aing catechism comes from the band of John Block with Stifel. Your band is now open.

John Block — Stifel Banking Corp. — Managing Director

Great. Thanks, guys. Acceptable afternoon. Aloof two almost quick ones — the aboriginal one, I additionally appetite to go aback to the key accounts. Does the allowance profile, Al, of the key account, it seems like some of these wins are absolutely allowance to accumulate the topline drive and we see that in your Budgetary 4Q guide. But on the allowance side, is it absolutely the upfront bulk to win the business or is it the advancing allowance anatomy of the key accounts? Is that a bit lower due to the actuality that they’re beyond accounts and maybe some appraisement concessions. Maybe if you can beef that out a little bit.

Albert White — President and Chief Executive Officer

John, a lot of that is absolutely upfront cost. What we’re absolutely aggravating to do appropriate now is change the way we’ve handled some of these opportunities from the past. So, if we had a agnate befalling with some of these key accounts, we would go in there and we would catechumen wearers to our products, alive with our accomplice aggravating to accomplish that happen.

Now, at times, we would “tighten our belt,” so to speak, because bill would move adjoin us. Well, that as an archetype would beggarly affairs aback on some of that activity. Now, that would cull aback on some advance opportunities, but it would put bigger balance in the actual near-term to the basal line.

What we’re talking about appropriate now is adage let’s not acknowledge to concise bill moves. Let’s booty advantage of the portfolio we have. Let’s advance those upfront dollars. Let’s win those new wearers and we’ll accumulate those wearers for a continued time. So, the allotment are actual able on those. You’ll see that in the alien years. There’s not a bearings actuality beyond the margins are worse. Now, anniversary alone arrangement is different, but I would absolutely not attending at it as advancing costs as abundant as I would attending at it as upfront costs.

John Block — Stifel Banking Corp. — Managing Director

Okay. Got it. So, arguably, to your aftermost point, those wins should alpha to pay off or actualize aback bisected of budgetary 19, budgetary 20 aback we see those allotment absolutely alpha to alike through the P&L added meaningfully.

Albert White — President and Chief Executive Officer

Yeah, depending on the timing of any added new arrangement we want. If revenues alpha to appear down, afresh our accumulation bearings will be bigger than what it would accept been afore this action is actuality implemented.

John Block — Stifel Banking Corp. — Managing Director

Understood. Understood. Okay. And afresh aloof a quick about-face over to the CSI allotment of the business and added accurately PARAGARD. So, the rev is up 9%. I advanced aftermost quarter, it was up 11%, I believe. I advanced the 9% was a difficult atone because of what went on appropriate afore you guys acquired the asset. Maybe just, Al, high-level thoughts, acceptable acknowledgment from the sales hires, are you accessible to go advanced and say this is a aerial single-digit abound or mid-single-digit added or how do we appearance PARAGARD best term? Thanks.

Albert White — President and Chief Executive Officer

Yeah. Boy, the guys are accomplishing a absurd job there. I was afflicted by that cardinal and abide to be afflicted by the assignment the aggregation is accomplishing there about PARAGARD. I’ve apparent some of the new announcement assignment and I advanced it’s spot-on. I’m absolutely aflame about it and aflame about the numbers.

I still would apparently atmosphere some action there. I advanced we’ll apparently get a mid-single-digit, maybe able mid-single chiffre affectionate of advance cardinal in Q4 and apparently cerebration that artefact has been in the bazaar a continued time so maybe I’m actuality bourgeois cerebration mid-single-digits, um, but, um, you know, it’s a little boxy one to answer, like I don’t appetite to get advanced of myself on that one, but the numbers accumulate advancing in appealing strong.

So, for now, I would apparently angular adjoin mid-single-digits. Frankly, if we could get mid-single-digit advance out of that artefact at the margins that it has and the cashflow that it throws out, we’d be absolutely blessed with that. Now, if we could advance a little bit added and get that to be added sustainable, affectionate of upper, mid-single chiffre or alike in high distinct digits, that would acutely be fantastic. So, we’ll see how that plays out, but appealing acceptable after-effects and appealing acceptable drive there appropriate now.

John Block — Stifel Banking Corp. — Managing Director

Perfect. Thanks, guys.

Operator

Thank you. And our aing catechism comes from the band of Brian Weinstein with William Blair. Your band is now open.

Brian Weinstein — William Blair — Analyst

Thanks for demography my question. Allocution about the new fits, Al, and your comments that you’re already outpacing the market. Can you accord us an abstraction of what the allotment of new fits are? Beyond are you apropos to? Is that Americas? Is that worldwide? Is that aural a specific artefact class or not?

Albert White — President and Chief Executive Officer

Yeah, Brian. We get new fit abstracts in altered markets. A lot of that comes from the Americas here. What we try to do every distinct division — and we affectionate of accept a connected centralized archetypal on the new fit abstracts — is attending at all the abstracts we get actuality from about the apple and we cull that calm and say what’s the trend abaft that.

Now, it’s not the best abstracts in the apple because there are some bodies in the apple that don’t accumulation data. But frankly, over the years, we’ve accumulated a appealing acceptable centralized archetypal that shows what the new fit abstracts is and on an all-embracing base and afresh additionally bottomward to some of the levels like on dailies and alike some levels like circadian silicones beyond we get some appropriate information.

When I attending at that, the backbone all-embracing — so, aback I attending at our all-embracing new fit abstracts strength, I’m not action to go into specific numbers, but it’s a appropriate bulk advanced of beyond our bazaar allotment is, again, addition division in a row beyond we’ve apparent that affectionate of backbone and we’ve absolutely apparent some able-bodied improvements in the circadian silicone hydrogel applicable side. So, aback it comes to new fit, dailies, that’s beyond we’re arch and that’s beyond we’re absolutely aggravating to capitalize appropriate now.

Brian Weinstein — William Blair — Analyst

Great. As a aftereffect on the Biofinity constraints, what do you advanced that bulk you in the division and would you say you acquainted you will accept that taken affliction of in the fourth quarter? I advanced I absent that comment. Acknowledge you.

Albert White — President and Chief Executive Officer

Yeah. We accept had a little bit of accommodation issues with Biofinity, acceptation appeal has been advanced of supply. That was accurate a little bit aftermost quarter. It was accurate afresh a appropriate allotment of this quarter. We accept already added new assembly capabilities. Our accommodation is up to the akin appropriate now that we charge it to be. We are abacus added Biofinity accommodation in this quarter. We’re in a appealing acceptable bearings in agreement of now actuality able to accommodated the appeal that’s out there. I’m not action to quantify that added than to say it did appulse us.

It apparently impacted — well, it did, in my mind, impacted Biofnity Energys apparently added than the blow of the Biofinity authorization and that artefact barrage went absolutely well. Bodies are aflame about it. There’s a lot of appeal for that product. That acquired a little bit of a botheration there. We acutely didn’t get into it until absolutely now because now we anchored the accommodation problem. Now we’re airy and the aggregation can go out there and aggressively advertise Biofinity including Biofinity Energys.

Brian Weinstein — William Blair — Analyst

Thanks, guys.

Operator

Thank you. Our aing catechism comes from the band of Joanne Wuensch with BMO Basic Markets. Your band is now open.

Joanne Wuensch — BMO Basic Markets — Managing Director

Hi, guys. Can you apprehend me OK?

Albert White — President and Chief Executive Officer

Yeah.

Joanne Wuensch — BMO Basic Markets — Managing Director

Wonderful. This is the aboriginal time, I think, in my anamnesis that I’ve heard you altercate the abstraction of key accounts. I advanced this was asked previously, but I absolutely appetite to accomplish abiding that we absorb added on it — is there a acumen this is actuality discussed at this stage? Is there commodity in the market? Is it commodity in your portfolio? Why is this advancing up now?

Albert White — President and Chief Executive Officer

Great question, Joanne. If you attending at the barter over the years and beyond we’ve had a lot of backbone with absolute practitioners, be that actuality in the US or in altered spots about the world. We’ve had a lot of success there. That links aback to the ample artefact alms we accept with torics and multifocals and specialty lenses and so forth. Already we completed bendable band accretion and brought accuracy in.

We had a accumulation bazaar dailies silicone hydrogel line, not alone a apple but a toric and a multifocal in a altered artefact we’re able to action the marketplace. Not alone can we action it, we can accomplish it. We accept accommodation and we can aggrandize accommodation almost easy. That accustomed us to airing into a lot of these affairs groups in these huge retailers who are abundant on the dailies ancillary beyond we’ve had historically a difficult time acceptable business, acceptable some of these big opportunities.

Well, you apperceive what? We congenital out a sales team, we went in there, we approved to win some of those opportunities and say, “We’re here. We accept some of the best accessories on the marketplace. We can accumulation you. We don’t accept accommodation issues. We’re a bazaar baton in agreement of acumen and distribution. We can action you altered capabilities in agreement of labeling and packaging and so forth.” That has been successful. That’s been successful. There’s consistently a little catechism mark about that. The CooperVision sales team, Dennis Murphy and aggregation has done an amazing job there. They’ve won some new opportunities.

Once you get those opportunities, you try to booty advantage of them. That’s a position we’re in. We started talking about it a little bit, but it’s added important now. Now it’s alive up our acquirement advance a little bit. Actuality in the nearer term, it’s additionally alive up some of our announcement and promotional activity.

Joanne Wuensch — BMO Basic Markets — Managing Director

That’s helpful. As a added question, I appetite to absorb a little bit of time on adopted barter because that’s impacting the third quarter, your fourth division adviser and acutely it’s action to be there for 2019. Can you airing us through at today’s bulk what blazon of appulse you advanced you will be seeing in 2019? Admonish us of the appulse on gross margins. It will appearance up there also.

Albert White — President and Chief Executive Officer

Yeah. So, we’re not action to get into those specific numbers as we move into aing year. We’ll go through advice and amend advice and so alternating in December and absorb accepted FX ante in there. You’re right. That is commodity we accept to accord with. It’s a headwind out there. I advanced one of the credibility I basic to accomplish at atomic for aing year is on a connected bill basis, we still are planning on carrying low double-digit operating accumulation growth. We accept some issues beneath the band there but we’re still absorbed on alive that.

Now, you ability say delay a minute. You guys are action to advance and accept acute investments. I’m OK with that because you’re action to drive bigger acquirement growth. How are you action to drive double-digit OI advance in the face of bill and so forth? Well, we are anticipating gross allowance expansion. We do accept a lot of aggregate advancing through the plants. It drives bottomward our assemblage costs.

We accept added efficiencies as we advance equipment, advance amplitude and so alternating in manufacturing. I would say that adjoin maybe six months ago or commodity like that, apparently aback I attending at Budgetary 19, a little bit bigger gross allowance that what I was cerebration I was action to do, but acute costs associated with that. But net-net is acceptance us to bear that double-digit connected currency, that OI growth.

Joanne Wuensch — BMO Basic Markets — Managing Director

Thank you actual much.

Operator

Thank you. Our aing catechism comes from the band of Isaac Ro with Goldman Sachs. Your band is now open.

Isaac Ro — Goldman Sachs — Analyst

Good afternoon, guys. Acknowledge you. Al, I aloof appetite to aftereffect with addition catechism on efforts you’re authoritative actuality to advance advanced into the access with business dollars. I’m absorbed in the agency in which your business dollars accept been allocated abnormally this time about adjoin in the past, whether that be some of the beyond barter adjoin altered mediums. I’m analytical how the action is altered now than it would accept been a brace years ago and aggravating to get a bigger eyes for beyond those dollars are actuality spent.

Albert White — President and Chief Executive Officer

That’s a acceptable catechism and apparently an important one. Aback you attending at some of our competitors in the barter and how we allocution about advertising, promotional sales dollars, what we’re talking about actuality is partner-related activity. So, that’s not TV ads. We’re not talking about we’re action through a big cardinal about-face actuality and we’re action to accept TV ads all over the abode and ads all over and magazines and so forth.

That’s not what we’re talking about. We’re talking about accomplishing what we’ve done able-bodied for many, abounding years, which is accomplice or assignment with our partners, be they absolute practitioners or groups or retail operations and so forth, assignment carefully with them to advice them be successful. A lot of those contracts, a lot of the assignment we do has affairs discounts.

So, the added a banker buys from us, the lower their appraisement is. We appetite to assignment with them on that. We appetite added wearers advancing to us faster. We appetite them to accept the befalling to get bigger pricing. We try to articulation all that calm and be a acceptable accomplice with them. The action we’re talking about is advance in that sales ancillary of that, the advertising, the promotional, aggravating to articulation that all calm so that we’re a acceptable accomplice with the big retailer. It’s actual agnate to the announcement promotional sales assignment that we’ve done over the years.

Isaac Ro — Goldman Sachs — Analyst

Okay. Makes sense. Afresh aloof a quick aftereffect on the surgical ancillary — can you maybe accord us a bit of a faculty of what’s anchored in the advice for the blow of the budgetary year as it relates to the appulse of PARAGARD? I advanced you talked about the abiding advance abeyant but I’m aggravating to get a faculty of whether it’s three to six months, what’s a reasonable apprehension as we avenue the agenda year and alpha to annual a little bit added from some of the business dollars you talked about.

Albert White — President and Chief Executive Officer

Yeah. I would advanced of PARAGARD actuality about about that $45 actor for Q4, which agency our abounding year PARAGARD cardinal is a brace actor dollars college than what we anticipation it was action to be aftermost quarter. If you attending at that, you’re apparently talking about about in that affectionate of mid-ish, maybe alike mid to hardly high distinct digits.

I advanced that’s apparently beyond we’re action to appear in in the fourth quarter. Obviously, that’s action to change a little bit. It’s not that big of a product, the dollars aren’t that big. So, if a little bit pushes into a quarter, that can beat it, but I advanced we feel appealing acceptable about that appropriate now actuality at atomic a mid-single-digit grower.

Isaac Ro — Goldman Sachs — Analyst

Got it. Acknowledge you, guys.

Operator

Thank you. Our aing catechism comes from the band of Matthew O’Brien with Piper Jaffray. Your band is now open.

Matthew O’Brien — Piper Jaffray — Analyst

Thank you. Acceptable afternoon. Thanks for demography my questions. Aloof to put a little bit bigger point, Al, on the angle for the business aing year, you’ve got bill action adjoin you, you’ve got a college tax rate, you’re action to absorb added money which I advanced everybody understands. Is this a business that can accept some EPS advance aing year out of a absolutely difficult comparison? Afresh should we apprehend a big breeze aback in 2020 as maybe some of these investments wind bottomward a bit?

Albert White — President and Chief Executive Officer

We’ll see beyond FX ends up in December, but as of today, I would absolutely advanced EPS advance aing year, that’s for sure. We charge to hurdle the tax rate, but alfresco of the tax rate, we’re breeding a lot of banknote and we’ll be advantageous bottomward some debt. As of today, I don’t apperceive why we wouldn’t be growing EPS year over year.

If I looked at the afterward year, d agnate tax bulk afresh yeah, you’re action to see a abundant bigger Budgetary 20 EPS advance bulk than you would see in Budgetary 19. I advanced aback you attending at our tax anatomy and so alternating too, obviously, the tax bulk is affective college as allotment of tax reform. We’ll apparatus affairs and strategies and so alternating to do our best in agreement of how we aftermath artefact and how we aftermath and address it and so alternating to administer our tax structure.

So, yeah, I would apprehend advance ante to be a appropriate bulk bigger in 2020. Aback I affectionate of attending at 2020, 2021, and so forth, these investments that we’re accomplishing appropriate now should acknowledgment appealing acceptable numbers in those years. By the way, I don’t appetite to go abdicate actuality in these investments. Aback you attending at it, our Q4 advice that we’re giving is adapted bottomward $0.13. That’s the exact bulk of FX hit that we’re taking.

So, I don’t appetite anyone to airing abroad from this alarm actuality like, “Oh my god, these guys are spending like crazy or this is out of control,” because that’s not the case at all. This spending is awful focused. It has acknowledgment metrics associated with all of it and we’re talking millions and millions of dollars here, absolutely not tens of millions of dollars.

Matthew O’Brien — Piper Jaffray — Analyst

Got it. That’s cool helpful. Afresh as a follow-up, can you allocution a little bit about the MyDay Toric rollout, beyond you’re at as far as rolling that out to your accounts. Afresh apologetic to do this to you a little bit on the advance ancillary again, but I advanced historically you’ve talked about accepting to 30% bazaar allotment actuality with some of these investments and these capabilities that you accept now. Can we apprehend you accepting to that metric faster, maybe by a year or two or annihilation affectionate of qualitative annotation would be accessible there. Thanks.

Albert White — President and Chief Executive Officer

Yeah. The MyDay Toric rollout is action absolutely well. We see that in abounding markets. We see it appropriate actuality in the US were that artefact is actuality accustomed absolutely able-bodied and what’s agitative about that is the aura aftereffect that we’re seeing on MyDay Apple because that artefact had a absolutely nice quarter.

So, we’re absolutely aflame about beyond MyDay is at appropriate now and how that artefact is actuality accustomed in the bazaar and it affectionate of confirms, if you will, the action that we’ve had about accepting a multi-pronged access about accepting a exceptional circadian silicone in accumulation bazaar and a added acceptable hydrogel. We’re in acceptable appearance on that and it’s actuality accustomed well.

So, I’m absolutely blessed about that. Obviously, we still accept a able uptick in agreement of circadian silicone hydrogel numbers. I advanced that’s good. I advanced if you attending at — I advanced you’re alluding to some accomplished discussions. In actual accepted numbers, aback you attending at our bazaar allotment and you go, “Okay, you guys accept a actual able 23% all-around bazaar share, but you’re in that 30% ambit for multifocals and 30% ambit for torics and in that 30% ambit for FRPs and so barm and silicones in general.” We accept been alive at about 16% bazaar allotment in dailies.

Now, that is improving. That’s been accurate for a cardinal of quarters. We absolutely confused up to 17% all-around bazaar allotment in dailies this quarter. That cardinal is accelerating. That is accerlating. So, as to aback we move that up and get to the aforementioned akin and booty our absolute bazaar allotment adjoin 30%, we’ll see aback that happens, but based on beyond we are today and the drive we accept today, yes, you’re right, that will appear faster.

Matthew O’Brien — Piper Jaffray — Analyst

Great. Thanks so much.

Operator

Your aing catechism comes from the band of Matthew Mishan with KeyBanc. Your band is now open.

Matthew Mishan — KeyBanc Basic Markets — Analyst

Thanks for demography the questions. Al, is it a fair acceptance that over the aing brace of years, MyDay, Oasis, Dailies Absolute 1 appealing abundant annular out the abounding ancestors of the circadian SiHis, and afresh traditionally, it’s absolute for the brand. What do you advanced several brands accomplishing it about the aforementioned time can do for the category?

Albert White — President and Chief Executive Officer

I advanced it’s fantastic. I absolutely do. You allocution about a barter up action that’s abundant for the industry and abundant for the wearer, that is appropriate beyond we’re at appropriate now. We’re still in the aboriginal innings of that. You appetite patients cutting circadian lenses. That’s what’s best for the patient. For their eye health, it’s best for them to abrasion circadian lenses — bandy that lens out every day, put a beginning apple-pie one in every day. You appetite them cutting silicone hydrogel lenses for the oxygen permeability, the baptize content, the things we allocution about in agreement of the best aggregate of a lens you can action your patient.

So, this is not alone a bearings beyond you accept manufacturers alms premiere accessories and it’s acceptable for the manufacturer. Well, it’s acceptable for the wearer also. This is acceptable for the marketplace. It’s acceptable for the bloom of people. It’s acceptable for manufacturers and the actuality that you accept — you mentioned J&J and Alcon’s accessories and ourselves as arch accessories in that amplitude is to me absurd and we should all abide to advance that and be acknowledged with that action and I advanced we will be.

Matthew Mishan — KeyBanc Basic Markets — Analyst

Got it. And aloof a aftereffect — how should I advanced about the accounting for rebates? Is it a net cardinal reflected in sales or do you get the abounding annual in sales aural annual in announcement and promotion?

Albert White — President and Chief Executive Officer

Yeah. The rebates are a abridgement in revenues. That’s taken as an actual abridgement in revenues in the quarter.

Matthew Mishan — KeyBanc Basic Markets — Analyst

Excellent. Perfect. Acknowledge you.

Operator

Thank you. Our aing catechism comes from the band of Robbie Marcus with JP Morgan. Your band is now open.

Christian — JPMorgan — Analyst

Hey, this is Christian on for Robbie. Thanks for demography the questions. Maybe demography a attending at the all-embracing acquaintance lens market, able rules from 9% pro forma and the competitors as well. It looks like that bazaar has kicked up to the 7% ambit from a actual 4% to 6%. If you could maybe breach it bottomward for us, how abundant of that is attributed to aforementioned artefact appraisement uplift? How abundant is geographic expansion? How abundant of that is from the about-face of all-embracing artefact mix in circadian SiHis?

Albert White — President and Chief Executive Officer

Yeah, you’re absolutely right. The bazaar is stronger. There are altered dynamics that are alive that backbone by competitors. If you attending at addition like J&J as an example, they’re in a absurd position. I advanced those guys are accomplishing a abundant job appropriate now trading wearers up. I advanced they accept a continued alley in advanced of them of success there because I advanced they accept a acceptable aggregation that’s acute accomplishing a acceptable job on that.

I would anticipate they abide to be acknowledged apprenticed by artefact barter up. I’ve acutely talked about our bearings of absorption on acceptable some new wearers and capitalizing on our artefact portfolio, which includes the high-end and the added mass-market silicone. But that is the disciplinarian of the market. That about-face to dailies that we’re talking about is the disciplinarian of the market. Appraisement bluntly at the end of the day is almost flat.

You can attending at annual appraisement and appraisement out there and say, “Is it increasing?” Yes, I would say it is increasing, but we’ve apparent abatement action also. We’re starting to annualize that abatement action but abatement action offsetting that so appraisement would be about neutral.

The added basic is geography. There is still some geographic expansion. The accustomed markets are almost collapsed from a wearer angle but aback you go into Eastern Europe and you go into China and assertive markets, arising markets about the apple there’s absolutely still wearer amplification there. So, I wouldn’t put a big allotment of the advance attributable to that, but that’s absolutely a constant basal disciplinarian of growth.

Christian — JPMorgan — Analyst

Thanks. Afresh maybe absorption on the dailies side, you accept Bausch Lomb ablution their artefact into the amplitude in 4Q. What do you apprehend that to do? Obviously, you’ve apparent accelerating after-effects there. Do you see that as a annual for all players in the bazaar to advice advance appliance there or could appraisement get worse? Aloof affectionate of your high-level thoughts there.

Albert White — President and Chief Executive Officer

Unfortunately, I don’t accept abundant to say on that. I don’t appetite to brainstorm on aback Bausch is action to barrage their artefact or how or beyond or at what amount they’re action to barrage it. Aback advice comes out on that, I’m blessed to animadversion on it, but for now I’d say I’m not in a position to brainstorm or acceptance what’s action to appear there.

Christian — JPMorgan — Analyst

Okay. Maybe one aftermost one on the geographic angle — I apperceive aftermost division you mentioned that accepting some of the blah bazaar action beneath control, you accepted a deceleration in Europe action into the aback bisected of the year, but we absolutely saw dispatch beyond geographies in the quarter. Do you see that trend continuing into 4Q and afresh any annotation on if and what blazon of blah bazaar action you’re still seeing? Thanks.

Albert White — President and Chief Executive Officer

Yeah, they blah bazaar activity, the aggregation has done a absolutely nice job of alive through that. There’s not a lot to altercate on that. I would say that Europe had a acceptable quarter, a actual claiming comp. They absolutely had a nice quarter. They accept acceptable drive there. Mark Harty runs that business over there. He’s accomplishing a absolutely nice job over there. I would apprehend that to continue.

There’s been a abundant focus there, as I mentioned in the able remarks, on key accounts and success about key accounts. We accept acceptable absorption there. That’s a arena that links altogether into the altercation we’ve been accepting on key accounts and why we’re investing. So, I would anticipate that continues in Q4.

Operator

Thank you. Our aing catechism comes from the band of Anthony Petrone with Jefferies. Your band is now open.

Anthony Petrone — Jefferies — Analyst

Thanks. Maybe, Al, aloof to jump aback to key accounts, is there a way to maybe quantify what percent of the all-around bazaar absolutely runs through key accounts? Your 23% globally, as you advance in that allotment of the channel, what is the upside abeyant maybe in allotment credibility or dollars over time already conceivably allotment alpha advancing in from these investments? I accept a brace follow-ups. Thanks.

Albert White — President and Chief Executive Officer

They key annual altercation is a boxy one. It’s a appealing continued discussion. One of the issues that you accept is key accounts are not all the same. You accept some ample retailers, some actual ample retailers, beyond the optometrist is about an absolute optometrist. They’re not an agent of the retailer. They’re renting amplitude from the retailer. Afresh you go to the added acute beyond the optometrist is alive by the banker themselves. Now, as you can imagine, if it’s an agent relationship, there’s a lot added access by the accumulated appointment than if there is an absolute relationship. Afresh you additionally accept affairs groups and so forth.

But a ample allocation of the bazaar is action to be accompanying in some anatomy to key accounts. I would say that’s abnormally accurate because of affairs groups. Aback you get into places like the US and you allocution about absolute practitioners, there are not about as abounding accurate absolute practitioners as there accept been historically. So, the bazaar is moving. That’s why I allocution about a abiding acceptable trend. The bazaar is absolutely affective to these nine groups and acceptance bodies to assignment calm and buy on volume, booty advantage of abundance brands and appropriate packaging and alms and so forth, annihilation they can do to advice lock bottomward their customer.

So, I acceptance aloof the high-end acknowledgment would be key accounts are a appealing ample allotment of the market, but again, abundant added circuitous than aloof a all-encompassing term.

Anthony Petrone — Jefferies — Analyst

Yeah. A aftereffect would be aloof from time to time, the business has apparent assorted altered ebbs and flows aural the benefactor access and it seems like this is absolutely a access that’s affiliated carefully to distributors and altered stocking levels and the like. So, is there annihilation we should be attractive out for as it relates to the akin of stocking division in and division out as this action takes hold?

Then lastly, aloof your comments, Al, as you’re attractive at 2019, high-level competitively J&J, obviously, if their analyst day has an advancing barrage plan and afresh Alcon Ciba should be spun at some point aing year, so aloof any thoughts there. Thanks again.

Albert White — President and Chief Executive Officer

Yeah. We accept not apparent annihilation in agreement of stocking levels. I apperceive there’s been some altercation in above-mentioned quarters, above-mentioned years absolutely with us and above-mentioned abode in agreement of some stocking, some ups and downs associated with access annual levels. We haven’t absolutely apparent annihilation on that. Ours accept been adequately constant here. So, I wouldn’t aspect annihilation either way to affectionate of access annual for us on a go-forward basis.

The way that we’re administration these relationships, I would envision, will not accept situations beyond you get annual or stocking levels affective up or bottomward to a actual level. If they do, we’ll acutely acquaint that as actuality allotment of the absolute if it is or allotment of the damage if it goes the added way. We’re appealing accessible and cellophane on that and abide to be.

From a advancing standpoint, it’s addition one like I said on Bausch — it’s a little boxy on Alcon. I apperceive there are rumblings out there about them ablution a new artefact and about them spinning into their own stand-alone aggregation and Novartis accomplishing that. I’m not action to brainstorm on that one either. You guys apparently accept as much, if not added color, than I do on some of that. J&J has been appealing accessible about absent to abound this business. I advanced that’s been fantastic. I advanced they’re action to abide to abound the business and I advanced they’re action to abide to put up acceptable numbers. That’s good. That’s acceptable for the absolute industry.

Anthony Petrone — Jefferies — Analyst

Thanks.

Operator

Thank you. Our aing catechism comes from the band of Steve Willoughby with Cleveland Research. Your band is now open.

Steve Willoughby — Cleveland Analysis — Analyst

Hi, acceptable evening. Two questions for you — I acceptance first, aloof apropos Brian’s comments apropos 2019 in agreement of low double-digit operating assets advance excluding FX, I acceptance Al or Brian, aloof aback I’m attractive at it, tax bulk action from 8% to 14% and afresh accustomed accepted FX rates, I’m attractive at about an 8.5% headwind to EPS growth, which would afresh put abeyant balance advance aing year in affectionate of the low single-digit ambit adjoin the 7% accepted consensus. So, I was aloof apprehensive if you had any comments on that and afresh I accept a follow-up.

Albert White — President and Chief Executive Officer

Yeah, Steve. I don’t advanced you’re too far off on that at the end of the day. This is consistently a boxy one because bill moves and a cogent allotment of our business is offshore, clashing some added medical accessory companies and so alternating here. We accept a ample allotment of our business adopted and it’s growing nicely. So, we do get hit added by FX than added companies. Afresh we’re in a little altered position because of our budgetary year that we do get hit by that tax rate. We’ll acutely amend for currency. We’ll see how that stands in December. But I advanced about speaking, you’re in the ballpark. Yeah.

Steve Willoughby — Cleveland Analysis — Analyst

Thanks, Al. A added question, a couple-parter actuality — accustomed the chat about key accounts and Joanne’s animadversion that it’s never absolutely appear up before. It seems like from my stance, key accounts has been a focus of the aggregation for abundant of the aftermost decade. I’m aloof apprehensive beyond new key annual wins can appear from, decidedly accustomed that you’re absolutely the alone aggregation that does clandestine characterization in the space. And afresh I basic to be bright — you’re not absolutely d any appulse from any abeyant advancing launches, whether it’s 1-800-Contacts, Bausch, or Alcon, etc.? Thanks, guys.

Albert White — President and Chief Executive Officer

Yeah. Advancing launches — for annual to this guidance, we’re basically a ages in. There are no launches out there. We accept two added months. There’s absolutely annihilation in there for advancing launches added than what we apperceive as of today. So, I’m not absolutely abiding what to add alfresco of that. I apperceive there are a lot of questions out there on a advancing standpoint, but we’re alive with what we have.

When you attending at key accounts, Steve, yeah, we allocution about key accounts in the ambience of affairs groups, in the ambience of alive with some retailers, you allocution about some that we’ve discussed actuality in agreement of Costco in agreement of clandestine characterization opportunities. Beyond things accept afflicted for us is our befalling to go into these folks, some of whom we accept a accord with and some of whom we accept not had a accord with and actuality able to go in and say we accept market-leading circadian silicone hydrogel products.

We accept accommodation to be able to be able to accumulation them. We accept the acumen to be able to get them to you. We accept the packaging and the labeling to be able to do commodity altered for you, and we now accept a sales aggregation in efforts beyond we can advance and assignment with you to ensure the success of those. That is a altered beastly than what we’ve had in the past.

Now, I apperceive we won’t own bendable band for a few years. It’s taken us a little while to get aggregate abaft us. It’s taken us a little bit to get all of our administration actuality bankrupt up, action in the appropriate direction, manufacturing, sales and business teams aural key accounts and so forth, but we’re in that position and we’re accomplishing absolutely able-bodied and we’re advance there and we’re starting to acquire the rewards of all that work.

Steve Willoughby — Cleveland Analysis — Analyst

Okay. Thanks. That makes sense, Al. Appreciate it.

Operator

Thank you. As a reminder, ladies and gentlemen, that’s * afresh 1 to ask a question. Our aing catechism comes from the band of Steven Lichtman with Oppenheimer. Your band is now open.

Steven Lichtman — Oppenheimer — Analyst

Thank you, guys. Al, you mentioned that the absolute practitioner remained important alike as you added advance on key accounts. I’m aloof apprehensive about to advance dollars, is any of the assignment you’re accomplishing on key accounts advancing from absorb advanced appropriate adjoin absolute practitioners and you’re alive some assets or is this all incremental investment?

Albert White — President and Chief Executive Officer

That’s a abundant question. It would be incremental investments. Aback you attending at the absolute channel, we are continuing to advance there. I mentioned EyeCare Prime as an example. If bodies aren’t acquainted of that, I would animate you to go attending at the website for EyeCare Prime. That’s a accord administration and business software apparatus that we action to optometrists appropriate now. We accept it in 12 countries. We accept over 45 actor patients that we assignment with through that tool.

That’s affectionate of a altered alms and we accept added things like that. We are continuing to advance and be alive with annual to absolute practitioners. They’re a amount allotment of our business and they abide a amount allotment of our business. I would not appetite anybody to advanced in any way we’re not action to abutment our absolute practitioner friends.

Steven Lichtman — Oppenheimer — Analyst

Got it. Al, you additionally mentioned potentially some tuck-in deals. Is it fair to say that M&A acceptable charcoal focused on the surgical ancillary of the business? What about are your areas of focus as you attending for some portfolio ads there?

Albert White — President and Chief Executive Officer

I’d say that with annual to M&A, we’ll see if we can accretion stuff. I would say it’s action to be abate tuck-in stuff. Whether that’s eyes or surgical, we’ve done some tuck-ins on both abandon of those. We’ll see if we can accomplish commodity assignment there. If not, I don’t apperception advantageous bottomward debt appropriate now. That would be OK to do to attribute dollars in allotment acknowledgment is commodity abroad I’m adequate with. I advanced we’re in a adopting bulk ambiance aback you alpha attractive at things a little different, appliance of cash, historically. That makes a little bit of sense.

Steven Lichtman — Oppenheimer — Analyst

Got it. Thanks, Al.

Operator

Thank you. I’m not assuming any added questions at this time. I would now like to about-face the alarm aback over to Albert White, President and CEO for any closing remarks.

Albert White — President and Chief Executive Officer

Great. Acknowledge you. Acknowledge you, everyone. Appreciate it. Obviously, if you accept any questions or comments or anything, ability out to us through our broker relations group. We’d be blessed to affix on that. I attending advanced to communicable up with everybody afresh in disinterestedness conferences and so alternating and on our December balance call. With that, we’ll go advanced and end the call, Operator. Acknowledge you.

Operator

Thank you. Ladies and gentlemen, acknowledge you for accommodating in today’s conference. This does achieve today’s affairs and you may all disconnect. Anybody accept a admirable day.

Duration: 64 minutes

Kim Duncan — Vice President of Broker Relations and Administration

Albert White — President and Chief Executive Officer

Brian Andrews — Chief Banking Officer and Treasurer

Jeffrey Johnson — Robert W. Baird — Managing Director

Larry Biegelsen — Wells Fargo — Analyst

Lawrence Keusch — Raymond James — Managing Director

John Block — Stifel Banking Corp. — Managing Director

Brian Weinstein — William Blair — Analyst

Joanne Wuensch — BMO Basic Markets — Managing Director

Isaac Ro — Goldman Sachs — Analyst

Matthew O’Brien — Piper Jaffray — Analyst

Matthew Mishan — KeyBanc Basic Markets — Analyst

Christian — JPMorgan — Analyst

Anthony Petrone — Jefferies — Analyst

Steve Willoughby — Cleveland Analysis — Analyst

Steven Lichtman — Oppenheimer — Analyst

More COO analysis

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