Dry Eye Disease Awareness Month Calls Attention to Common Eye Ailment

July is Dry Eye Awareness month, calling attention to a disease that the National Eye Institute (NEI) estimates affects nearly 16 million Americans—a number that is expected to grow. Symptoms of dry eye disease can include a stinging or burning feeling in the eyes, red eyes, sensitivity to light, blurry vision and itchiness. A broad range of treatment options are available, ranging from over-the-counter eye drops and nutritional supplements to prescription medications. And while it is highly treatable, dry eye disease does not discriminate; if left untreated, the NEI warns that it could lead to further medical and vision issues, especially in those with comorbidities. In light of these concerns, several initiatives are underway to help educate both optometrists and the general public about this common condition.

KITS Eyecare Preliminary Q2 Financial Results Show 25 Percent Year-Over-Year Growth

VANCOUVER, British Columbia—KITS Eyecare Ltd. (TSX: KITS), a vertically integrated eyecare provider, has provided selected preliminary unaudited results for the second quarter ended June 30, 2024. According to the company, total revenue grew 25 percent year-over-year to approximately $37.5 million. The company also reported that adjusted EBITDA increased year-over-year to over 3 percent of revenue and that it finished the second quarter with a cash balance of more than $19.0 million.

National Vision Names Mark Banner as New Chief Stores Officer

DULUTH, Ga.—National Vision Holdings, Inc. (NASDAQ: EYE), one of the largest optical retail companies in the U.S., has announced the appointment of Mark Banner as the company’s new chief stores officer, effective July 8, 2024. Banner is transitioning into the role previously held by Sharon Petitt due to her planned retirement. A specialty retailer who joins the company after a seven-year tenure at Sleep Number, the company stated, Banner brings team leadership expertise in sales, sales operations, digital, promotion and real estate.

Fielmann Group Closes Acquisition of Shopko Optical, Increases FY2024 Outlook and Adds to Leadership Team

HAMBURG, Germany, GREEN BAY, Wis. and DETROIT—The Fielmann Group, a global eyewear provider, announced yesterday that it had closed on its acquisition of Green Bay, Wis.-based retailer Shopko Optical. In the announcement, the company also upgraded its 2024 sales outlook and announced an addition to its executive team. The transaction was first signed on June 10, 2024, and calls for the group's U.S. subsidiary, Fielmann USA, to acquire 100 percent equity ownership in Shopko Optical from Monarch Alternative Capital LP, as reported in VMAIL last month.

Optical Associations React to Final ‘Eyeglass Rule' Update

WASHINGTON, D.C.—Last week, as reported in VMAIL, the Federal Trade Commission (FTC) announced final updates to its 10-year Ophthalmic Practice Rules, known as the Eyeglass Rule. According to the FTC, the updates, which are scheduled to take effect 60 days after publication in the Federal Register, are designed to increase compliance with the rule’s long-standing requirement that ophthalmologists and optometrists who have a financial interest in selling prescription eyewear provide patients with a free copy of their prescription following a refractive eye exam.