PLEASANTON, Calif.—The Cooper Companies, Inc. (NYSE:COO) announced late last Friday that its subsidiary CooperVision has initiated a voluntary recall on limited lots of Avaira Toric contact lenses. This recall is limited solely to specific lots of Avaira Toric, and no other CooperVision product is involved in this recall, the company said.

The company’s statement added, “The recall was initiated because of the unintended presence of a residue on certain lenses. The residue was identified after investigating a small number of complaints of temporary hazy vision. The manufacturing issue has been identified and a resolution is in process. It is anticipated Avaira Toric shipments will resume shortly, and inventory will return to normal levels by Dec. 1, 2011.”

The company noted that Avaira Toric lenses were launched in April 2010 and represent less than 1 percent of the company's fiscal third quarter 2011 revenues. Cooper said it will establish a reserve for return of inventory and related matters, presently estimated to be approximately $14 million. The reserve will be primarily reflected in cost of sales. Additional details will be discussed on the Company's third quarter 2011 earnings conference call on Aug. 31, 2011.