Monday, September 26, 2022 12:24 AM
NEW YORK—Even as staffing challenges continue for many ECPs, economic pressures including inflation and business costs as well as ongoing supply chain issues were among the concerns within the second ECPulse Survey conducted in September 2022 by Jobson Optical Research
. Some 80 percent of the ECPs surveyed said they noticed that patients are trying to save money due to inflation. Concurrently most noted a change in their traditionally "busy" months in terms of patient traffic.
Monday, September 26, 2022 12:00 AM
LAS VEGAS—It was a wrap for Vision Expo West 2022 in Las Vegas on Saturday, Sept. 17, as the four-day event concluded at The Venetian Convention Center & Expo. The Conference and Exhibiton, brought thousands of members of the optical industry together from Sept. 14-17 for four days of trailblazing trends, education and plenty of networking opportunities. “It was amazing to see the full scope of the vision care industry come together in Las Vegas last week, both on and off the Show Floor,” said Fran Pennella, vice president, Vision Expo, at RX
, co-organizer of Vision Expo.
Friday, September 23, 2022 4:04 PM
Teamwork and team commitment, solid communication and sheer hard work, with an attitude of openness and affability, have stood the Danish company in good stead through the pandemic of 2020 and 2021... and represent the foundation of its success, stability and growth in 2022, said Henrik Orgreen, CEO. When asked what are your hopes and priorities for the new eyewear season, he said, "Our hope is to get back to much more of the face-to-face meetings we are used to with more visitors to our new headquarters in Copenhagen. We are a customer-driven company, and we will always be that. We need to meet up again, spend time with customers and have those moments to talk. We have stayed well connected—even in lockdowns, there was someone at the end of our phones. But now it’s time to reconnect." Read More
Friday, September 23, 2022 3:11 PM
Goldman Sachs is predicting the U.S. economy will continue to take a downturn as recession fears grow. GS Research
indicates that a recession is likely to happen within the next 12 months.
Analysts believe that the post-COVID recession will be mild and that the unemployment rate increase should only be approximately 1 percentage point. The reason behind this is a continued glut in jobs versus workers. It’s believed the imbalance between available jobs and workers should absorb much of that contraction without triggering a large rise in unemployment.
“Recent preliminary evidence suggests this is possible,” said senior global economist Daan Struyven. “In fact, the U.S. job openings rate has declined by 0.7 percentage points since March while the unemployment rate has actually declined by 0.1 percentage points. This suggests that the slowdown in output growth is likely to have a smaller-than-usual effect on employment, which tends to drop sharply in traditional U.S. recessions.”
Struyven noted there are still clear drives for growth in the U.S. economy and as the normalization of COVID-sensitive sectors returns industries like tourism and office work will rebound.
Monday, September 19, 2022 3:29 PM
Shuttered offices and international pandemic guidelines curtailed in-person patient care in 2020 but also led to demonstrations of sheer tenacity. Despite the challenges, loss and unsteadiness that COVID-19 brought into all of our lives, we would be remiss not to reflect on the opportunities, invention and hopefully lasting patient care innovation that transpired from the events of the last several years. Between social distancing, periods of mandated quarantine and general caution to remain at home, many patients found great utility in virtual communications with practitioners, and doctors were relieved to keep in touch with their patients’ needs. Read More
Friday, September 9, 2022 3:45 PM
An employee shortage may put a strain on an already challenging holiday retail season. According to a recent survey from MultiMediaPlus
, executives are scrambling to address staffing and wage issues on top of supply chain challenges.
For the past 3 years, the retail industry has faced significant product shortages due to COVID-19 cutting off the supply chain. This, compounded with staffing shortages and employees reluctant to return to the workplace, employers are increasingly worried about keeping up with demand.
Executives were asked what their focus has been heading into the fall season. Fifty percent responded that staffing and wage issues were their greatest focus this fall, with supply chain issues coming in at 28 percent and global events and gas prices coming in at 15 percent.
More than 45 percent of respondents noted that employee training will be their Q4 focus. Task management for employees came in at 25 percent.
Employers will be making strides to improve their employee development with 27 percent noting that operations training is their top priority in 2023 followed by leadership development and product knowledge.
Wednesday, August 31, 2022 2:39 PM
Following the pandemic shock to the labor market that saw millions of Americans lose their jobs in a matter of weeks, the balance of power has shifted in favor of workers as companies struggled to fill open positions in the swift recovery following the COVID shutdown. In what has become known as “the Great Resignation” or “the Great Reshuffle,” almost 50 million Americans quit their jobs in 2021, hoping for higher pay, more benefits or better career options elsewhere, according to a recent feature
The grass isn’t always greener on the other side, however, and a sizeable chunk of those who left their previous jobs are now feeling quitter’s remorse. According to a recent survey from job search portal Joblist
, one in four workers who quit their previous job say that they regret the decision, citing a variety of reasons for their second thoughts.
The most common reason for workers’ regrets is that they quit without having a new job lined up and are now finding it harder than expected to find one. This comes as a surprise given the current labor market where open positions far exceed the number of unemployed workers. Other reasons for regretting the decision to quit include missing the people at their old company, disappointment in the new job and the realization that the old job wasn’t half bad after all.
Tuesday, August 30, 2022 12:21 AM
NEW YORK—This month, Inc.
revealed that Neurolens
has been recognized on its annual Inc. 5000
list, the most prestigious ranking of the fastest-growing private companies in America.
Monday, August 29, 2022 4:54 PM
Retail e-commerce sales are tracking higher despite inflation fears. The Census Bureau of the Department of Commerce
announced e-commerce sales for the second quarter of 2022 rose 2.7 percent to $257 billion. E-commerce sales accounted for 14.5 percent of total retail sales in the second quarter of 2022.
A similar report by Morgan Stanley
found that despite waning COVID numbers and a return to in-person shopping, the trend for e-commerce is here to stay, predicting growth to $5.4 trillion by 2026.
The driving factor behind the increase is logistics, mobile device ownership and marketplace expansion. It’s expected this will increase growth across multiple industries, regions and verticals.
It’s believed this trend will also continue to grow with improved payment technology and stabilization of the supply chain.
Tuesday, August 23, 2022 11:33 AM
This week, Dr. Fauci announced
he plans to step down from his roles as director of the National Institute of Allergy and Infectious Diseases, chief of the NIAID Laboratory of Immunoregulation and chief medical adviser to President Biden. Dr. Fauci has held his director position at the National Institute of Allergy and Infectious Diseases for 38 years, and has been a crucial figure in helping navigate the United States through health crises including HIV/AIDS and COVID-19. Head over to NPR
for a look at Dr. Fauci's incredible career, plus what's next for him once he retires.
Monday, August 22, 2022 12:21 PM
The number of unemployed in the U.S. continues to drop. According to the U.S. Bureau of Labor Employment Situation Summary
, the total nonfarm payroll employment rose by 528,000 in July, while the unemployment rate dropped to 3.5 percent.
Job gains were seen across the board with the leisure and hospitality, professional and business services and health care seeing the largest gains. These numbers reflect a return to pre-pandemic levels after two years of job losses.
The number of unemployed people in the U.S. now sits at 5.7 million, with the highest unemployment rates among women and Caucasians at 3.1 percent respectively. The jobless rate on the other hand sits at 3.2 percent for adult men, 11 percent among teenagers and 6.0 among African Americans.
The number of persons on temporary layoff, sat at 791,000 in July, while the number of persons employed part time for economic reasons rose by 303,000 to 3.9 million in July. In its Summary, the Bureau noted this rise reflected an increase in the number of persons whose hours were cut due to slack work or business conditions.
The number of persons not in the labor force who currently want a job was 5.9 million in July. The number of Americans choosing to work remotely continues to grow with numbers reaching 7.1 percent in July. Meanwhile in the same month, 2.2 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic.
Friday, August 19, 2022 2:58 PM
NEW YORK—Following the record-breaking deal volume seen in 2021, M&A activity and investor interest in the health care services space has continued at a consistent pace through this year’s second quarter, albeit with some drop-off in transactions in the eyecare sector. With the fallout from the COVID-19 pandemic finally setting in, “the health care landscape has changed dramatically,” according to a recent analysis and report by Provident Healthcare Partners
, an investment banking and advisory firm with offices in Boston and New York.
“The disruption of the pandemic affected various levels of the supply chain for provider–based services,” the report noted. “These financial impacts are beginning to normalize while larger macro-economic conditions are beginning to worsen. Fears of rising interest rates, high levels of inflation, and declining overall economic health have led to an initial decline in consolidation in the overall market.”
(Readers may sign up to receive Provident’s updates and newsletters here
In the ophthalmology sector, Provident said this area “continues to be one of the most active specialties within physician services as macro-economic concerns have, so far, done very little to slow the pace of deal-making within the sector.” The report noted several “strategic add-on transactions” in the quarter, as well as the entry of a new private equity firm investing in the space by way of a deal with Vision Innovation Partners (a platform formerly backed by Centre Partners that Gryphon Investors of San Francisco partnered with in May 2022).
With more than 60 of the investor-backed platforms at least four years into their investment in the eyecare sector, Provident said it expects secondary buyouts, similar to the Vision Innovation Partners’ transaction, to play a large role in consolidating a very fragmented space.
Friday, August 19, 2022 12:18 AM
BOSTON—The New England College of Optometry
(NECO) has announced the 2022 Industry Collaborative, which begins the afternoon of Aug. 29 at the Cambridge Innovation Center, and continues Aug. 30 at NECO’s Beacon Street location.
Friday, August 12, 2022 12:30 AM
NEW YORK—Warby Parker Inc.
(NYSE: WRBY) reported Thursday that its sales in the second quarter increased 13.7 percent (or $18.1 million) to $149.6 million. The increase was 19.1 percent on a three-year compound annual growth basis compared with the second quarter of 2019. In addition, Warby Parker said it increased active customers 8.7 percent to 2.26 million year over year. Average revenue per customer in the quarter ended June 30 increased 8.2 percent year over year to $254, even as the company noted an “industry-wide” decline in demand for eyeglasses.
Thursday, August 11, 2022 12:24 AM
(SIX/NYSE:ALC) said this week that its second-quarter sales increased 5 percent on a reported basis to $2.2 billion, and noted that the increase was 10 percent on a constant currency basis. Sales in both surgical and vision care in the second quarter ended June 30 benefited from “product innovation, continued recovery across international markets from the COVID-19 pandemic and sales from acquired products,” the company’s announcement noted.