Cooper Cos. (COO) has broadened a contact lens recall to include some lots of its Avaira Sphere lenses and expects a roughly $9 million charge in its fiscal fourth quarter.
Cooper in August issued a recall for some lots of its Avaira Toric contact lenses after a small number of customers complained of hazy vision after wearing them. The company's CooperVision unit said it identified a residue on a small number of the lenses, which were first introduced in April 2010.
Tuesday, the company said it was expanding its recall as certain lots of Avaira Sphere lenses failed to meet updated quality requirements due to the level of a silicone oil residue. The company said no other product line uses silicone oil in the manufacturing process other than Avaira Sphere and Avaira Toric.
Cooper plans to establish a reserve for recall costs of roughly $9 million, which it will take as a charge in the its fiscal fourth quarter. The company estimated the total cost of the Avaira recall at roughly $23.2 million, including the $14.2 million taken in the fiscal third quarter.
source : http://alam-hadi.blogspot.com/2011/11/cooper-broadens-contact-lens-recall.html
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