WellPoint sells 1-800 CONTACTS subsidiary

Article

WellPoint has signed a definitive agreement to sell its online contact lens retail subsidiary 1-800 CONTACTS to private equity firm Thomas H. Lee Partners.

Indianapolis-WellPoint recently announced it has signed a definitive agreement to sell its online contact lens retail subsidiary 1-800 CONTACTS to private equity firm Thomas H. Lee Partners. Additionally, the company has entered into an asset-purchase agreement for Glasses.com and its virtual try-on technology with Luxottica. Each agreement is subject to customary closing conditions and each transaction is expected to close in the first quarter of 2014.

“1-800 CONTACTS has strong brand recognition and a leading direct-to-consumer model. However, as we prepare for the coming changes to the healthcare system, we are focused on our core growth opportunities across both our commercial and government business segments. Proceeds from this transaction will support our continued capital deployment strategies,” said Joseph R. Swedish, chief executive officer of WellPoint.

Financial terms of the transaction were not disclosed. In connection with the sale agreements, WellPoint expects to record an impairment charge in the range of $0.52 to $0.57 per share in the fourth quarter of 2013. As a result, WellPoint now expects GAAP net income of at least $7.88 per share for the full year 2013. Excluding the charge, WellPoint continues to expect adjusted net income of at least $8.40 per share for the full year 2013. This guidance includes no investment gains or losses beyond those recorded during the first nine months of 2013.

Recent Videos
Optometrists reflect on their residency experiences and provide advice to current residents.
EnVision Summit Co-chairs Sherrol Reynolds, OD, FAAO; Katie Rachon, OD, FAAO, Dipl ABO; Jessica Steen, OD, FAAO, Dipl ABO; and Cecelia Koetting, OD, FAAO, Dipl ABO; express excitement for the upcoming conference and why optometrists should attend.
Bonnie An Henderson, MD, the cofounder and program director of EnVision Summit
What was the biggest innovation in eye care in 2024?
In 2 weeks, the study participant's dry eye symptoms improved from 76 to 43 on a 0-100 rating scale, according to Marc-Matthias Schulze, PhD, Dipl Ing.
Eye care practitioners reported moderate to high satisfaction with lifitegrast's ability to improve signs of dry eye, according to Melissa Barnett, OD, FAAO, FSLS.
Neda Gioia, OD, CNS, FOWNS, details the positive feedback gained so far from other optometrists that have been prescribing the NutriTears supplement to their dry eye patients.
Damaris Raymondi, OD, FAAO, highlighted the importance of building patient-doctor trust to learn about these practices, which can include non-traditional treatments like chamomile or manuka honey eye drops.
Noreen Shaikh, OD, Magdalena Stec, OD, FAAO, and Brenda Bohnsack, MD, PhD, emphasize that collaboration and communication are key to proper diagnosis and treatment.
Cecilia Koetting, OD, FAAO, DipABO, cited data from a recent student that found that presbyopia treatment with 0.4% pilocarpine led to up to 86% of patients achieving 20/40 or better.
© 2024 MJH Life Sciences

All rights reserved.