Announcement • Feb 11
Visioneering Technologies, Inc. Appoints Jeff Pruett as Chief Financial Officer Visioneering Technologies, Inc. advised that Mr. Jeff Pruett has been appointed Chief Financial Officer, from his initial role as VP Finance, effective immediately. New Risk • Dec 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 26% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.2m free cash flow). Share price has been highly volatile over the past 3 months (26% average weekly change). Market cap is less than US$10m (AU$3.15m market cap, or US$2.02m). Minor Risk Shareholders have been diluted in the past year (7.8% increase in shares outstanding). New Risk • Aug 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$3.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.2m free cash flow). Shareholders have been substantially diluted in the past year (74% increase in shares outstanding). Market cap is less than US$10m (AU$5.80m market cap, or US$3.94m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • May 08
Visioneering Technologies, Inc., Annual General Meeting, May 23, 2024 Visioneering Technologies, Inc., Annual General Meeting, May 23, 2024, at 08:00 E. Australia Standard Time. Agenda: To consider election of Class I Director Mr. Andrew Silverberg; to consider election of Class I Director Ms. Kathleen Miller; to consider approval of increase in shares reserved under the 2017 Equity Incentive Plan; to grant of Restricted Stock Units to the company's CEO, Dr. Juan Carlos Aragón; to grant of Restricted Shares to the company's CEO, Dr. Juan Carlos Aragón; and to consider approval of 10% placement facility. Board Change • Apr 28
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Non-Executive Director Andrew Silverberg is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 01
Full year 2023 earnings released: US$0.099 loss per share (vs US$0.23 loss in FY 2022) Full year 2023 results: US$0.099 loss per share (improved from US$0.23 loss in FY 2022). Revenue: US$8.67m (up 19% from FY 2022). Net loss: US$3.45m (loss narrowed 41% from FY 2022). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Announcement • Feb 07
Visioneering Technologies, Inc. has completed a Follow-on Equity Offering in the amount of AUD 2.764556 million. Visioneering Technologies, Inc. has completed a Follow-on Equity Offering in the amount of AUD 2.764556 million.
Security Name: CHESS Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 10,777,095
Price\Range: AUD 0.22
Security Name: CHESS Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 704,226
Price\Range: AUD 0.22
Security Name: CHESS Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 1,084,843
Price\Range: AUD 0.22
Transaction Features: Regulation S; Rights Offering New Risk • Nov 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 108% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Shareholders have been substantially diluted in the past year (108% increase in shares outstanding). Market cap is less than US$10m (AU$11.5m market cap, or US$7.35m). Board Change • Nov 01
High number of new directors CEO & Executive Director Juan Aragon was the last director to join the board, commencing their role in 2023. Reported Earnings • Aug 19
First half 2023 earnings released: US$0.057 loss per share (vs US$0.13 loss in 1H 2022) First half 2023 results: US$0.057 loss per share (improved from US$0.13 loss in 1H 2022). Revenue: US$4.67m (up 26% from 1H 2022). Net loss: US$1.80m (loss narrowed 43% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 04
Full year 2022 earnings released: US$0.19 loss per share (vs US$0.11 loss in FY 2021) Full year 2022 results: US$0.19 loss per share (further deteriorated from US$0.11 loss in FY 2021). Revenue: US$7.29m (up 1.8% from FY 2021). Net loss: US$5.85m (loss widened 151% from FY 2021). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. Board Change • Jan 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Director Jean Franchi is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Dec 20
Visioneering Technologies, Inc. Announces Board Changes Visioneering Technologies, Inc. announced the appointment of Ms. Kathleen Miller as an independent non-executive director and chair of the Audit & Risk Committee along with the pending retirement of Ms. Jean Franchi from its Board of Directors. Ms. Miller is an experienced public company board member and Audit Committee Chair with over 30 years of leading and advising boards of public and high-growth companies on finance, accounting, compensation, mergers & acquisitions, initial public offerings, governance, strategy and operations. Kathy currently serves as a non-executive director and audit committee chair for Tecsys; non-executive director, audit committee and compensation committee member for IOU Financial; Non-Executive Director, Audit Committee and Governance Committee member for Kaleyra; and Audit Committee Chair for True Commerce, a private equity backed leader in EDI and multi-enterprise supply chain eCommerce and business networks. Prior to her retirement, Kathy was CFO of Nitro Software, Inc. where she contributed to 200% recurring revenue CAGR and 95% client retention. Through her CFO role and at the board level, she led the ASX IPO for this $40M business. Previously, Kathy led dual roles as CFO and COO of nCourt LLC. Ms. Miller earned a MS in the Study of Law, magna cum laude from Fordham University and a BS in Accounting, cum laude from Alfred University. In conjunction with Ms. Miller's appointment, Ms. Jean Franchi, VTI's current chair of the Audit and Risk Committee, will be stepping down from the Board of Directors to focus on other commitments following five years of service. Jean will remain a board director through 31 December 2022 to assure the smooth transition of her Audit and Risk Committee role to Ms. Miller. Announcement • Dec 07
Visioneering Technologies, Inc. Enrolls 100% of Subjects in its International Randomized Controlled Clinical Trial Known as PROTECT Visioneering Technologies, Inc. announced it has enrolled 100% of the subjects in its international randomized controlled clinical trial known as PROTECT (PROgressive Myopia Treatment Evaluation for NaturalVue Multifocal Contact Lens Trial). The study objective is to demonstrate and quantify the effectiveness of its NaturalVue® Multifocal Contact Lenses in myopia progression control in children. PROTECT is a multi-center, randomized, double-masked clinical trial with participating investigators in centers in Canada, the United States, Hong Kong, and Singapore. The trial enrollment includes 144 healthy nearsighted children (myopes) from 7 to <13 years of age whose current prescription is between -0.75D and -5.00D. Primary outcomes will be determined by the respective changes over time in refractive error progression and eye length, both important markers of myopia progression. VTI expects that the data will demonstrate the superiority of NaturalVue Multifocal over the control lens in managing myopia progression, thus providing an important data point for practitioners and VTI's corporate partnering activities and corroborating the conclusions of the recently reported analysis of 6-year real-world data for NaturalVue® Multifocal. In previous myopia control trials of this type, one-year follow-up data has been shown to be a strong predictor of overall trial outcomes. VTI expects to release one-year follow-up data from PROTECT in the fourth quarter of 2023, with longer-term data expected in late 2024 and final results in late 2025. The study reached 100% enrollment, or all 144 subjects, on 6 December 2022. Importantly, there have been no safety concerns to date. The landmark study has enrolled subjects in sites in Toronto and Waterloo in Canada; New York, Chicago, Houston, and Fresno, CA in the United States, Hong Kong and Singapore. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Director Jean Franchi is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 24
First half 2022 earnings released: US$0.13 loss per share (vs US$0.085 loss in 1H 2021) First half 2022 results: US$0.13 loss per share (down from US$0.085 loss in 1H 2021). Revenue: US$3.72m (up 20% from 1H 2021). Net loss: US$3.15m (loss widened 112% from 1H 2021). Over the next year, revenue is forecast to grow 83%, compared to a 15% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 61% per year, which means it is significantly lagging earnings. Board Change • Aug 22
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Non-Executive Director Jean Franchi is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 13
Visioneering Technologies, Inc. Achieves 50% Enrollment Milestone in its PROTECT International Clinical Study for Myopia Progression Control Visioneering Technologies, Inc. announced it has enrolled 50% of the subjects in its international randomized controlled clinical trial known as `PROTECT' (PROgressive Myopia Treatment Evaluation for NaturalVue Multifocal Contact Lens Trial). The study objective is to demonstrate and quantify the effectiveness of its NaturalVue® Multifocal Contact Lenses in myopia progression control in children. PROTECT is a multi-center, randomized, double-masked clinical trial with participating investigators in centers in Canada, the United States, and Hong Kong with an additional site planned in Singapore. The trial is designed to enroll 144 healthy nearsighted children (myopes) from 7 to <13 years of age whose current prescription is between -0.75D and -5.00D. Primary outcomes will be determined by the respective changes over time in refractive error progression and eye length, both important markers of myopia progression. VTI expects that the data will demonstrate the superiority of NaturalVue Multifocal over the control lens in managing myopia progression, thus providing an important data point for practitioners and VTI's corporate partnering activities and corroborating the conclusions of the recently reported analysis of 6-year real-world data for NaturalVue® Multifocal. The Company expects to complete trial enrollment in September 2022. In previous myopia control trials of this type, one-year follow up data has been shown to be a strong predictor of overall trial outcomes. VTI expects to release one-year follow up data from PROTECT in the second half of 2023, with longer-term data expected in the second half of 2024 and final results in the second half of 2025. The study reached 50% enrollment, or 72 subjects, on 12 July 2022. Importantly, there have been no safety concerns to date. The landmark study has enrolled subjects in sites in Toronto and Waterloo in Canada; Hong Kong; and in New York, Chicago, Houston and Fresno, CA in the United States. Announcement • Jun 30
Visioneering Technologies, Inc. Announces Board Changes Visioneering Technologies, Inc. announced the appointment of Dr. Allan E. Rubenstein as an independent non-executive director, and the pending retirement of Zita Peach from its Board of Directors. Dr. Rubenstein will commence his term on 29 June 2022. He is a highly experienced public company board director, a successful entrepreneur, and a respected medical doctor. He served for 29 years on the board of The Cooper Companies, Inc., including as either Chairman or Lead Independent Director for all but two of those years. The Cooper Companies, Inc. is the parent company of CooperVision, one of the largest contact lens companies in the world. Dr. Rubenstein is a neurologist known for his pioneering work on research and treatment of neurofibromatosis ("NF"), a rare genetic disorder, and has become an expert due to his commercial interests in genomics, ocular conditions and treatments, medical devices, and women's health. He started the first multidisciplinary clinic devoted to NF in the world at Mount Sinai School of Medicine, which over the years became the model for more than 100 other NF clinics in the U.S., Europe, and South America. Dr. Rubenstein achieved success early in his career by founding, growing, and selling a mobile CT and MRI scanning company in New York City. After growing the company both organically and through acquisition to serve multiple states, he sold the business. He then founded and served as CEO of NexGenix Pharmaceuticals, which developed drugs for cancer and genetic disorders. He also joined the board of Bioclinica, which provides imaging modalities for clinical trials (Bioclinica merged in 2021 to become Clario, a private company). Most recently, he joined the boards of two private companies that are commercializing advances in treatments for conditions caused by protein misfolding (Plex Pharmaceuticals) and in wavelength filtering polymers for contact lenses (Coloursmith Labs). He also joined the Tufts University Graduate School of Biomedical Sciences advisory board, a program that engages stakeholders from science, private equity and governmental sectors to commercialize advances in medicine. Dr. Rubenstein earned his Bachelor of Arts degree from Cornell University and his medical degree from the Tufts University School of Medicine. Ms. Zita Peach will retire on 18 August 2022, subsequent to the next scheduled quarterly meeting of the Board of Directors. She has served as an independent non executive director of VTI since February 2017, including as Chair of the Nomination and Remuneration Committee and as a member of the Audit and Risk Committee. Recent Insider Transactions • Jun 17
Insider recently bought AU$686k worth of stock On the 14th of June, Paul Cozzi bought around 707k shares on-market at roughly AU$0.97 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Jun 05
Visioneering Technologies, Inc. Provides Revenue Guidance for the Year 2022 Visioneering Technologies, Inc. provided revenue guidance for the year 2022. The company announced that Net revenue increased 9% in the first quarter of 2022 over the same period in the prior year. The company expected net revenue in the remainder of the year to increase at this level or more, although performance from quarter-to-quarter likely will show significant variations. Announcement • May 09
Visioneering Technologies, Inc., Annual General Meeting, May 26, 2022 Visioneering Technologies, Inc., Annual General Meeting, May 26, 2022, at 08:00 E. Australia Standard Time. Agenda: To consider election of Class II Director -Dr. David J. Mazzo; to consider grant of Shares to Dr. Stephen Snowdy, former Chief Executive Officer of the Company, in lieu of earned but unpaid short-term cash incentive for Fiscal year 2021; to consider approval of increase in shares reserved under 2017 Equity Incentive Plan and other amendments; and to consider approval of 10% Placement Facility. Breakeven Date Change • Apr 27
Forecast to breakeven in 2024 The analyst covering Visioneering Technologies expects the company to break even for the first time. New forecast suggests the company will make a profit of US$900.0k in 2024. Average annual earnings growth of 25% is required to achieve expected profit on schedule. Breakeven Date Change • Mar 09
Forecast to breakeven in 2024 The analyst covering Visioneering Technologies expects the company to break even for the first time. New forecast suggests the company will make a profit of US$900.0k in 2024. Average annual earnings growth of 25% is required to achieve expected profit on schedule. Reported Earnings • Feb 25
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: US$0.11 loss per share (up from US$1.24 loss in FY 2020). Revenue: US$7.15m (up 40% from FY 2020). Net loss: US$2.33m (loss narrowed 75% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 59%, compared to a 16% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Announcement • Jan 24
Visioneering Technologies, Inc. Announces Initiation of the Protect Clinical Trial Visioneering Technologies, Inc. announced that the first patient has completed the initial visit in its landmark international multi-center study to provide an additional measure of the effectiveness of its NaturalVue (etafilcon A) Multifocal 1-Day Contact Lenses (`NaturalVue MF') for myopia progression control. The study, referred to as `PROTECT' (PROgressive Myopia Treatment Evaluation for NaturalVue Multifocal Contact Lens Trial), is a multi-center, randomised, double-masked clinical trial with participating investigators in centers in Canada, the United States, and Hong Kong. The trial is designed to enroll 144 healthy nearsighted children (myopes) of 7 to 13 years of age whose current prescription is between -0.75D and -5.00D. Participants will be randomly assigned to wear NaturalVue Sphere single vision contact lenses (the control lens) or NaturalVue Multifocal contact lenses (the test lens). Primary outcomes will be determined by the changes in refractive error progression and eye length over time, both important markers of myopia progression. One-year follow-up data has been shown to be a strong predictor of the overall outcomes in other myopia control studies. VTI expects that the data will demonstrate the superiority of NaturalVue MF over the control in managing myopia progression, thus providing an important data point for practitioners and VTI's corporate partnering activities. One-year follow up data is expected to be released mid-2023, with longer-term data expected mid-2024 and mid-2025. Announcement • Sep 24
Visioneering Technologies, Inc. Announces US Patent Office Allows Key Patent for VTI Visioneering Technologies, Inc. announce that the US Patent and Trademark Office (USPTO) has allowed a key patent that is expected to provide coverage of VTI's unique NaturalVue Multifocal contact lens design until 2036. The USPTO has provided a notification of allowance for a key patent titled "Induced Aperture Lens and Method" which covers design elements of VTI's NaturalVue Multifocal contact lenses until 2036. This patent has already been allowed in Australia, Singapore, and China, and remains pending in Europe. VTI expects the formal granting and issuance of a patent number by the USPTO to be completed by the end of 2021. This recent patent allowance further demonstrates the uniqueness of VTI's optical design, and expands VTI's patent estate covering the design and use of its NaturalVue Multifocal contact lenses. These lenses have a unique design that has been shown to assist patients with presbyopia (age-related loss of near vision) and significantly slow the progression of myopia (short-sightedness) in children. Due to the rapidly increasing prevalence of myopia around the world, and the serious lifetime risks associated with myopia, slowing the year-over-year worsening of myopia early in life has become a rapidly growing area of new product development and commercial interest for the multinational eye care companies and a number of new emerging companies. In real-world clinical settings NaturalVue Multifocal contact lenses have been shown to slow the progression of myopia in children, while providing excellent vision. Last year, VTI announced the granting of another key patent that protects its designs when used for treating myopia progression in children. This patent was also issued in the key markets of China, Singapore, and Australia. Reported Earnings • Aug 22
First half 2021 earnings released: US$0.085 loss per share (vs US$0.98 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: US$3.11m (up 53% from 1H 2020). Net loss: US$1.49m (loss narrowed 71% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 61% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 losses forecast to reduce from -US$40.00 to -US$1.40 per share. Revenue forecast unchanged from US$7.10m at last update. Medical Equipment industry in Australia expected to see average net income growth of 23% next year. Consensus price target down from AU$4.19 to AU$1.19. Share price was steady at AU$1.12 over the past week. Executive Departure • Jun 08
Independent Non-Executive Director Tom Dooley has left the company On the 7th of June, Tom Dooley's tenure as Independent Non-Executive Director ended after 4.1 years in the role. As of March 2021, Tom still personally held only 2.89m shares (AU$46k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.75 years. Announcement • Apr 08
Visioneering Technologies, Inc. Provides Revenue Guidance for the Fiscal 2021 Visioneering Technologies, Inc. provided revenue guidance for the fiscal 2021. The company is forecasting USD 7.0 million in net revenue compared to USD 5.1 million in 2020. Reported Earnings • Feb 19
Full year 2020 earnings released: US$0.012 loss per share (vs US$0.039 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$5.11m (down 11% from FY 2019). Net loss: US$9.24m (loss narrowed 27% from FY 2019). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 65% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 19
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.1%. Earnings per share (EPS) missed analyst estimates by 99%. Over the next year, revenue is forecast to grow 39%, compared to a 27% growth forecast for the Medical Equipment industry in Australia. Announcement • Nov 23
Visioneering Technologies, Inc. Launches Education Platform Visioneering Technologies, Inc. announced the launch of Shared Vision, an education platform featuring some of the eye care clinicians and researchers. In the Shared Vision section of Visioneering's website viewers can access a number of one to two - minute educational videos made by the KOLs on various aspects of myopia. Some of the topics include: Impact of Eye Growth Disease States (Professor Earl Smith, University of Houston, USA); Future Prevalence and Implications of Myopia (Professor Padmaja Sankaridurg, Brien Holden Vision Institute, Sydney, Australia); Contact Lenses and Safety with Children (Dr. Nicole Anstice, University of Canberra, Australia); and Multifocal Design and Myopia (Dr. Thomas Aller, San Francisco, CA, USA). Announcement • Nov 11
Visioneering Technologies, Inc. Announces Board Changes Visioneering Technologies, Inc. announced the appointment of Mr. Andrew J. Silverberg to its Board of Directors. Mr. Silverberg serves as an Investment Manager with Thorney Investment Group, Pty (TIG), and hasbeen appointed to VTI's Board of Directors by TIG pursuant to an agreement entered into between VTI and TIG commensurate with a placement completed in December 2019. Mr. Silverberg joins VTI with over 20 years of experience as an investor and leader in the global money management industry, and possesses deep experience and relationships in investment management, capital markets, and investment banking. Major Estimate Revision • Oct 15
Analysts increase revenue estimates to US$4.70m The 2020 consensus revenue estimate increased from US$3.40m. Earning per share (EPS) estimate also saw an improvement, with analysts raising their estimates from -US$1.30 to -US$1.20 for the same period. The Medical Equipment industry in Australia is expected to see an average net income growth of 29% next year. The consensus price target increased from AU$0.029 to AU$0.043. Share price is up 34% to AU$0.043 over the past week. Announcement • Oct 05
Visioneering Technologies, Inc Presents Positive 5-Year Data in Children Visioneering Technologies, Inc. has presented positive data at the 25-26 September Global Myopia Symposium (GMS). Highlights: Data from 153 children being treated in 13 optometry practices in the United States for up to 5 years; On average, children wearing NaturalVue MF experienced a 90% reduction in the worsening of their nearsightedness between 6 months and 5 years; 93% of children experienced a slowing of their progression in nearsightedness, with 65% experiencing a slowing of greater than 70%; Annual lengthening of the children's eyes was reduced to normal levels; No adverse events related to the contact lenses have been reported to the Company. Updated data set and timeline build upon previous peer-reviewed results. This new data adds to previously released data sets in that it increases the number of children and optometry practices contributing to the data set, adds longer time points, and includes more extensive data related to the lengthening of the eyes of the children (excessive lengthening of the eye is the cause of nearsightedness). The data shows that even after 5 years, NaturalVue Multifocal contact lenses continue to blunt the progression of nearsightedness in children who are wearing the lenses, and over 3 years of study, substantially slows the lengthening of the children's eyes, or the eye's "axial length." The updated data include 153 children (mean age 12.0 years) being followed for 6 to 59 months. The data were consistent at each time point, demonstrating approximately 90% decrease (approximately 1.00 Diopters, D) in myopic progression, as compared to the rate of progression prior to wearing NaturalVue Multifocal contact lenses. All timepoints were statistically significantly different from baseline (p < 0.00001). Within a subset of 36 children, axial length was measured over time. Axial length change from baseline averaged 0.11 + 0.14 mm at 12-17M (88% reduction in axial length change as compared to baseline), 0.20 + 0.20 (66% reduction) at 18-24M, and 0.17 + 0.21 (55% reduction) at 30-35M. The Company received no reports of adverse events related to the contact lenses. 
