Alcon (ALC, Financial) reported +3% revenue growth as ocular surgery activity was curtailed due to widespread stay at home orders. Through April, Alcon noted its revenue trends were running down -50% as virtually all the surgery centers in its markets, aside from China, were shut in. We expect most of this surgical capacity to be back in service by the end of the third quarter and for the Company to return to its normal cadence of growth not long after. Longer-term, we think Alcon still has an attractive new product pipeline, with nearly a dozen new launches over the next few years, as well as ample room to expand margins and drive double-digit earnings growth.
From David Rolfe (Trades, Portfolio)'s Wedgewood Funds second-quarter 2020 shareholder letter.
