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Bod Lenses recovers faster than expected after pandemic

By 18th August 2020 No Comments

The economic crisis caused by the pandemic didn’t break the largest North European ophthalmic lenses manufacturer Bod Lenses; the company recovered after a particularly difficult Q2 and reached record production in July. Bod Lenses sales reached 2.7 mil. EUR this year and were 2.5% bigger compared to the same period last year.

“This year, we are deliberately not comparing H1 results, because it’s irrelevant in such an atypical situation as the COVID-19 pandemic. It’s particularly evident from today’s perspective, when we see a healthy recovery in European markets and the associated dynamic growth of our production.

The bright morning dawned after a dark night – in July our sales reached 700.000 EUR and this was record month for Bod Lenses in all 5 years of our operations,” comments Vytautas Tuminas, Bod Lenses CEO.

This pandemic in the optical lens sector triggered a V-shaped crisis: in April, the company’s production fell by 88%, which accurately mirrored the state of the sector across Europe. After the announcement of quarantine in all 20 countries to which Bod Lenses exports, opticians and distributors closed businesses for a month or two, and all planned orders were simply frozen.

“Every crisis is the beginning of new opportunities. Thus, when production stopped, we actively engaged in preparing for recovery period. Active new customer acquisitions, production optimization, team restructuring – we did all to make the recovery as efficient as possible.

The record sales in July confirm our efforts during the pandemic paid off and enabled even faster recovery than expected. We are looking forward to reach 15% annual growth this year, if the possible second wave of COVID-19 does not cause any new trouble,” adds V. Tuminas.

This pandemic also opened up some new opportunities for European lens manufacturers: a large number of customers in Europe realized they could no longer trust Asian manufacturers alone, so in recovery period they shifted attention to local EU manufacturers, such as Bod Lenses in Vilnius.

It is exactly this factor that may lead to a steadier growth in the EU ophthalmic lens manufacturing sector, even a little bigger than expected at the beginning of this year.

“It is becoming a reality today – all the predictions from few months ago. Timely investment in digitization and innovation will enable European manufacturing industry to take over Asian contracts. And we have something more to offer for local customers: faster delivery times, flexibility and native communication, which is alien for Asian manufacturers,” says CEO of Bod Lenses.

In 2020 Bod Lenses entered the final manufacturing automatization and digitalization phase that will expand company’s production capacity up to 100.000 advanced optical lenses per month already in 2021.