STAAR Surgical Company
Medical Devices & Tech
1911 Walker Avenue
Monrovia, CA 91016 USA
phone: (626) 303-7902
fax: +1 626 359 8402
Symbol STAA
Exchange Nasdaq
Founded 1982
Employees 267
www.staar.com
Research Sector Medical Devices & Tech
Summary Description
Opthalmic surgery devices.
Management
David Bailey, President, Chief Executive Officer; Deborah Andrews, Vice President, Chief Financial Officer; Nick Curtis, Senior Vice President, Sales and Marketing; Charles S. Kaufman, Vice President, General Counsel and Secretary; Thomas R. Paul, Vice President, Research and Development; Paul Hambrick, Vice President, Operations; Rob Lally, Vice President, Quality Assurance and Regulatory Affairs
Ownership
Financials Mkt Cap :72


* numbers in thousands

Recent Results
For the second quarter ended June, 2006, net sales were $14.5 million, an increase of 4.7%. ICL U.S. sales grew 107% compared to Q2 2005. The net loss for the quarter was $3.2 million compared to $2.1 million for Q2 2005.
 
Keywords
ophthalmology, ophthalmic, eyes, vision, cataract, glaucoma, refractive, surgery, eye care, cornea, astigmatism, myopia, hyperopia, intraocular lenses, icl, iol, phakic

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Description
STAAR Surgical develops, manufactures and markets intraocular lenses (IOLs), implantable contact lenses (ICLs) and other ophthalmic products to improve or correct the vision of patients with cataracts, refractive conditions and glaucoma.
Products / Services
STAAR's products include the Visian ICL, a tiny, flexible lens that is surgically implanted to correct refractive errors such as myopia (nearsightedness), hyperopia (farsightedness) and astigmatism. The company's cataract surgery products include foldable silicone and Collamer intraocular lenses (IOLs) that are used after minimally invasive small incision cataract extraction.
Technology / Differentiation
The Visian ICL is folded and implanted into the eye behind the iris, using minimally invasive surgical techniques, which results in a better aesthetic outcome than competing phakic implants that are placed in front of the iris. The surgical procedure to implant the ICL is typically performed with topical anesthesia on an outpatient basis. Visual recovery is usually within one to 24 hours. Unlike LASIK surgery, ICLs are additive, i.e. they can be removed. STAAR believes the ICL will complement current refractive technologies and allow refractive surgeons to expand their treatment range and customer base. The Visian Toric ICL looks to have a significant potential market in the U.S. When measured six months after surgery, approximately 75% of the patients receiving the Toric ICL have shown better visual acuity than they previously achieved with glasses or contact lenses.
Market / Customers
STAAR's products are used by ophthalmic surgeons.
Competitors / Substitutes / Alternatives
Alcon, Bausch & Lomb, Novartis, LASIK surgery is a competing refractive procedure.
Strategy
STAAR's management is focused on boosting U.S. and international sales of the Visian ICL, which it views as key to the company's return to profitability. U.S. market penetration is considered essential because of the size of the U.S. refractive surgery market and the perceived leadership of the U.S. in adopting innovative medical technologies. The ICL's proprietary nature permits STAAR to maintain its profit margin. FDA approval of STAARs refractive technology is helping drive a turnaround at the company which has been losing market share in its core cataract surgery product line. The company plans to brin new and enhanced products to the cataract market later in 2006 and in 2007.
Status
The FDA approved the Visian ICL for treatment of myopia in December 2005 and U.S. rollout of the product began in the first quarter. As of July 28, 2006, 198 surgeons had completed Visian ICL training, and STAAR's target is to train approximately 500 surgeons by the end of 2006. The Visian ICL has also received CE Marking and is approved for sale in 42 countries. In April 2006, STAAR submitted a Pre-Market Approval (PMA) application to the FDA for the Visian Toric ICL, a next-generation version of the Visian ICL that corrects both astigmatism and myopia in a single lens.


2008-11-21-1197