Staar Surgical Company · NASDAQ:STAA
Staar Surgical — Investor Presentation (January 2024)
28 slides from Staar Surgical's investor presentation, Jan 8, 2024
Slide 1: Investor Presentation January 2024
NASDAQ: STAA Investor Presentation January 2024 Exhibit 99.2
Slide 2: Forward Looking Statements
All statements that are not statements of historical fact are forward-looking statements, including statements about any of the following: any financial projections (including sales), plans, strategies, and objectives of management for 2024 and beyond or prospects for achieving such plans, expectati
Slide 3: Our Vision: The First Choice for Doctors and Patients Seeking Visual Freedom
03 STAAR Surgical / Our Vision The first Choice for Doctors and Patients Seeking Visual Freedom
Slide 4: Preliminary Results
04 Preliminary Results PRELIMINARY RESULTS Please refer to Appendix Slide 27 for additional details by geography Preliminary sales of ~$76.5M for 4Q23 and ~$322.5M for fiscal 2023 sales, above outlook for low-end of $320M to $325M range provided on November 1, 2023 Net sales up 19% Y/Y for 4Q23 and
Slide 5: 4Q23 and Fiscal 2023 Commentary and Outlook for 2024
05 4Q23 and Fiscal 2023 COMMENTARY AND OUTLOOK FOR 2024 Fiscal 2023 Global ICL unit growth +19% Y/Y significantly outpaced refractive industry procedure growth which the Company estimates was down 7% Y/Y Expect 1Q24 sales of approximately $72M and that accounts receivable will continue to trend lowe
Slide 6: ICL Growth vs. Refractive Industry Procedure Growth
ICL Growth vs. Refractive Industry Procedure Growth ICL growth was 26 points above industry in 2023 and 28 points above industry in 2022* * ICL unit growth vs. Market Scope global refractive industry procedure growth as shown above. P = Preliminary ** ICL outperformance is ICL unit growth less refra
Slide 7: What's New / Target Operating Model for Fiscal 2024
What’s New / Target Operating Model for Fiscal 2024 07 Increasing focus on pace of EVO ICL adoption down the diopter curve, globally, includes increasing utilization of EVO ICL -6D to -8D and above Shifting investment to surgeon support, education and new products from ICL awareness, partly due to s
Slide 8: Progress Towards The First Choice: Preliminary Market Share Estimates
Progress Towards The first Choice for Doctors and Patients Seeking Visual Freedom Preliminary Market Share Estimates as of January 2, 2024 * * Company estimates based on Market Scope, Refractive Surgery Council and survey data as of January 2, 2024, and estimated global refractive procedure volumes
Slide 9: Our Growth Foundation
09 STAAR Surgical / Our Growth Foundation Invest in Largest Market Opportunities Drive EVO ICL Awareness Enhance Surgeon Support and Education Introduce New Products Create a High Performance Organization
Slide 10: Global Myopia Epidemic: Our Large Market Opportunity
Global Myopia Epidemic Our Large Market Opportunity MYOPIA Today: Every third person in the world While short-term headwinds (previously COVID and now macro-related) may have a transient impact on certain markets, STAAR EVO ICL’s long-term market opportunity remains exciting and vast. Myopia is a gl
Slide 11: Our Market Opportunity: Investing in Largest Refractive Markets
STAAR / Our Market Opportunity – Investing in Largest Refractive Markets Top 15 Refractive Procedure Markets Achieving STAAR’s Global Growth Opportunity 11 * Company estimates as of September 2023. U.S. South Korea Brazil Germany Canada Mexico Japan India UK Italy France Spain Egypt Turkey China
Slide 12: The Next Stages of Growth
12 STAAR / The Next Stages of Growth UNITED STATES Population 340 Million MEXICO Population 128 Million INDONESIA Population 278 Million BRAZIL Population 216 Million Facts and Data Among the 80 million new MACs [middle-class and affluent consumer], over 70% of this group will be from tier-3 cities
Slide 13: The Next Stages of Growth: A Robust Product Innovation Pipeline
Presbyopia STAAR / The Next Stages of Growth – A Robust Product Innovation Pipeline EVO VIVA™ Sphere and Toric Injectors ACCUJECT REFRA Ordering System EVO+ Next Gen EVO STELLA Internal R&D CHINA and Partnerships 13
Slide 14: Vital Few Projects and Investments to Drive Growth
How? STAAR / Vital Few Projects and Investments to Drive Growth 14 Evergreen and Refreshed as Data and Voice of Customer Dictates… Increase surgeon support and education Presbyopia (Viva™) New lens delivery devices globally (New Accuject/Global injector program) Simplify our ICL ordering process (Ne
Slide 15: Creating a High-Performance Organization
15 How? STAAR / Creating a High-Performance Organization VISION Voice of Customer Corporate Values Exciting Global Growth The first Choice for Doctors and Patients Seeking Visual Freedom Voice of Employees Facts and Data Driven Organizaion VITAL FEW PROJECTS AND INVESTMENTS VITAL FEW PROJECTS AND IN
Slide 16: Why ICL? Milestone Sales Achievements
16 Why ICL? Milestone Sales Achievements STAAR expects to sell more ICLs in the next three years (2024-2026) than the first 25 years of ICL sales combined. TOTAL ICLs SOLD… ~ 20 YEARS ~ 3 YEARS < 2 YEARS VISION 2026 1999 - 2Q19 2Q22 1Q24E 4Q26E 1 M 2 M 3 M 6 M
Slide 17: Why EVO ICL? Only One Phakic Intraocular Lens Is Collamer
Why EVO ICL? Only One Phakic Intraocular Lens Is Collamer® Posterior chamber – the narrow space behind the iris and in front of the natural crystalline lens Collamer, A unique biocompatible material Approaching 3M+ lenses sold; 90%+ share of phakic IOL market (Company estimates) ~25 Year history of
Slide 18: Why EVO ICL? A Disruptive Technology
Why EVO ICL? A Disruptive Technology 18 Sharp, clear vision No removal of corneal tissue Excellent vision at night Removable by a surgeon Does not cause dry eye syndrome Protection from UV rays Quick procedure and recovery Additive Bio-Compatible Quiet in the Eye
Slide 19: EVO ICL Movement Down Diopter Curve at Largest Customer (China)
EVO ICL Movement Down Diopter Curve at Largest Customer (China) 2018-2020 Low Myopia (below -3D) 46.6% 46.8% 55.9% 93.6% 52.8% 51.9% 56.2% 46.2% 35.1% 45.4% 21.0% 31.7% 23.3% 49.7% 6.0% 38.8% Moderate Myopia (-3 to -6D) High Myopia (-6 to -10D) Extreme Myopia (above -10D) 2021 2018-2020 2021 2018-20
Slide 20: U.S. Increasing Knowledge of STAAR's Customers to Optimize Segmentation
U.S. / Increasing Knowledge of STAAR’s Customers to Optimize Segmentation 20 GOAL: Best serve meet/exceed each unique customer’s needs and drive EVO ICL utilization 400+ Practices Annual U.S. Refractive Procedures U.S. Refractive Procedure Revenue 600+ Surgeons U.S. EVO ICL Customers 300K+ $450M+ Su
Slide 21: U.S. Driving EVO ICL Adoption
U.S. / Driving EVO ICL Adoption 21 PRE-OPERATIVE INTRA-OPERATIVE POST-OPERATIVE Eye measurement and lens size selection Surgery Patient follow-up and understanding outcomes Territory Manager Practice Development Clinical Applications Specialist STAAR recently established a structure and foundation f
Slide 22: U.S. Significant Increase in Doc Finder Searches
Joe Jonas Campaign Launch U.S. / Significant Increase in Doc Finder Searches Impact of Investments in EVO ICL Awareness and Digital Marketing - Past Six Quarters vs. Prior Year Period 22 19,404 2.517 1Q21v.1Q22 18,824 24,705 2Q21v.2Q22 16,662 31,644 3Q21v.3Q22 10,288 123,959 4Q21v.4Q22 19,404 1Q22v.
Slide 23: Our Goal: Happy EVO ICL Patients and Surgeons Globally
Our Goal / Happy EVO ICL Patients and Surgeons Globally! 23
Slide 24: Vision 2026 Target Operating Model: Sales Sensitivities
STAAR / Vision 2026 Target Operating Model – Sales Sensitivities 24 APAC 2024-2026 3-Year CAGR China ~20% 15% to 20% EMEA AMERICAS 3-Year CAGR 3-Year CAGR U.S. 30% to 50% 10% to 15% 25% to 30% Pace of EVO ICL adoption down the diopter curve (Increasing Utilization of EVO ICL -6D to -8D and above for
Slide 25: Vision 2026 Target Sales and Operating Model
SALES OPERATING MARGIN 15% 20% Approximately Approximately TO 12% 16% Approximately Approximately TO 3-Year Sales CAGR (2024-2026) GAAP OPERATING MARGIN (2024-2026) ANNUAL GROWTH RANGE Y/Y ANNUAL OPERATING MARGIN $500 TO $550 MILLION Approximately Fiscal 2026 Sales $60 TO $90 MILLION Approximately F
Slide 26: Vision 2026 Target Sales and Operating Model: Additional Details
STAAR / Vision 2026 Target Sales and Operating Model – Additional Details TARGET SALES AND OPERATING MODEL FY 2023 Outlook* Growth Scenario ~15% CAGR ~20% CAGR Sales Gross Margin OpEx G&A S&M R&D Tax Rate Operating Income $320M $500M $550M +$177M +$227M 81% 81% 78% 69% 65% +300bps +300bps 12% 16% 73
Slide 27: ICL Sales by Geography
ICL Sales by Geography (2023P = Preliminary) APPENDIX 27 (in 000's) Unaudited Fiscal Year Three Months Ended ICL Sales by Region 2016 2017 2018 2019 2020 2021 2022 2023P December 29, 2023P December 29, 2022 Americas(1) $ 8,663 $ 8,581 $ 9,112 $ 10,250 $ 8,834 $ 14,054 $ 20,114 $ 22,233 $ 5,264 $ 5,7
Slide 28: It's Our Time... It's EVO's Time!
IT’S OUR TIME… IT’S EVO’S TIME!
STAAR Surgical — Investor Presentation (January 2024) on 6ix