Staar Surgical Company · NASDAQ:STAA
Staar Surgical — Investor Presentation (March 2024)
26 slides from Staar Surgical's investor presentation, Mar 18, 2024
Slide 1: Investor Presentation March 2024
NASDAQ: STAA Investor Presentation March 2024 Exhibit 99.1
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, anticipated financial results, estimates and outlook (including as to net sales, Adjusted EBITDA, and Adjusted EBITDA per diluted shar
Slide 3: Non-GAAP Financial Measures Notice
To supplement the Company’s financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this presentation and the accompanying tables include certain non-GAAP financial measures, including Adjusted EBITDA. Management uses these non-GAAP financial measures in
Slide 4: Why Invest? STAAR Surgical is Ushering in the Next Generation of Vision Correction
04 Why Invest? STAAR Surgical is Ushering in the Next Generation of Vision Correction with EVO ICL™
Slide 5: The Global Myopia Epidemic Means Our Market Opportunity Is Significant
The Global Myopia Epidemic Means Our Market Opportunity Is Significant MYOPIA Today: Every third person in the world STAAR EVO ICL’s near and long-term market opportunity remains exciting and vast, despite any transient noise (previously COVID and now macroeconomic headwinds associated with a normal
Slide 6: We Are Building Prowess + Momentum to Realize Our Market Opportunity
STAAR / We Are Building Prowess + Momentum to Realize Our Market Opportunity FISCAL YEAR 2023 OUTLOOK $322.4 M 18% ICL Sales Growth 19% $232.4 M ICL Unit Growth Cash, cash equivalents and investments available for sale at Dec. 29, 2023 78.4% Gross Margin 8.8% Operating Margin Net Sales $21.3 M GAAP
Slide 7: We Are Using Our Increasing Capabilities and Financial Strength to Outpace the Industry
07 STAAR / We Are Using Our Increasing Capabilities and Financial Strength to Outpace the Industry We are establishing EVO ICL™ as The First Choice for Doctors and Patients Seeking Visual Freedom * Global ICL unit growth vs. Market Scope global refractive industry procedure growth. ** ICL outperform
Slide 8: STAAR = Million ICLs and Growing
08 STAAR = 3 Million ICLs and Growing… 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 9: The EVO ICL Procedure and Collamer Material Advantage
The EVO ICL™ Procedure and Collamer® Material Advantage STAAR / Advantages for Surgeons and Patients 09 200+ Peer-Reviewed ICL Clinical Papers Quick procedure and recovery Additive / Preserves the Cornea 3 Million+ Lenses Sold Does not cause dry eye syndrome 3,4 UV Protection 30+ Year History of Saf
Slide 10: Our Sales Outlook Is for a Strong Trajectory of Growth
STAAR / Our Sales Outlook Is for a Strong Trajectory of Growth 10 APAC 3-Year Sales CAGR (Fiscal 2024-2026) VISION 2026 Sales Opportunities and Hurdles China ~20% 15% to 20% EMEA AMERICAS U.S. 30% to 50% 10% to 15% 25% to 30% APAC Fiscal 2024 ICL Growth * China approx. 10% Growth All Other Countries
Slide 11: Our Strategic Priorities and Growth Initiatives
Our Strategic Priorities and Growth Initiatives ... 11
Slide 12: Strategic Priorities and Growth Initiatives
12 Strategic Priorities and Growth Initiatives Increasing Surgeon Confidence in Measurement of the Eye and Lens Size Selection 1 Increasing -6D to -8D Sales Mix 2 New Product Innovation 3 Growing New and Emerging markets 4 Creating a High-Performance Organization 5
Slide 13: Increasing Surgeon Confidence Globally: Eye Measurement and Lens Size Selection
PRE-OPERATIVE INTRA-OPERATIVE POST-OPERATIVE Eye measurement and lens size selection Surgery Patient follow-up and understanding outcomes Strengthening Commercial Organization Supporting Research and New Clinical Papers Investing to Accelerate EVO ICL Market Share Capture STAAR Investments Departmen
Slide 14: Movement Down the Diopter Curve: China Case Study
Low Myopia (below -3D) Moderate Myopia (-3 to -6D) High Myopia (-6 to -10D) Extreme Myopia (above -10D) SMILE ICL LASIK EVO ICL Movement Down the Diopter Curve* China Case Study – Increasing Surgeon Confidence at Our Largest Customer (2021 vs. 2018-2020) 14 46.6% 46.2% 1 2 93.6% 6.0% 2 52.8% 23.3% 1
Slide 15: New Product Innovation
Presbyopia New Product Innovation EVO VIVA™ Sphere and Toric Injectors ACCUJECT™ Ordering System EVO+ Next Gen EVO STELLA™ Internal R&D CHINA and Partnerships 15
Slide 16: We Are Making Investments in New and Emerging Markets
Next Stages of Growth STAAR / We Are Making Investments in New and Emerging Markets 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], ove
Slide 17: We Are Creating a High-Performance Organization
17 STAAR / We Are 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 A Facts and Data-Driven Organization THE ORGANIZATION STRUCTURE & TEAM TO EXECUTE A VITAL FE
Slide 18: Governance and Leadership
18 STAAR / Governance and Leadership STAAR Corporate Officers Arthur Butcher Tom Frinzi Stephen C. Farrell Wei Jiang Aimee S. Weisner K. Peony Yu, MD TOM FRINZI Chair of the Board, President and CEO Elizabeth Yeu, MD WARREN FOUST Chief Operating Officer PATRICK WILLIAMS Chief Financial Officer Lilia
Slide 19: It's Our Time... It's EVO's Time!
IT’S OUR TIME… IT’S EVO’S TIME! 19
Slide 20: Appendix
Appendix... “~D STAARSURGICAL
Slide 21: STAAR Surgical ICL Sales by Geography
STAAR Surgical ICL Sales by Geography 21
Slide 22: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures STAAR Surgical 22 Net Income to Adjusted EBITDA (in 000's except for per share data) Unaudited Q1-23 Q2-23 Q3-23 Q4-23 2023 2024 Outlook(2) Net income - (as reported) $ 2,710 $ 6,064 $ 4,817 $ 7,756 $ 21,347 $ 0 Provision (benefit) for income taxes 2,009
Slide 23: Current Global Refractive Surgery Market is ~4 Million Procedures Annually
Current Global Refractive Surgery Market is ~4 Million Procedures Annually Top 15 Refractive Procedure Markets * Company estimates as of January 2024. 23 STAAR’s EVO ICL™ ~15% of the Refractive Procedure Market in Fiscal 2023
Slide 24: EVO ICL Market Share Estimates
STAAR / EVO ICL™ 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 in 2023 of approximately 4.1 million. 2023 2018 EVO ICL is a unique technolog
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: Happy EVO ICL Patients and Surgeons Globally!
Happy EVO ICL Patients and Surgeons Globally! 26