Staar Surgical Company · NASDAQ:STAA
Staar Surgical — Investor Presentation (June 2023)
23 slides from Staar Surgical's investor presentation, Jun 6, 2023
Slide 1: Investor Presentation June 2023
Investor Presentation June 2023 STAAR Surgical | NASDAQ: STAA 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 (including sales), plans, strategies, and objectives of management for 2023 or prospects for achieving such plans, expectations for sal
Slide 3: STAAR Introduction
03 STAAR develops, manufactures and markets premium implantable lens-based solutions for patients seeking Visual Freedom independent of contact lenses and glasses. CREATING A LENS BASED FUTURE Our goal is for the EVO implantable Collamer® lens (ICL) to be the first choice for doctors and patients. I
Slide 4: STAAR is a Global Growth Company
04 Direct Distributor United States Canada U.K. Germany Spain Japan Singapore STAAR is a Global Growth Company Products Sold > 75 Countries and OUS Sales > 90% of Sales Note: Not all distributor markets shown above, e.g., South America and Africa. ICL sales compound annual growth rate (CAGR) based o
Slide 5: EVO ICL – A Proprietary Lens Technology
EVO ICL – A Proprietary Lens Technology Natural Crystalline Lens EVO ICL™ Iris Designed to correct or reduce refractive error (blurred vision), i.e., myopia Eye drops to dilate pupil and anesthetize eye Surgeon makes small incision to implant EVO lens EVO lens is folded, inserted and placed into pos
Slide 6: EVO ICL – A Proprietary Lens Technology
06 No Capital Investment Preserves the Cornea Quantity & Quality of Vision Collamer Material Bio-compatible, Quiet in the Eye Removable by a Doctor * Packer, The Implantable Collamer Lens with a central port: review of the literature, Clinical Ophthalmology, 2018. EVO ICL – A Proprietary Lens Techno
Slide 7: Large Market Opportunity: Global Total Addressable Market for Myopia
Large Market Opportunity Global Total Addressable Market for Myopia 07 * BHVI, adapted from Holden et al. 2016 Ophthalmology. ** Company estimates as of April 13, 2023. Today * 2.0 Billion Contact Lens Wearers Dropout Annually in U.S.** 6.0 Million 5.0 Billion Estimated Myopes in 2050 *
Slide 8: Existing Refractive Market Presents EVO ICL Share and Growth Opportunities
08 4.5 Million ~ 12% Annual Global EVO ICL share of Annual Global Refractive Procedures (One Eye = One Procedure) Refractive Procedures* * EVO market share estimate based on STAAR proprietary model, Market Share Refractive Procedures ICL Trends, May 2023. Annual Procedures by Geography Large Market
Slide 9: EVO ICL Technology Works
09 ICLs Sold Globally 2 Million+ ICL Clinical Papers 200+ Happy Patients1 The Clinical Safety and Effectiveness of EVO ICL is Well Established 200/629 eyes in U.S. EVO FDA study had -3D to -6D SE. 2, 3 32% Of EVO patients surveyed would choose EVO again1 99.4% 1) Packer, The Implantable Collamer Len
Slide 10: Financial Performance & Outlook
Financial Performance & Outlook
Slide 11: Ophthalmology Sales Growth Juggernaut: ICL Absolute Sales Performance
2018 2020 2021 2022 2023 Outlook +28% Growth $129.3 M 2019 +51% Growth $212.9 M 2021 +27% Growth $269.7 M 2022 +9% Growth $141.4 M* 2020 +28% Growth $345.0 M** 2023P Temporary COVID-19 Impact ICL Absolute Sales Performance - Consistent 25%+ Y/Y Growth 2019 Large Market Growth Inflection +48% Growth
Slide 12: Ophthalmology Sales Growth Juggernaut: ICL Relative Sales Performance
12 SALES GROWTH, Y/Y 1Q 2022 26.0% 32.0% 30.0% ICL STAAR Ophthalmology Peers Ophthalmology Peers ALL OTHER 33.0% 30.0% 15.0% 9.0% (0.2%) (7.7%) (8.4%) 25.0% 8.2% 2Q 2022 3Q 2022 4Q 2022 China COVID-19 Impact Market Scope STAAR consistently ranked Top 3 in Qtrly Sales Growth* * Market Scope OMP Month
Slide 13: Drives Margins, Earnings and Cash
13 * Guidance issued May 3, 2023. Drives Margins, Earnings and Cash Sales Growth + Prudent Investment Gross Margin Operating Margin Balance Sheet Cash $ Millions at Year End Prudent investment drives sustained/accelerating sales growth STAAR has demonstrated ability to expand operating margins FY 20
Slide 14: Why Invest in STAAR?
Why Invest in STAAR?
Slide 15: Rare Profitable Sales Growth for Growth MedTech
15 * Market Cap and consensus estimates from NASDAQ IR Insight on May 26, 2023. STAAR defined growth universe includes PRCT, RXST, INSP, SILK, ATEC, SGHT, NARI, NTRA, GH, STAA and MASI which is the only other company with GAAP EPS. Sales Growth Y/Y FY23 GAAP Earnings Per Share (EPS) FY23 Consensus R
Slide 16: Competition will come, but…
16 Over 20 Phakic IOLs (PIOLs) have been marketed1 All other PIOLs withdrawn from market or have gained de minimimus commercial success Competition will come, but… EVO ICL Market Share > 90%2 Diligence: Acrysof Cachet®, Verisyse and Eyebright Medical Phakic IOLs EVO ICL first mover advantage with 20
Slide 17: Multiple Growth Opportunities
17 3% 12% EVO ICL All other refractive procedures The total refractive market has added 800K annual procedures since 2017 and EVO ICL represents >400K (50%) of those procedures added.* EVO ICL Global Market Share* Clear Line of Sight EVO ICL Share Market Growth Take Share of existing 4.5 million pro
Slide 18: Moving Down the Diopter Curve
18 * Market Scope, 2022 Refractive Error Model. Spherical Equivalent data shown. Moving Down the Diopter Curve Why Invest in STAAR? An Exponential Growth Opportunity Exists DIOPTER RANGE, MYOPIA* DIOPTER, PREVELANCE AND OPPORTUNITY Total China and U.S., Ages 21-60 Millions of Eyes
Slide 19: New Geographies and Products
19 New Geographies and Products Why Invest in STAAR? Presbyopia remains a significant opportunity Prevalence of presbyopia similar to myopia at about 2 Billion globally Approval of EVO Viva™ presbyopia correcting lens in CE Mark (European) countries and other geographies Targeting early presbyopes 4
Slide 20: Our Investments / Response to Growth Opportunities
20 Create Patient Awareness and drive patients into surgeon practices Pace investments in markets with largest growth opportunities Prudent increase in Sales & Marketing investment in 2023 will likely continue in 2024 Measure ROI Aided Awareness of EVO ICL in South Korea today exceeds 90%; U.S. 34%
Slide 21: Our Investments / Response to Growth Opportunities
21 Amplify awareness of clinical trial results -3D to -6D Faster Production Increased Capacity Increase Surgeon Confidence Scaling a world class organization with integrity, empowerment, respect, accountability and high speed of execution among our core values Our Investments/ Response to Growth Opp
Slide 22: 1Q23 Results and Fiscal Year Outlook
22 1Q23 Results and Fiscal Year Outlook Reported May 3, 2023 First Quarter 2023 Issued May 3, 2023 16% 20% 20% Fiscal 2023 Outlook Reported Net Sales Growth Y/Y to $73.5 Million (+20% CC) Global ICL Unit Growth Y/Y ICL Sales Growth Y/Y to $70.6 Million ICL Sales outlook of ~ $345 million of ICL Sale
Slide 23: Why Invest in STAAR Surgical?
23 Why Invest in STAAR Surgical? Multi-Year track record of 25%+ Y/Y sales growth Multi-Year track record of GAAP profitability Large and growing addressable market Wide competitive moat and negligible lens-based competition Gaining share and adding procedures to markets where we invest With EVO app