Staar Surgical Company · NASDAQ:STAA
Staar Surgical — Investor Presentation (June 2024)
23 slides from Staar Surgical's investor presentation, Jun 12, 2024
Slide 1: Investor Presentation June 12, 2024
NASDAQ: STAA Investor Presentation June 12, 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
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? Next Generation of Vision Correction with EVO ICL
04 Why Invest? STAAR Surgical is Ushering in the Next Generation of Vision Correction with EVO ICL™
Slide 5: EVO ICL Procedure and Collamer Material Advantages
Product / The EVO ICL™ Procedure and Collamer® Material Has Advantages for Surgeons and Patients 05 200+ 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 Safety
Slide 6: We Have Strengthened Our Governance and Leadership
06 People / We Have Strengthened Our 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 Chi
Slide 7: The Global Myopia Epidemic Means Our Market Opportunity is Significant
TAM / 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
Slide 8: Our Sales Outlook Is for a Strong Trajectory of Growth
STAAR / Our Sales Outlook Is for a Strong Trajectory of Growth 08 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 9: Using Capabilities and Financial Strength to Outpace the Industry
09 STAAR / We Are Using Our Increasing Capabilities and Financial Strength to Outpace the Industry and Capture Market Share 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
Slide 10: EVO ICL is Taking Market Share
STAAR / EVO ICL™ is Taking 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
Slide 11: Our Goal is to Meet or Exceed Expectations
Achieved three million total implantable collamer® lenses (ICLs) sold in March 2024. >1.5M lCLs have been sold in just the last three years, i.e. fiscal years 2021-2023. What’s Going on Around the World? - First Quarter 2024 & Recent Business Highlights STAAR / Our Goal is to Meet or Exceed Expectat
Slide 12: 1Q24 Earnings Report
STAAR / 1Q24 Earnings Report 1Q24 EARNINGS REPORT ON MAY 7, 2024 OUTLOOK PROVIDED ON MAY 7, 2024 $77.4 M 9% Global ICL Sales Growth $252.1 M Cash, cash equivalents and investments available for sale at Mar 29, 2024 78.9% Gross Margin (2.9%) Operating Margin Net Sales ($3.3 M) GAAP Loss $335 M to $34
Slide 13: Investor and Commercial Meetings in Asia: Key Takeaways
Recently Back from Investor and Commercial Meetings in Shanghai, Chengdu and Hong Kong… Key Takeaways Continuing investments in China Driving TAM Expansion Commercial Org Headcount Management Time Smooth Distributor Addition and Productive Meetings Met with both distributors - HTDK and Shanghai Lans
Slide 14: It's Our Time... It's EVO's Time!
IT’S OUR TIME… IT’S EVO’S TIME! 14
Slide 15: Appendix
Appendix... “~D STAARSURGICAL
Slide 16: Reconciliation of Non-GAAP Financial Measures
STAAR Surgical Reconciliation of Non-GAAP Financial Measures Net Income to Adjusted EBITDA (in 000's except for per share data) Unaudited Q1-23 2-23 Q3.23 04-23 2023 Q1-24 2024 Outlook”! Net income - (as reported) $ 2710 $ 6064 $ 4817 $ 7,756 $ 21347 $ (3339) $ - Provision (benefit) for income taxes
Slide 17: ICL Sales by Geography
ICL Sales by Geography ($ 000’S) UNAUDITED Notes: (1) Americas includes the United States, Canada and Latin American countries (2) EMEA includes Spain, Germany, United Kingdom, European, Middle East and Africa Distributors (3) APAC includes China, Japan, South Korea, India and the rest of Asia Pacif
Slide 18: 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. 18 STAAR’s EVO ICL™ ~15% of the Refractive Procedure Market in Fiscal 2023
Slide 19: Next Stages of Growth: Investments in New and Emerging Markets
STAAR / Next Stages of Growth 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 20: New Product Innovation
Presbyopia New Product Innovation EVO VIVA™ Sphere and Toric Injectors PRELOADED Ordering System EVO+ Next Gen EVO STELLA™ Internal R&D CHINA and Partnerships 20
Slide 21: 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 22: STAAR = Million ICLs and Growing
22 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 23: Happy EVO ICL Patients and Surgeons Globally!
Happy EVO ICL Patients and Surgeons Globally! 23