Staar Surgical Company · NASDAQ:STAA
Staar Surgical — Shareholder Meeting (May 2012)
74 slides from Staar Surgical's shareholder meeting presentation, May 16, 2012
Slide 1: STAAR Surgical Annual Shareholder's Meeting May 14, 2012
(NASDAQ: STAA) STAAR Surgical Annual Shareholder’s Meeting May 14, 2012 ® “Fastest growin g publicly traded medical device Company focused on Ophthalmology.”
Slide 2: Agenda for Shareholder Meeting
Agenda for Shareholder Meeting Welcome/ Director Introductions Voting Process Three proposals for shareholder vote Introduction of Executive Management TEAM Announcement of voting results Adjourn Shareholder’s Meeting Presentation on Company’s progress Shareholder Questions Conclude meeting ®
Slide 3: Don Bailey, Chairman of Board
Don Bailey Chairman of Board Chairman of Nominating & Governance Director and Chairman since 2005 Currently CEO and Director of Questcor Pharmaceuticals (QCOR) Former CEO and Chairman of Comarco (10yrs) ®
Slide 4: Donald Duffy, Chairman of Audit Committee
Donald Duffy Chairman of Audit Committee Director and Audit Chairman since 2003 Former CFO of IOLab, former ophthalmic subsidiary of J&J Former CFO of J&J Ultrasound division Over 20 years experience in J&J financial positions ®
Slide 5: Mark Logan, Director
Mark Logan Director since November 2010 Chairman of Compensation Committee and Member of Nominating & Governance Former Chairman & CEO of VisX and Insmed Former EVP & COO & Director of B&L Current Chairman of Board at Vivus , Inc. Over 35 years of health care experience including areas of ophthalmic
Slide 6: Randy Meier, Director
Randy Meier Director since June 2009 Member of Audit Committee and Compensation Committee Current Director of BioMarin Pharmaceuticals Former EVP & CFO of Teleflex, Inc. Former President and COO of AMO Former EVP and CFO of Valeant Pharmaceuticals Held various executive roles within financial and ba
Slide 7: John Moore, Director
John Moore Director since January 2008 Member of Compensation Committee, Audit Committee and Nominating and Governance Former CEO of Notal Vision Former CEO of Laser Diagnostic Technologies Over 25 years experience with ophthalmic medical device companies ®
Slide 8: Shareholder Voting
Shareholder Voting Vote on Three Proposals Election of Directors Ratification of BDO as public accounting firm Advisory vote on Executive Compensation Introduce Executive Management Team Announce results ®
Slide 9: Members of Executive Management Team
Members of Executive Management Team Deborah Andrews, CFO Hans Blickensdoerfer, Pres. of EMEA Don Fagen, VP of Sales NA Craig Felberg, VP of Global R&D Sam Gesten, VP & General Counsel Bill Goodmen, VP of Global Human Resources Paul Hambrick, VP of Manufacturing Robin Hughes, VP of Global Marketing
Slide 10: Motion to adjourn Annual Meeting
Motion to adjourn Annual Meeting ®
Slide 11: May 14, 2012 Company Progress Presentation
(NASDAQ: STAA) May 14, 2012 ® “Fastest growin g publicly traded medical device Company focused on Ophthalmology.”
Slide 12: Forward-Looking Statements
FORWARD - LOOKING STATEMENTS All statements in this presentation that are not statements of historical fact are forward - looking statements, including any projections of earnings, revenue, sales, profit margins, cash or other financial items, any statements of the p lan s, strategies, and objective
Slide 13: STAAR Surgical in 2011
STAAR Surgical in 2011 Generated 14% revenue growth Grew Visian ICL sales by 32% 85% gross margin product Expanded Gross Margin 370 bps to 67.5% Gross margin dollars +21% Profitable each quarter and full year ®
Slide 14: 2011 GAAP Results Comparison to 2010
2011 GAAP Results Comparison to 2010 ($000’s) 2011 2010 Improvement Revenue $62,765 $54,958 +$ 7,808/+14% Gross Profit Dollars $42,369 $35,076 +$ 7,293/+21% Gross Profit Margin 67.5% 63.8% +370 bps Op Expenses x Comet $38,526 $37,678 +$848/+2% Operating Expenses $39,586 $37,678 +$ 1,909/+5% Operatin
Slide 15: Reconciliation of non-GAAP measures
Reconciliation of non - GAAP measures Measure 2011 2010 Net income (GAAP) $ 1,348 $ 53 Mfg consolidation expenses $ 1,060 -- Gain (loss) foreign currency $ (86) $ 87 Adjustment of warrant value $ 118 $ 143 Stock - based compensation expense $ 1,914 $ 1,248 Income from discontinued operations $(4,166
Slide 16: 2011 Key Metric Report Card
2011 Key Metric Report Card Increased 3 of 4 Metrics Mid - Year Q1 Q2 Q3 Q4 2011 Double Digit Revenue Growth Grow ICL Sales by 25% , 30% Continuous Expansion of GM %, End year at 66% , 66.5% Profitable in 3 of 4 all 4 quarters and for the full year ®
Slide 17: STAAR Surgical Performance, Key Financials, Analyst Coverage
0.00 5.00 10.00 15.00 2005 2006 2007 2008 2009 2010 2011 2012 Stock Price 2005 2006 2007 2008 2009 2010 2011 2012 $28.9 $35.8 $35.6 $49.8 $51.1 $55.0 $62.8 Rev 47.4% 47.2% 54.7% 58.4% 61.3% 63.8% 67.5% GM % ($12.6) ($15.0) (16.0) ($23.2) (6.2) ($4.1) $1.3 Income 2005 2006 2007 2008 2009 2010 2011 20
Slide 18: STAAR 2012 Key Metrics
STAAR 2012 Key Metrics Increase revenues 15% Grow Visian ICL sales by more than 32% Expand Gross Margin to 71% (350 bps) Profitable each quarter and full year Accomplish manufacturing consolidation milestones without customer disruption in supply or quality ® Off To a Good Start in Q1
Slide 19: 2012 Q1 GAAP Results Comparison to Q1 2011
2012 Q1 GAAP Results Comparison to Q1 2011 ($000’s) Q1 2012 Q1 2011 Improvement Revenue $15,509 $14,849 +$660/+4.4% Gross Profit Dollars $10,902 $ 9,629 +$1,273/ +13% Gross Profit Margin 70.3% 64.8% +550 bps Operating Exps ex Comet $10,069 $ 9,288 +$781/+8% Operating Expenses $10,624 $ 9,421 +$1,203
Slide 20: Reconciliation of Non-GAAP Measure
Reconciliation of Non - GAAP M easure Measure Q1 2012 Q1 2011 GAAP net income $ 232 $ 300 Mfg. consolidation expenses $ 555 $ 133 Gain foreign currency ($ 67) ($ 372) Adjustment of warrant value $ 14 ($ 103) Stock - based compensation exp $ 687 $ 355 Adjusted net income $ 1,421 $ 313 Adjusted income
Slide 21: Expanding Gross Margins With ICL Product Mix Gains
Expanding Gross Margins With ICL Product Mix Gains 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 2007 2008 2009 2010 2011 Q1 2012 GM% IOL Mix ICL Mix Gross margins have expanded from 49% to 70.3%. Q1 Mix: ICLs at 55.5% and IOLs at 41%. ®
Slide 22: 2012 Key Metric Report Card
2012 Key Metric Report Card Q1 Q2 Q3 Q4 2012 Increase revenues by 15% Exceed 2011 Visian ICL sales growth of 32% Continuous expansion of GM % to achieve 71% for the full year Profitable each quarter and full year Successfully implement Comet without disruption of product supply ®
Slide 23: Q1 Innovation Updates
Q1 Innovation Updates ® Inventions completed during the quarter allowing Collamer lens to be sterilized in preloaded system. Key feature on the Visian V5 ICL Key surgeons evaluated during ASCRS meeting with very good feedback Believe same system can be used to preload nanoFLEX IOLs
Slide 24: What the ICL Innovation Means
What the ICL Innovation Means V4b Q1 2011 Expanded Range V4c Q1 2012 CentraFLOW Technology V5 Q1 2013 Preloaded ICL ® Allows treatment of virtually all myopic patients. Eliminates a step in the current procedure. More convenient, less procedure time, no delivery issues.
Slide 25: Six New Product Launches In Process during 2012
Six New Product Launches In Process during 2012 ICLs IOLs V4c ICL Q4 2011 to Europe Additional approvals 2012 nanoFLEX IOL Q3 2011 to Europe V4 ICL Q4 2011 to Brazil nanoFLEX Toric IOL Q2 2012 to Europe V4 TICL Q4 2011 to Japan KS - SP 1 Piece Preloaded Acrylic Q2 2012 to Europe and Japan ®
Slide 26: STAAR Balance Sheet End of 2011
STAAR Balance Sheet End of 2011 Profitable & Generating Cash $9.7M swing in cash generation from operations $16.7M in Cash end of year Company Debt Free Only a working line of credit in Japan $121M in NOLs (Worth $1 a share) 37 million diluted shares outstanding 1.4 million warrants at approximately
Slide 27: Plan to Use our $121M NOLs
Plan to Use our $121M NOLs Consolidate four manufacturing operations to existing U.S. facility Two years to complete with a cost of $6M Spent $1.1M in 2011 Planned spend of $2M to $2.5M in 2012 Complete by the end of 2013 Over $100M savings in tax and labor costs from 2014 to 2020 Move effective cur
Slide 28: STAAR's Path to 2014
STAAR’s Path to 2014 Continued ICL market penetrations 85% Gross Margin New products (V5 and V6) Targeted IOL profitable growth 60%+ Gross Margin New Products (nanoFLEX Toric + Preloaded) Manufacturing Consolidation complete 2014 STAAR moves to over $100M in revenue, near or at 80% gross margins and
Slide 29: Your Questions, Please
(NASDAQ: STAA) May 14, 2012 ® YOUR QUESTIONS, PLEASE.
Slide 30: TAAR ©
TAAR ©
Slide 31: Fastest growing publicly traded medical device company focused on Ophthalmology
(NASDAQ: STAA) Investor Presentation May 2012 ® “Fastest growin g publicly traded medical device Company focused on Ophthalmology.”
Slide 32: Forward-Looking Statements
FORWARD - LOOKING STATEMENTS All statements in this presentation that are not statements of historical fact are forward - looking statements, including any projections of earnings, revenue, sales, profit margins, cash or other financial items, any statements of the p lan s, strategies, and objective
Slide 33: STAAR Surgical in 2011
STAAR Surgical in 2011 Generated 14% revenue growth Grew Visian ICL sales by 32% 85% gross margin product Expanded Gross Margin 370 bps to 67.5% Gross margin dollars +21% Profitable each quarter and full year ®
Slide 34: STAAR 2012 Key Metrics
STAAR 2012 Key Metrics Increase revenues 15% Grow Visian ICL sales by more than 32% Expand Gross Margin to 71% (350 bps) Profitable each quarter and full year Accomplish manufacturing consolidation milestones without customer disruption in supply or quality ® Off To a Good Start in Q1
Slide 35: STAAR Positioned for Growth
STAAR Positioned for Growth Two Large M arket O pportunities Strong Balance Sheet Sustainable Competitive Advantages Six new product offerings in 2012 Robust New Product Pipeline Mfg. consolidations leads to big savings ®
Slide 36: Intraocular Lens Focus
Intraocular Lens Focus Lenses Placed within the Eye Cataract Lens Sits in front of natural crystalline lens Refractive ICL Refractive Lens Replaces natural crystalline lens Cataract IOL 56% of sales Q1 41% of sales Q1 ®
Slide 37: Surgical Vision Correction Market
Surgical Vision Correction Market Global Refractive Procedure estimate of 3.8M in 2011 grows to 5.5M in 2016 In 2011 97% laser based procedures: LASIK or PRK LASIK has challenges: technology limitations, negative media, capital equipment investment $3 Billion Addressable Market expanding to $4.5B fo
Slide 38: Visian ICL
Visian ICL ® Premium Product Premium Result Implantable Collamer Lens better known as “the I mplantable Contact Lens ” Made from a proprietary material called Collamer® Corrects myopia (nearsightedness) inability to see far Toric ICL version corrects both myopia and astigmatism (blurred due to inabi
Slide 39: STAAR's Value Driver: The Visian ICL
STAAR’s Value Driver The Visian ICL Over $32 million sales/$60M to end customer Growth rate 32% 2011/25% Q1 85% Gross Margins New Product Launches $3 Billion Addressable Market Currently about 2% Market Share 10% average share position in Focused Markets would yield $270M of end customer revenue ®
Slide 40: Visian ICL Competitive Landscape
Visian ICL Competitive Landscape STAAR is the market leader in this segment >70% Unit Market Share/85% Dollar Share Only Posterior Lens Approach Other players (Anterior Phakic Lens): Abbott (AMO) / Ophtec Novartis ( Alcon ) The Big Guys are in the WRONG Place and heavily invested in LASIK! LASIK is
Slide 41: ICL vs. LASIK
ICL vs. LASIK Small micro incision Adds a lens into the eye Permanent but removable No induced dry eye Future options preserved Incision over 1 inch - long Burns material away Cannot be reversed Potential dry eye induced May reduce future options Plus eyes in which LASIK is contraindicated . ®
Slide 42: New Visian V4b ICL Doubles Market of Treatable Patients
New Visian V4b ICL Doubles Market of Treatable Patients V4b has the widest approval of any refractive option Can treat all LASIK eligible patients and MORE Available in all CE Marked countries Other markets gain expanded range on V4c approval ®
Slide 43: New Visian V4c ICL
New Visian V4c ICL 58% of ICLs in Europe Q1 ( over 1,000 implanted ) CentraFLOW™ technology restores natural aqueous flow within the eye utilizing the KS - AquaPORT™ Eliminates a procedure and additional visit by patient Less time & more convenient (LASIK - like) E conomics better for the surgeon P
Slide 44: Visian Toric ICL Approved in Japan
Visian Toric ICL Approved in Japan Estimated 325,000 refractive procedures with very high rate of myopia and astigmatism Dr. Tomita believes that 75% of his ICL usage will be TICL compared to 40% ROW Very attractive market as direct distribution drives a higher gross margin and sales Prevalence of:
Slide 45: 2012 Targeted Visian ICL Markets
2012 Targeted Visian ICL Markets Market 2011 Proc. Proc ∆ ICL ∆ TICL V4c Share China * 1,003,000 +11% +84% 2008 2012/13 .7% U.S. * 763,000 +6% (1%) 2012 2013 .8% Japan * 325,000 (13%) +167% 2011 2014 .4% Lat Am * 219,000 +3% +8% 2011 2012 1.3% Spain * 155,000 +5% +5% 2002 2011 3.3% India * 141,000 +
Slide 46: Visian ICL Revenue Gains
Visian ICL Revenue Gains Increase of 25% in Q1 2012 and 32% in 2011 0 1 2 3 4 5 6 7 8 9 10 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Milli ons $ ®
Slide 47: APAC and Top Targeted Markets Q1 2012 Results
APAC and Top 11 Targeted M arkets Q1 2012 Results APAC Top 11 Q1 2011 Q1 2012 +50% +30% ®
Slide 48: Key ICL Asia Pacific Markets Q1 2012 Results
Key ICL Asia Pacific markets Q1 2012 Results Japan India China Korea Q1 2011 Q1 2012 +93% +47% +110% +37% ®
Slide 49: Visian ICL Growth Rates 2010, 2011 & 2012
Visian ICL Growth Rates 2010, 2011 & 2012 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Q1 Q2 Q3 Q4 Yr 2010 2011 2012 +25% ® V4c Intro V4b Intro
Slide 50: Visian ICL Product Pipeline
Visian ICL Product Pipeline Product R D CE Japan U.S. Toric ICL √ √ √ 2011 2012 V4b Expanded Range Lower myopes and toric hyperopic √ √ 2010 NP NP V4c (Includes expanded range) Eliminates need for PI √ √ 2011 ○ ○ V5 (Includes all features of 4b & 4c) Preload ed, enhanced safety design ○ ○ 2012 2014
Slide 51: Q1 Innovation Updates
Q1 Innovation Updates ® Inventions completed during the quarter allowing Collamer lens to be sterilized in preloaded system. Key feature on the Visian V5 ICL Key surgeons evaluated during ASCRS meeting with very good feedback Believe same system can be used to preload nanoFLEX IOLs
Slide 52: DTC Results in Korea
DTC Results in Korea Expanded Market Share from 5% to 13.4% in 5 Years Subway Signage Began in 2006 Radio Ads Began in 2007 Bus Wraps Began in 2009 Movie Theater Commercials in 2011 ®
Slide 53: Visian ICL Direct To Consumer
Visian ICL Direct To Consumer Test, Evaluate, Enhance and Re - test Mode Global Social Networking activities Significant increase planned for 2012 Low cost for increased visibility New Facebook Consumer Contest Video segments on ICL vs. LASIK Hard hitting and softer approach Movie Theater Ads in Kor
Slide 54: 2012 Social Networking Marketing Strategy
2012 Social Networking Marketing Strategy Proactively control the Global Messaging on the Visian ICL Increasing traffic to the ICL websites Enhancement of surgeon/practice website presentation of the ICL technology Developing an “on - line army” of ICL patients and surgeons ®
Slide 55: The ICL Technology Era Beginning?
Glasses Contacts RK PRK LASIK ICL RK: Started in 1978, peaked in 1994 . PRK: Started in 1984, peaked in 2006 . LASIK: Started in 1989, Has LASIK peaked?? Under much scrutiny in the past few years particularly in U.S. LASIK procedures losing share in major markets. Visian ICL: Over 300,000 ICLs impla
Slide 56: Cataract IOL Market
Cataract IOL 19 million IOLs to be implanted in 2011 The Big Three hold 77% market share Alcon (Novartis), AMO (Abbott), B&L (Private) STAAR Strategy Focused on only the higher margin premium IOLs Focused only in markets that generate a fair profit Source: The Global IOL Market by Market Scope May 2
Slide 57: Unique Collamer Material
Unique Collamer ® Material Proprietary hydrophilic material produces superior quality of vision (competitive advantage) 40% water content produces: Reduced glare or halo effect Free from glistenings Patent protection until 2014/manufacturing know - how much more important Preliminary CAST data sugge
Slide 58: CAST Preliminary Findings
CAST Preliminary Findings Distance Vision : All cataract patients see very well at far distance Near Vision : Usually require reading glasses nanoFLEX SUPERIOR to all Standard IOLs Intermediate Vision : Usually require glasses for laptop nanoFLEX SUPERIOR to ALL IOLs, both Standard and Premium ®
Slide 59: nanoFLEX IOL Family in Europe
“nanoFLEX IOL Family” in Europe Initial nanoFLEX shipments Q3 Rollout to limited countries nanoFLEX Toric IOL ( NEW PRODUCT ) Premium product with very good margins Will allow profitable entry to new markets Collamer will be an excellent competitive advantage over other toric IOLs First shipments Q2
Slide 60: STAAR IOL Product Pipeline
STAAR IOL Product Pipeline Product R D CE Japan U.S. Preloaded Silicone √ √ √ √ 2012 Preloaded 1P Acrylic √ √ √ √ NP nanoFLEX IOL √ √ √ ○ √ nanoFLEX Toric √ ○ √ ○ 2012 nanoFLEX II ○ ○ 2012 ○ 2012 Preloaded nanoFLEX ○ ○ 2013 ○ 2014 Accommodating IOL ○ ○ 2013/14 ○ ○ ○ = In the planning stage. ®
Slide 61: 2011 GAAP Results Comparison to 2010
2011 GAAP Results Comparison to 2010 ($000’s) 2011 2010 Improvement Revenue $62,765 $54,958 +$ 7,808/+14% Gross Profit Dollars $42,369 $35,076 +$ 7,293/+21% Gross Profit Margin 67.5% 63.8% +370 bps Op Expenses x Comet $38,526 $37,678 +$848/+2% Operating Expenses $39,586 $37,678 +$ 1,909/+5% Operatin
Slide 62: Reconciliation of non-GAAP measures
Reconciliation of non - GAAP measures Measure 2011 2010 Net income (GAAP) $ 1,348 $ 53 Mfg consolidation expenses $ 1,060 -- Gain (loss) foreign currency $ (86) $ 87 Adjustment of warrant value $ 118 $ 143 Stock - based compensation expense $ 1,914 $ 1,248 Income from discontinued operations $(4,166
Slide 63: 2012 Q1 GAAP Results Comparison to Q1 2011
2012 Q1 GAAP Results Comparison to Q1 2011 ($000’s) Q1 2012 Q1 2011 Improvement Revenue $15,509 $14,849 +$660/+4.4% Gross Profit Dollars $10,902 $ 9,629 +$1,273/ +13% Gross Profit Margin 70.3% 64.8% +550 bps Operating Exps ex Comet $10,069 $ 9,288 +$781/+8% Operating Expenses $10,624 $ 9,421 +$1,203
Slide 64: Reconciliation of Non-GAAP Measure
Reconciliation of Non - GAAP M easure Measure Q1 2012 Q1 2011 GAAP net income $ 232 $ 300 Mfg. consolidation expenses $ 555 $ 133 Gain foreign currency ($ 67) ($ 372) Adjustment of warrant value $ 14 ($ 103) Stock - based compensation exp $ 687 $ 355 Adjusted net income $ 1,421 $ 313 Adjusted income
Slide 65: Expanding Gross Margins With ICL Product Mix Gains
Expanding Gross Margins With ICL Product Mix Gains 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 2007 2008 2009 2010 2011 Q1 2012 GM% IOL Mix ICL Mix Gross margins have expanded from 49% to 70.3%. Q1 Mix: ICLs at 55.5% and IOLs at 41%. ®
Slide 66: 2012 Key Metric Report Card
2012 Key Metric Report Card Q1 Q2 Q3 Q4 2012 Increase revenues by 15% Exceed 2011 Visian ICL sales growth of 32% Continuous expansion of GM % to achieve 71% for the full year Profitable each quarter and full year Successfully implement Comet without disruption of product supply ®
Slide 67: 2011 Key Metric Report Card
2011 Key Metric Report Card Increased 3 of 4 Metrics Mid - Year Q1 Q2 Q3 Q4 2011 Double Digit Revenue Growth Grow ICL Sales by 25% , 30% Continuous Expansion of GM %, End year at 66% , 66.5% Profitable in 3 of 4 all 4 quarters and for the full year ®
Slide 68: Six New Product Launches In Process during 2012
Six New Product Launches In Process during 2012 ICLs IOLs V4c ICL Q4 2011 to Europe Additional approvals 2012 nanoFLEX IOL Q3 2011 to Europe V4 ICL Q4 2011 to Brazil nanoFLEX Toric IOL Q2 2012 to Europe V4 TICL Q4 2011 to Japan KS - SP 1 Piece Preloaded Acrylic Q2 2012 to Europe and Japan ®
Slide 69: STAAR ASCRS Presence
STAAR ASCRS PRESENCE ® 2010 2011 2012 2009 2009
Slide 70: 2012 Planned ICL Investments
2012 Planned ICL Investments Sales and Marketing Headcount Additions (16) Global Sales (+13) China 2 in Japan India Latin America √ Mideast √ Italy √ 2 in Spain 4 in U.S. √ √ Global Marketing (+3) 2 in Social Media 1 in Clinical Marketing in APAC ®
Slide 71: STAAR Balance Sheet End of 2011
STAAR Balance Sheet End of 2011 Profitable & Generating Cash $9.7M swing in cash generation from operations $16.7M in Cash end of year Company Debt Free Only a working line of credit in Japan $121M in NOLs (Worth $1 a share) 37 million diluted shares outstanding 1.4 million warrants at approximately
Slide 72: Plan to Use our $121M NOLs
Plan to Use our $121M NOLs Consolidate four manufacturing operations to existing U.S. facility Two years to complete with a cost of $6M Spent $1.1M in 2011/$555k in Q1 Planned spend of $2M to $2.5M in 2012 Complete by the end of 2013 Over $100M savings in tax and labor costs from 2014 to 2020 Move e
Slide 73: STAAR's Path to 2014
STAAR’s Path to 2014 Continued ICL market penetrations 85% Gross Margin New products (V5 and V6) Targeted IOL profitable growth 60%+ Gross Margin New Products (nanoFLEX Toric + Preloaded) Manufacturing Consolidation complete 2014 STAAR moves to over $100M in revenue, near or at 80% gross margins and
Slide 74: Fastest growing publicly traded medical device company focused on Ophthalmology
(NASDAQ: STAA) Generic May 2012 ® “Fastest growin g publicly traded medical device Company focused on Ophthalmology.”