Staar Surgical Archives - Medical Design Sourcing

Staar Surgical CEO change leaves analysts with questions

Tom Frinzi. [Image courtesy of Staar Surgical]Analysts called a recent corner office switch at Staar Surgical (Nasdaq:STAA) a “curve ball,” leaving them with questions for the company.

Last week, Staar announced the retirement of CEO Caren Mason, who held the role since 2015. The company named Thomas Frinzi, its current board chair, as her replacement.

According to BTIG analysts Ryan Zimmerman and Sam Durno, Staar provided little clarity over the reason behind the leadership change. They wrote in a report that management claimed the move “had been in the works for some time.” However, they asked why, with the change in the works, Staar elected to not reiterate its fiscal 2023 guidance of $355 million.

“If new CEO Tom Frinzi had been involved in STAA’s 3-year strategic plan (FY22 – FY25) as indicated, surely he would be comfortable with FY23 guidance,” they wrote. “We think the next step is a FY23 guidanc…

Staar Surgical CEO Caren Mason retires, replacement named

Caren Mason. [Image courtesy of Staar Surgical]Staar Surgical (Nasdaq:STAA) announced today that President and CEO Caren Mason intends to retire at the end of the year.

Mason plans to retire on Dec. 31, 2022. Staar Surgical’s board appointed ophthalmic industry executive Thomas G. Frinzi to serve as president and CEO. Frinzi, the current board chair of the company, takes over on Jan. 1, 2023.

To ensure a smooth transition, Mason agreed to serve in an advisory role through Dec. 31, 2023.

Staar Surgical said in a news release that she led the company through a “significant” revitalization and growth period. Mason served in the position for more than seven years.

“On behalf of the entire Board, I want to thank Caren for her exceptional tenure as Staar’s president and CEO since March 2015,” said Aimee S. Weisner, chair of the board’s nominating and governance committee. “Under Caren’s leadership, Staar has achieved numerous …

Staar Surgical dips on Street-beating Q3, tightened guidance

[Image from Staar Surgical]Staar Surgical (Nasdaq:STAA) shares took a hit after hours on third-quarter results that came in ahead of the consensus forecast.

Shares of STAA dipped 4.4% at $67.50 apiece after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day down 0.3%.

The Lake Forest, California-based ocular implant company posted profits of $10.3 million for the quarter. That amounts to 21¢ per share on sales of $76 million for the three months ended Sept. 30, 2022.

Staar Surgical reported a 70.5% bottom-line gain on sales growth of 30.3%. Increased costs associated with manufacturing projects offset strong profits for Staar. Meanwhile, changes in currency, primarily in the Japanese Yen as well as the Euro, negatively impacted sales.

EVO ICL sales growth bolstered the company’s performance despite macroeconomic headwinds.

Adjusted…

Staar Surgical rises on Street-beating Q1, Evo lens shipments remain ‘robust’

[Image from Staar Surgical]Staar Surgical (Nasdaq:STAA) shares got a boost this morning on first-quarter results that topped the consensus forecast.

STAA shares were up 11% at $70.91 per share as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.4%.

The Lake Forest, California-based ocular implant company posted profits of $9.6 million, or 19¢ per share, on sales of $63.2 million for the three months ended April 1, 2022, for a 92.3% bottom-line gain on sales growth of 24.5%.

Adjusted to exclude one-time items, earnings per share were 29¢, 14¢ ahead of Wall Street, where analysts were looking for sales of $60.5 million.

“Our first quarter results represent a new record for quarterly net sales and quarterly ICL units as we successfully raise surgeon and patient awareness and enthusiasm for the Visual Freedom provided by our proprietary Evo Visian ICL …

Staar Surgical implants first EVO Visian implantable Collamer lens

Staar Surgical today announced the first implants of the Evo Visian implantable Collamer lens in the U.S.

Lake Forest, California-based Staar Surgical designed the Evo biocompatible implantable lens for the correction of myopia and myopia with astigmatism. The first implant was performed in a woman with myopia and astigmatism in her thirties who previously used monthly disposable contact lenses and glasses. She received toric Evo ICL lenses for visual freedom and to eliminate the need for contact lenses and glasses.

The bilateral Evo implantation procedure was completed in approximately 7-8 minutes for each eye.

“We are thrilled to begin commercialization of our Evo lenses in the U.S. and announce milestone first implants just days after product approval,” Caren Mason, president and CEO, said in a news release. “The U.S. is a very important market for Staar as it represents over 20% of global refractive procedures. U.S. surgeon enthusiasm is at an all-ti…

Staar Surgical wins FDA approval for Evo Visian implantable Collamer lens

[Image from Staar Surgical]Staar Surgical (Nasdaq:STAA) announced today that it received FDA approval for its Evo/Evo+ Visian implantable Collamer lens.

Lake Forest, California-based Staar Surgical designed the Evo biocompatible implantable lens for the correction of myopia and myopia with astigmatism.

More than 1 million Evo lenses have been implanted by doctors outside the U.S. to date, according to a news release. The lens, which represents a different option to Lasik, is added to a patient’s eye through a quick surgical procedure in which there is no removal of corneal tissue. The lens can be removed by a doctor if ever desired, too.

Evo lenses are implanted within the posterior chamber of the eye directly behind the iris and in front of the natural crystalline lens. FDA indication for use in phakic eye treatment covers patients between ages 21 and 45 years old with myopia/myopic astigmatism.

“We are thrilled to make EVO available to U.S. s…

Staar Surgical grows sales 28% in Q4 results

Staar Surgical (NSDQ:STAA) posted fourth-quarter results this week that beat the earnings consensus on Wall Street and missed revenue estimates.

The Lake Forest, California-based company reported profits of $4.9 million, or 10¢ per share, on sales of $59 million for the three months ended Dec. 31, 2020, for a bottom-line gain of 47.9% on sales growth of 28.27% compared with Q4 2020.

Adjusted to exclude one-time items, earnings per share were 19¢, 3¢ ahead of The Street, where analysts were looking for sales of $59.21 million.

“Our fiscal 2021 results reflect record levels of sales, profit and growth achievement for Staar, driven by continued accelerating demand for our implantable Collamer lenses,” president and CEO Caren Mason said in a news release.

Staar Surgical did not provide a financial outlook for fiscal year 2022.

Shares in STAA were up 13.91% to $71.75 apiece in afternoon trading.