STAAR Surgical Company (STAA) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Product differentiation and clinical benefits

• EVO ICL lens offers a permanent, reversible alternative to LASIK, with benefits like quick recovery, no tissue removal, and high patient satisfaction.

• Over 3 million lenses implanted globally, with more than a decade of clinical data and 200+ peer-reviewed studies supporting efficacy.

• Product is relatively new in the U.S. but has a long history and strong adoption internationally.

• Ongoing efforts to expand U.S. label indications to increase addressable market.

• Initiating a head-to-head clinical study comparing EVO to LASIK to further demonstrate benefits.

Market dynamics and growth strategy

• Myopia affects about one in three people globally, with environmental and genetic factors driving prevalence.

• Market share has grown significantly in China (from 9% to 20%+ since 2018) and Japan (up to 70%), with the U.S. still representing a major growth opportunity.

• Focus on converting patients from LASIK to EVO, leveraging strong clinical outcomes and surgeon confidence.

• U.S. strategy targets high-performing practices ("Highway 93"), now over 100, focusing on deeper engagement and practice-level marketing.

• Shift from celebrity-driven marketing to co-marketing with practices to improve conversion rates.

Financial performance and outlook

• Achieved record Q2 revenue of $99 million, with 7% year-over-year growth and strong performance in the Americas, EMEA, and APAC.

• Raised full-year revenue guidance to $340–$345 million, aiming to minimize downside risk and maintain consistent outlook.

• Generated $150 million in organic cash over four years, currently holding $235 million in cash with zero debt.

• Investing in new ordering systems, experience centers, and AI tools to drive adoption and efficiency.

• Macro headwinds, especially in China, have impacted refractive markets, but continued market share gains and positive unit growth in APAC.