Staar Surgical Co (NASDAQ: STAA)

STAAR Surgical Company, with its ticker symbol STAA, operates in the ophthalmic surgery industry, specializing in the manufacture of implantable lenses for the eye and accessory delivery systems. With over 40 years of experience, the company has established itself as a leading player in the industry, being the largest manufacturer of lenses used worldwide in corrective or refractive surgery.

The company's main business activities revolve around the design, development, manufacture, and marketing of implantable Collamer lenses (ICLs) for the correction of refractive errors such as myopia, hyperopia, and astigmatism. These lenses are made from a proprietary collagen copolymer material, which is unique to STAAR, and are implanted into the eye without removing the natural crystalline lens. This distinguishes STAAR's lenses from other refractive procedures such as LASIK, which involve the removal of corneal eye tissue.

STAAR generates revenue almost exclusively from the sale of its ICLs, with $322.4 million reported in worldwide revenue for the year ended December 29, 2023. The company's primary products are its EVO family of lenses, which are designed to provide premium refractive outcomes while optimizing patient comfort. The EVO family includes the EVO ICL, EVO+ ICL, and EVO Visian ICL, which are designed to treat myopia, hyperopia, and astigmatism, respectively. The company also offers an ICL lens to treat hyperopia, which is sold primarily in countries that require the European Union CE Mark.

The company's competitive advantages include its proprietary Collamer material, which is exclusive to STAAR, and its design and features, which provide clinical advantages over other implantable lenses. The company's EVO ICL is the only foldable, minimally invasive posterior chamber phakic intraocular lens approved for sale in the U.S. STAAR's customers include ophthalmic surgeons, vision centers, surgical centers, hospitals, government facilities, and distributors. The company sells its products directly through its own sales representatives in Japan, the U.S., Germany, Spain, Singapore, Canada, and the U.K., and through a combination of its own representatives and independent distributors in China, Korea, India, France, Benelux, and Italy.

In the ophthalmic surgical product market, STAAR's main competitors are Alcon, Johnson & Johnson, Bausch Health Companies, and Carl Zeiss Meditec AG, which market lasers for corneal refractive surgery. The company also faces competition from other implantable lens manufacturers, including Biotech Vision Care and Eyebright, which market posterior chamber phakic implantable lenses.

STAAR's research and development efforts are focused on furthering technological advancements in the ophthalmic products industry through the development of innovative premium ophthalmic products, materials, and designs. The company maintains active internal research and development programs and plans to continue investing in research and development in the future.

STAAR has a diverse and inclusive workforce, with employees from a variety of backgrounds and cultures. The company offers competitive compensation and benefits programs, including salaries, stock awards, a 401(k) plan, health insurance benefits, health savings and flexible spending accounts, paid time off, family leave, and employee assistance programs, among others.