Staar Surgical Co (NASDAQ: STAA)

STAAR Surgical Company designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems used to deliver the lenses into the eye. The company has dedicated itself to ophthalmic surgery for over 40 years. Its core product is the phakic implantable lens known as the Implantable Collamer Lens (ICL). STAAR markets these lenses under the EVO family for myopia, the Visian ICL for hyperopia, and toric versions for astigmatism. The firm operates globally with manufacturing sites in the United States, Switzerland, and Japan.

STAAR generates virtually all of its revenue from sales of Implantable Collamer Lenses (ICLs). For the fiscal year ended January 2, 2026, approximately 100% of net sales were derived from ICLs. The product portfolio includes the EVO ICL for myopia, the EVO+ ICL with an expanded optical zone, the EVO Visian ICL for myopia with astigmatism, and the EVO Viva lens with extended depth of focus for presbyopia. Revenue is earned through direct sales representatives in Japan, the United States, Germany, Spain, Singapore, Canada, and the United Kingdom, and through a mix of direct and independent distributors in China, Korea, India, France, the Benelux region, and Italy. In the remaining markets, independent distributors handle the majority of sales. The company also derives minor revenue from legacy products such as intraocular lenses for cataract surgery, though this accounted for less than 1% of total sales in recent years.

The company operates through the following segments:

• Ophthalmic surgical product segment: This segment encompasses the design, development, manufacture, and sale of implantable lenses for the eye and associated delivery systems. It includes the production of Collamer material, the creation of various ICL models such as the EVO, EVO+, EVO Visian, and EVO Viva lenses, and the provision of injector systems and related accessories. The segment serves ophthalmic surgeons, vision centers, surgical centers, hospitals, and distributors worldwide.

STAAR holds a leading position as the world’s largest manufacturer of phakic implantable lenses used in refractive surgery. Its primary competition comes from laser vision correction procedures such as LASIK, SMILE, and related technologies offered by companies including Alcon, Johnson & Johnson, Bausch Health, and Carl Zeiss Meditec. Additional competition exists from other phakic lens implant makers, though none match the scale of STAAR’s ICL franchise. Competitive advantages stem from the proprietary Collamer material, which provides biocompatibility, flexibility, and a soft feel that enhances surgical outcomes. The reversibility of the ICL procedure, the absence of corneal tissue removal, and a strong clinical record supported by over 100 peer reviewed studies further differentiate the company from laser based alternatives. STAAR also benefits from a global brand reputation built over 4 decades of exclusive focus on ophthalmic innovation.

The company sells its products to ophthalmic surgeons, vision centers, surgical centers, hospitals, government facilities, and medical distributors. In fiscal 2025, 2 distributors in China accounted for approximately 32% of consolidated net sales, underscoring the significance of the Chinese market. Additional major customers include independent distributors in Korea, India, France, Benelux, and Italy, as well as direct sales teams operating in Japan, the United States, Germany, Spain, Singapore, Canada, and the United Kingdom. The broad geographic reach allows STAAR to serve a diverse patient base seeking refractive correction for myopia, hyperopia, astigmatism, and presbyopia.