Latest news with #EVOICL
Yahoo
3 days ago
- Health
- Yahoo
Houston LASIK & Eye Launches EVO ICL: The Latest Innovation for Patients with Thin Corneas
Houston, June 11, 2025 (GLOBE NEWSWIRE) -- Houston, Texas - HOUSTON, TX – Houston LASIK & Eye, a globally recognized center for laser vision correction, is proud to announce the addition of EVO ICL (Implantable Collamer Lens) to its comprehensive selection of vision correction solutions. This revolutionary technology offers new hope for patients with thin corneas, severe refractive errors, and dry eye who previously were not candidates for traditional procedures like LASIK. Unlike LASIK, which reshapes the cornea to correct nearsightedness, farsightedness, and astigmatism, EVO ICL involves implanting a biocompatible, collagen-based lens between the iris and the natural lens through a tiny incision. This procedure preserves the corneal tissue while delivering exceptional visual outcomes, representing a notable advancement in vision correction technology. "We're thrilled to bring EVO ICL to our patients in Houston and beyond," said Dr. Amjad Khokhar, Medical Director at Houston LASIK & Eye. "This technology combines the long-term results of LASIK with the removability of contact lenses, offering an ideal solution for patients with thin corneas or chronic dry eyes who weren't candidates for traditional laser eye surgery." The EVO ICL procedure takes approximately 20-30 minutes to complete and often provides immediate vision improvement. The lens is designed to treat astigmatism from 1.0 to 4.0 diopters and nearsightedness ranging from -3.00 to -20.00 diopters. Additionally, the implant offers UV protection and reduced glare, enhancing overall visual quality. With over 2 million lenses successfully distributed worldwide and a remarkable 99% patient satisfaction rate, this technology has proven its effectiveness across diverse patient populations. The procedure itself is remarkably straightforward; after administering a topical anesthetic, your eye surgeon creates a small incision and injects the folded lens through a specialized cartridge, where it naturally unfolds to fit seamlessly in your eye. Key benefits of EVO ICL include: sharp, clear, high-definition vision, excellent night vision capabilities, no exacerbation of dry eye syndrome, rapid recovery with minimal downtime, preservation of corneal tissue, removability if needed, and built-in UV protection. Houston LASIK & Eye's adoption of EVO ICL technology aligns with its commitment to providing cutting-edge vision correction solutions. Founded in 2005 by Dr. Khokhar, the practice has established itself as a leader in ophthalmological care, attracting patients from across the United States and internationally. The center's reputation for excellence has drawn patients from every continent except Antarctica, cementing its status as a premier global destination for vision correction. Houston LASIK & Eye offers a comprehensive range of ophthalmological services, including LASIK, EVO ICL, and treatments for various eye conditions. With state-of-the-art technology and a commitment to personalized care, the practice has become a destination for patients seeking premium vision correction services. "At Houston LASIK & Eye, we believe everyone deserves access to high-quality, technologically advanced eye care," added Dr. Khokhar. "With the addition of EVO ICL, we can now help even more patients achieve freedom from glasses and contacts, regardless of corneal thickness." The best candidates for EVO ICL are individuals between 21 and 45 years old with no history of serious eye conditions or previous ophthalmic surgery. Houston LASIK & Eye offers complimentary consultations to determine candidacy for this procedure. With locations in Houston, Sugar Land, and Pearland, Houston LASIK & Eye continues to expand its services while maintaining its commitment to personalized care, advanced technology, and exceptional outcomes. For more information about EVO ICL or to schedule a consultation, please call Houston LASIK & Eye at 281-240-0478 or visit their website. ### For more information about Houston LASIK & Eye, contact the company here:Houston LASIK & EyeDr. Amjad Khokhar,(281) 240-0478info@ Southwest Freeway, Suite 350,Houston, TX 77074 CONTACT: Dr. Amjad Khokhar,
Time of India
4 days ago
- Health
- Time of India
Pune study finds special lens implants can help patients who can't get LASIK
Pune: A 35-year-old man from US with -3 myopia, who couldn't undergo LASIK due to thin corneas and other conditions, recently underwent an advanced surgical procedure in Pune to fix his eyesight. Doctors said the patient went through an Implantable Collamer Lens (ICL) procedure, which involves surgically placing flexible lenses on the eye to correct vision problems such as myopia. His successful treatment was mentioned in a research paper on the technique by his doctors, who said it can be safely extended to people deemed unfit for LASIK. "This patient's thin cornea along with low myopia meant LASIK was out of the question," said Dr Vardhaman Kankariya, director of Asian Eye Hospital and Laser Institute and the lead investigator of the research. "He wanted to completely rid himself of his glasses so we went for what's known as EVO ICL technology, found to be effective in over 300 people with low to moderate myopia," Dr Kankariya said, adding that the lenses were earlier used to treat only high or very high myopia. "But our study showed the lenses had significant promise in patients with lower myopia as well," he said. Low myopia or patients with a 'glasses number' of less than -6 are sometimes rejected for LASIK due to thin corneas, keratoconus or severe dry eyes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo Such patients will need a pair of glasses for life. But the study, the doctors said, found that ICL implants helped these people ditch spectacles. Dr Kankariya said: "We evaluated patients with mild to moderate myopia (up to -6 diopters) and with unsuitable corneas for LASIK. All 361 evaluated patients were successfully treated with ICL implants, offering them spectacle-free vision. Our study has been peer reviewed and earned the 'Best Research Paper Award' at the Asia-Pacific Academy of Ophthalmology (APAO) annual conference that was held in Delhi in April. " The ICL procedure involves placing a thin, flexible, biocompatible lens in front of the eye's natural lens. Unlike LASIK, ICL does not require corneal thinning, does not induce dry eyes and is fully reversible, a feature the doctors said made it an ideal alternative for patients with borderline corneal parameters. Dr Shirin Sonvane, presenting author of the study, said: "The procedure takes 5 minutes, is painless and does not require anesthesia. This study gives hope to many myopia patients who earlier had no option but to depend on glasses or contact lenses." Dr Viraj Padwal, a contributor to the study said: "Traditionally, ICL was reserved for patients with high myopia, more than -8D, but this study demonstrated it is effective in lower myopia ranges as well." Dr Harshul Tak, executive committee member of the Indian Intraocular and Refractive Society said nearly 10% of those applying for LASIK are rejected due to multiple reasons. "But this study on ICL implants, for LASIK-rejected patients with low myopia, is good research. There have been very few reports of the ICL procedure on such patients in the past. This is the largest study in the world on such patients, making it a valuable reference for ophthalmologists globally," Dr Tak said.
Yahoo
16-05-2025
- Business
- Yahoo
STAAR Surgical Announces $30 Million Share Repurchase Authorization
LAKE FOREST, Calif., May 16, 2025--(BUSINESS WIRE)--STAAR Surgical Company (NASDAQ: STAA), the global leader in phakic IOLs with the EVO family of Implantable Collamer® Lenses (EVO ICL™) for vision correction, today announced that its Board of Directors has authorized a share repurchase program under which the Company may repurchase up to $30 million of its outstanding common stock. "Our decision to initiate a share repurchase program underscores the Board's and management's confidence in STAAR's future and our ability to return to sustainable, profitable growth," said Stephen C. Farrell, Chief Executive Officer of STAAR Surgical. "With a strong balance sheet, no debt, and clear progress in our cost optimization and strategic priorities, we are well-positioned to capitalize on opportunities ahead. Today's announcement also underscores our thoughtful and disciplined approach to capital allocation and our commitment to deliver shareholder value. We believe our shares represent an attractive investment, and this repurchase program demonstrates our belief in the intrinsic value of STAAR shares." Under the program, STAAR may repurchase shares in the open market, through privately negotiated transactions, by entering into structured repurchase agreements with third parties, by making block purchases, and/or pursuant to Rule 10b5-1 trading plans. The timing, manner, price, and amount of any repurchases under the program will be determined by STAAR in its discretion, subject to market conditions, legal requirements, and other considerations. STAAR is not obligated to repurchase any specific number of shares, and the program may be modified, suspended, or discontinued at any time, without prior notice. The share repurchase program is expected to continue over the next six months, unless extended or shortened by the Board of Directors. The Company intends to fund repurchases under this share repurchase program from cash on hand and cash generated from operations. As of March 28, 2025, the Company had $222.8 million in cash, cash equivalents and investments available for sale, and no outstanding debt. STAAR had approximately 49.5 million shares of common stock outstanding as of March 28, 2025. During the Company's May 7, 2025, earnings conference call, STAAR management discussed the Company's cash flows forecast for fiscal 2025, and management reported that the Company did not expect its cash, cash equivalents and investments available for sale to drop below $140 million before the Company started generating cash in the back half of the year. This forecast, and other management commentary on the earnings call about expectations for fiscal 2025, did not contemplate the share repurchase program announced today. About STAAR Surgical STAAR Surgical (NASDAQ: STAA) is the global leader in implantable phakic intraocular lenses, a vision correction solution that reduces or eliminates the need for glasses or contact lenses. Since 1982, STAAR has been dedicated solely to ophthalmic surgery, and for 30 years, STAAR has been designing, developing, manufacturing, and marketing advanced Implantable Collamer® Lenses (ICLs), using its proprietary biocompatible Collamer material. STAAR ICL's are clinically-proven to deliver safe long-term vision correction without removing corneal tissue or the eye's natural crystalline lens. Its EVO ICL™ product line provides visual freedom through a quick, minimally invasive procedure. STAAR has sold more than 3 million ICLs in over 75 countries. Headquartered in Lake Forest, California, the company operates research, development, manufacturing, and packaging facilities in California and Switzerland. For more information about ICL, visit To learn more about STAAR, visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that are not statements of historical fact are forward-looking statements, including statements about any of the following: statements about STAAR's intention to repurchase shares of its common stock, including the amount and timing of its stock repurchase program; financial projections and forecasts; plans, strategies, and objectives of management for 2025 and beyond or prospects for achieving such plans; expectations for sales, revenue, margin, earnings, expenses, and cost controls; use of cash and cash flows; and any statements of assumptions underlying any of the foregoing, including those relating to expected or future financial performance or results. These forward-looking statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to: uncertainties as to the market price of STAAR's common stock; our ability to continue our growth and profitability trajectory; our reliance on independent distributors in international markets; a slowdown or disruption to the Chinese economy; global economic conditions; disruptions in our supply chain; fluctuations in foreign currency exchange rates; international trade disputes (including involving tariffs) and substantial dependence on demand from Asia; changes in effective tax rate or tax laws; any loss of use of our principal manufacturing facility; competition; potential losses due to product liability claims; our exposure to environmental liability; data corruption, cyber-based attacks or network security breaches and/or noncompliance with data protection and privacy regulations; acquisitions of new technologies; climate changes; the willingness of surgeons and patients to adopt a new or improved product and procedure; extensive clinical trials and resources devoted to research and development; compliance with government regulations; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before or after approval, or to take enforcement action; laws pertaining to healthcare fraud and abuse; changes in FDA or international regulations related to product approval; product recalls or failures; and other important factors set forth in the Company's Annual Report on Form 10-K for the year ended December 27, 2024 under the caption "Risk Factors," which is on file with the Securities and Exchange Commission (the "SEC") and available in the "Investor Information" section of the Company's website under the heading "SEC Filings," as any such factors may be updated from time to time in the Company's other filings with the SEC. Forward-looking statements speak only as of the date they are made and, except as may be required under applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We intend to use our website as a means of disclosing material non-public information about the Company and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the 'Investor Relations' sections at Accordingly, investors should monitor such portion of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the Email Alerts section at View source version on Contacts Investors & Media Brian MooreVice President, Investor Relations and Corporate Development(626) 303-7902, Ext. 3023bmoore@ Investors - Asia Niko Liu, CFADirector, Investor Relations and Corporate Development - Asia+852-6092-5076nliu@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
07-05-2025
- Business
- Business Wire
STAAR Surgical Reports First Quarter 2025 Results
LAKE FOREST, Calif.--(BUSINESS WIRE)--STAAR Surgical Company (NASDAQ: STAA), the global leader in phakic IOLs with the EVO family of Implantable Collamer® Lenses (EVO ICL™) for vision correction, today reported results for the first quarter ended March 28, 2025. "STAAR's first quarter sales were in line with expectations, but we can and will do better. We are rapidly turning the corner, and our long-term prospects are excellent.' Share First Quarter 2025 Financial Overview Net sales of $42.6 million down 45% Y/Y due to planned reduction of channel inventory in China Net Sales Excluding China of $42.2 million up 9% Y/Y reflecting growth in all key markets Gross margin at 65.8% vs. 78.9% year ago due to intentional reduction in U.S. production volumes and readiness for manufacturing in Switzerland Net loss of $(54.2) million or $(1.10) per share vs. $(3.3) million or $(0.07) per share year ago Adjusted EBITDA 1 loss of $(26.4) million or $(0.53) per share vs. earnings of $5.3 million or $0.11 per share year ago 'STAAR's first quarter sales were in line with expectations, but we can and will do better,' said STAAR Surgical CEO, Stephen C. Farrell. 'Our results do not reflect the earnings power of our business or the strength of our brand. We are making progress working through transitory challenges in our China business, and importantly, we believe that EVO ICL procedure volumes in China are improving compared to the first quarter last year, despite the macroeconomic headwinds. As our distributors in China continue to consume channel inventory to meet this demand, we are on track to resume normalized sales in China in the third quarter. Our ability to drive growth this quarter in all key markets outside of China further demonstrates the potential and opportunity for STAAR to grow EVO ICL adoption.' Mr. Farrell continued, 'In addition, we have made excellent progress on our cost controls and restructuring activities to better align our expenses with our sales. As a result, we are confident that we will resume growth in revenue and Adjusted EBITDA for the full second half of the year. STAAR has outstanding technology, a consistent history of market share gains, a large addressable market supported by the expanding incidence of myopia, a strong balance sheet, and a demonstrated ability to drive profitability and cash flow. We are rapidly turning the corner, and our long-term prospects are excellent.' First Quarter 2025 Highlights Distributor Inventory in China – The Company's distributors in China have continued to consume channel inventory to support EVO ICL procedural demand and are on track to reduce excess distributor inventory to contracted levels by the end of the second quarter. The Company is actively working with its distributors to better forecast forward demand so that purchases by distributors more closely align with in-market procedure volume and to maintain adequate inventory to meet patient demand without creating excess inventory in the channel. Tariff Mitigation – In order to mitigate the potential impact of tariffs on exports to China, the Company negotiated and implemented consignment agreements with its two distributors in China and delivered consigned inventory in advance of the implementation of tariffs. The Company believes it now has sufficient levels of product in country to meet most of its demand through the beginning of 2026, and it is taking steps to ramp up manufacturing capabilities at its Switzerland site to further mitigate potential long-term impacts of China tariffs. Cost Controls – The Company is meaningfully cutting costs and is undertaking restructuring activities to reduce its SG&A run rate. For fiscal 2024, the Company recorded SG&A expenses of $252.2 million, which were planned to grow in 2025 due to commitments to investments in human capital and facilities. The Company has identified spend reductions related to facilities, marketing, and staff that are expected to reduce the annualized SG&A run rate significantly below fiscal 2024 to approximately $225 million as the Company exits fiscal 2025. The majority of the restructuring activities are focused on U.S. operations. The Company is also assessing other areas of potential savings, but those incremental savings may be redeployed to fund strategic investments to drive future growth. Regulatory Approvals – The Company received EVO/EVO+ ICL approval from the Taiwan FDA during the first quarter. In April, the Company received approval in Brazil for the expansion of its EVO/EVO+ ICL labeling to include spherical power down to -0.5 diopters from -6.0 diopters previously. The Company is pursuing labeling changes in other key markets around the globe and believes that this approval further evidences the growing clinical support for EVO ICL at lower diopter levels. Finally, the Company continues to believe it will receive mid-year approval for its EVO+ (V5) lenses in China. "We are proud of the great team effort to rapidly ship additional inventory into China and proactively seek ways to navigate the evolving tariff environment to support our growth plans,' said STAAR Surgical President and Chief Operating Officer, Warren Foust. 'Not only did our internal teams jump into action, but our distributors in China were great partners as we worked through the logistics of the consignment. We believe this consigned inventory plus distributor-owned inventory already in country will be sufficient to meet most surgeon and patient needs for fiscal 2025 and the beginning of fiscal 2026. In parallel, we are readying our Switzerland manufacturing facility for additional production of EVO ICLs for the China market when we obtain the final validations and approvals, which we expect this summer.' First Quarter 2025 Financial Results Net sales were $42.6 million for the first quarter of 2025 compared to $77.4 million in the prior year quarter. The decrease was primarily due to a significant decline in China revenue, as purchases by the Company's China distributors were minimal in the quarter as they consumed existing in-country inventory to satisfy procedural demand. The decline was partially offset by growth in other geographies. Excluding China, net sales were $42.2 million, an increase of 9% as compared to the prior year period. Gross profit margin for the first quarter of 2025 was 65.8% of total net sales compared to the prior year quarter of 78.9% of total net sales. The decrease in gross profit margin was primarily due to higher manufacturing costs per unit due to reduced production volumes at the Company's U.S. manufacturing site and period costs associated with the expansion of the Company's manufacturing capabilities at its Switzerland site, which reduced gross margin by approximately 6 points. In addition, gross margin was negatively impacted by higher excess and obsolete inventory reserves, which reduced gross margin by approximately 4 points. Total SG&A expenses for the first quarter of 2025 were $62.7 million compared to $63.3 million in the prior year quarter. The decrease in SG&A is the result of cost savings initiatives that were implemented towards that latter half of the quarter, partially offset by a higher run rate at the beginning of the quarter. General and administrative expenses were $24.5 million compared to $23.2 million in the prior year quarter, primarily due to increased compensation related expenses and facilities costs. Selling and marketing expenses were $24.6 million compared to $26.7 million in the prior year quarter due to lower marketing, promotional and advertising activities. Research and development expenses were $13.7 million compared to $13.4 million in the prior year quarter. In the first quarter of 2025, the Company also incurred $22.7 million for restructuring, impairment and related charges, primarily for asset write-offs, closed facility charges, and severance associated with the realignment of the Company's leadership structure and its cost control initiatives. Including these charges, operating loss for the first quarter of 2025 was $(57.4) million as compared to $(2.3) million for the first quarter of 2024. Net loss for the first quarter of 2025 was $(54.2) million or $(1.10) per diluted share compared with a net loss of $(3.3) million or $(0.07) per diluted share for the prior year quarter. The year over year decrease in net income was primarily attributable to lower net sales and restructuring charges. Cash, cash equivalents and investments available for sale at March 28, 2025, totaled $222.8 million, compared to $230.5 million at the end of the fourth quarter of 2024. Mr. Foust concluded, 'We believe there is a significant opportunity for STAAR to continue to drive adoption of our EVO ICLs. The global myopia epidemic is increasing, and patients are looking for safe and effective long-term vision correction solutions. Our proprietary Collamer® material provides a sustainable competitive advantage in refractive vision correction, and patients and surgeons are increasingly turning to EVO ICL as they look to get rid of their glasses and contact lenses. We also believe in the potential of Collamer for use in other therapeutic applications, especially within the eye.' Outlook The Company announced that it is withdrawing the financial outlook previously provided on February 11, 2025. 'Global economic uncertainty and evolving tariff policy make it more challenging to forecast. As a result, despite confidence in our recent efforts to mitigate tariff exposure and our optimism regarding both short-term and long-term business trends, we are withdrawing the Company's previous financial outlook,' concluded Mr. Farrell. Earnings Conference Call and Webcast The Company will host an earnings conference call and webcast today, Wednesday, May 7 at 5:15 p.m. Eastern / 2:15 p.m. Pacific to discuss its financial results and operational progress. To access the webcast please use the following link: In addition to live questions, participants may submit questions by email to ir@ 1 Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures. For further information on non-GAAP financial measures, please refer to the 'Use of Non-GAAP Financial Measures' section of this press release. Please also refer to the tables at the end of this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure. Use of Non-GAAP Financial Measures To supplement the Company's financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables include certain non-GAAP financial measures, including Adjusted EBITDA. Management uses these non-GAAP financial measures in its evaluation of Company operating performance and believes investors will find them useful in evaluating the Company's operating performance, including cash flow generation, and in analyzing period-to-period financial performance of core business operations and underlying business trends. Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. EBITDA is a non-GAAP financial measure, which is calculated by adding interest income and expense, net; provision for income taxes; and depreciation and amortization to net income. In calculating Adjusted EBITDA and Adjusted EBITDA per diluted share, the Company further adjusts for stock-based compensation expense and for restructuring, impairment and related charges. As stock-based compensation is a non-cash expense that can vary significantly based on the timing, size and nature of awards granted, the Company believes that the exclusion of stock-based compensation expense can assist investors in comparisons of Company operating results with other peer companies because (i) the amount of such expense in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including inducement grants in connection with hiring. Additionally, the Company believes that excluding stock-based compensation from Adjusted EBITDA and Adjusted EBITDA per diluted share assists management and investors in making meaningful comparisons between the Company's operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future. The Company believes that restructuring, impairment and related charges are not indicative of the underlying operating expense profile for the Company. These charges, which include costs related to severance, reduction in force and consulting expenses, impairment expenses on leasehold improvements and machinery and equipment, impairment on real property right-of use assets, and impairment of internally developed software, are anticipated to be completed within a finite period of time and can vary significantly in any specific period. The Company believes that excluding restructuring, impairment and related charges from Adjusted EBITDA allows investors to more consistently analyze period-to-period financial performance of its core business operations and better assess the Company's current and future continuing operations. The Company also presents certain financial information on a constant currency basis, which is intended to exclude the effects of foreign currency fluctuations. The Company conducts a significant part of its activities outside the U.S. It receives sales revenue and pays expenses principally in U.S. dollars, Swiss francs, Japanese yen and euros. The exchange rates between dollars and non-U.S. currencies can fluctuate greatly and can have a significant effect on the Company's results when reported in U.S. dollars. In order to compare the Company's performance from period to period without the effect of currency, the Company will apply the same average exchange rate applicable in the prior period, or the 'constant currency' rate to sales or expenses in the current period as well. In the tables provided below, the Company has included a reconciliation of Adjusted EBITDA and Adjusted EBITDA per diluted share to net income (loss) and net income (loss) per diluted share, the most directly comparable GAAP financial measure, as well as supplemental financial information with net sales expressed in constant currency. About STAAR Surgical STAAR Surgical (NASDAQ: STAA) is the global leader in implantable phakic intraocular lenses, a vision correction solution that reduces or eliminates the need for glasses or contact lenses. Since 1982, STAAR has been dedicated solely to ophthalmic surgery, and for 30 years, STAAR has been designing, developing, manufacturing, and marketing advanced Implantable Collamer® Lenses (ICLs), using its proprietary biocompatible Collamer material. STAAR ICL's are clinically-proven to deliver safe long-term vision correction without removing corneal tissue or the eye's natural crystalline lens. Its EVO ICL™ product line provides visual freedom through a quick, minimally invasive procedure. STAAR has sold more than 3 million ICLs in over 75 countries. Headquartered in Lake Forest, California, the company operates research, development, manufacturing, and packaging facilities in California and Switzerland. For more information about ICL, visit To learn more about STAAR, visit We intend to use our website as a means of disclosing material non-public information about the Company and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the 'Investor Relations' sections at Accordingly, investors should monitor such portion of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the Email Alerts section at Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that are not statements of historical fact are forward-looking statements, including statements about any of the following: financial projections and forecasts; plans, strategies, and objectives of management for 2025 and beyond or prospects for achieving such plans; expectations for sales, revenue, margin, earnings, expenses, and cost controls; estimates regarding procedural demand, inventory levels, and tariff impacts; expectations regarding regulatory approvals, uses of Collamer, manufacturing and production; use of cash and cash flows; and any statements of assumptions underlying any of the foregoing, including those relating to expected or future financial performance or results. These forward-looking statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to: our ability to continue our growth and profitability trajectory; our reliance on independent distributors in international markets; a slowdown or disruption to the Chinese economy; global economic conditions; disruptions in our supply chain; fluctuations in foreign currency exchange rates; international trade disputes (including involving tariffs) and substantial dependence on demand from Asia; changes in effective tax rate or tax laws; any loss of use of our principal manufacturing facility; competition; potential losses due to product liability claims; our exposure to environmental liability; data corruption, cyber-based attacks or network security breaches and/or noncompliance with data protection and privacy regulations; acquisitions of new technologies; climate changes; the willingness of surgeons and patients to adopt a new or improved product and procedure; extensive clinical trials and resources devoted to research and development; compliance with government regulations; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before or after approval, or to take enforcement action; laws pertaining to healthcare fraud and abuse; changes in FDA or international regulations related to product approval; product recalls or failures; and other important factors set forth in the Company's Annual Report on Form 10-K for the year ended December 27, 2024 under the caption 'Risk Factors,' which is on file with the Securities and Exchange Commission (the 'SEC') and available in the 'Investor Information' section of the Company's website under the heading 'SEC Filings,' as any such factors may be updated from time to time in the Company's other filings with the SEC. Forward-looking statements speak only as of the date they are made and, except as may be required under applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We intend to use our website as a means of disclosing material non-public information about the Company and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the 'Investor Relations' sections at Accordingly, investors should monitor such portion of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the Email Alerts section at Consolidated Statements of Operations (in 000's except for per share data) Unaudited Quarter Ended % of Sales March 28, 2025 % of Sales March 29, 2024 Fav (Unfav) Amount % Net sales 100.0 % $ 42,589 100.0 % $ 77,356 $ (34,767 ) (44.9 )% Cost of sales 34.2 % 14,584 21.1 % 16,321 1,737 10.6 % Gross profit 65.8 % 28,005 78.9 % 61,035 (33,030 ) (54.1 )% Selling, general and administrative expenses: General and administrative 57.4 % 24,458 30.0 % 23,228 (1,230 ) (5.3 )% Selling and marketing 57.8 % 24,621 34.5 % 26,708 2,087 7.8 % Research and development 32.1 % 13,663 17.3 % 13,380 (283 ) (2.1 )% Total selling, general, and administrative expenses 147.3 % 62,742 81.8 % 63,316 574 0.9 % Restructuring, impairment and related charges 53.2 % 22,664 0.0 % - (22,664 ) 0.0 % Total operating expenses 200.5 % 85,406 81.8 % 63,316 (22,090 ) (34.9 )% Operating loss (134.7 )% (57,401 ) (2.9 )% (2,281 ) (55,120 ) (2416.5 )% Other income (expense): Interest income, net 3.2 % 1,366 2.0 % 1,529 (163 ) (10.7 )% Gain (loss) on foreign currency transactions 3.3 % 1,418 (3.0 )% (2,297 ) 3,715 161.7 % Royalty income 0.0 % - 0.7 % 508 (508 ) (100.0 )% Other income, net 0.3 % 131 0.4 % 330 (199 ) (60.3 )% Total other income, net 6.8 % 2,915 0.1 % 70 2,845 4064.3 % Loss before provision for income taxes (127.9 )% (54,486 ) (2.8 )% (2,211 ) (52,275 ) (2364.3 )% Provision (benefit) for income taxes (0.6 )% (275 ) 1.5 % 1,128 1,403 124.4 % Net loss (127.3 )% (54,211 ) (4.3 )% (3,339 ) (50,872 ) (1523.6 )% Net loss per share - basic (1.10 ) (0.07 ) Net loss per share - diluted (1.10 ) (0.07 ) Weighted average shares outstanding - basic 49,344 48,907 Weighted average shares outstanding - diluted 49,344 48,907 Expand Consolidated Statements of Cash Flows (in 000's) Unaudited Quarter Ended March 28, 2025 March 29, 2024 Cash flows from operating activities: Net loss $ (54,211 ) $ (3,339 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation of property and equipment 2,337 1,237 Impairment of fixed assets and operating leases 13,216 - Accretion/Amortization of investments available for sale (129 ) (120 ) Deferred income taxes (1,029 ) 61 Change in net pension liability (2,457 ) (93 ) Stock-based compensation expense 6,015 6,339 Provision for sales returns and bad debts (910 ) 128 Inventory provision 2,031 646 Changes in working capital: Accounts receivable 38,170 29,837 Inventories (6,304 ) (4,002 ) Prepayments, deposits and other assets (1,809 ) (5,485 ) Accounts payable (5,961 ) 1,519 Other current liabilities 5,307 (5,048 ) Net cash provided by (used in) operating activities (5,734 ) 21,680 Cash flows from investing activities: Acquisition of property and equipment (1,468 ) (5,202 ) Purchase of investments available for sale (14,691 ) - Proceeds from sale or maturity of investments available for sale 51,510 21,389 Net provided by investing activities 35,351 16,187 Cash flows from financing activities: Repayment of finance lease obligations (42 ) (40 ) Repurchase of employee common stock for taxes withheld (1,283 ) (1,229 ) Proceeds from vested restricted stock and exercise of stock options 377 5,325 Net cash provided by (used in) financing activities (948 ) 4,056 Effect of exchange rate changes on cash and cash equivalents 286 (937 ) Increase in cash and cash equivalents 28,955 40,986 Cash and cash equivalents, at beginning of the period 144,159 183,038 Cash and cash equivalents, at end of the period $ 173,114 $ 224,024 Expand Reconciliation of Non-GAAP Financial Measure Net Income to Adjusted EBITDA (in 000's except for per share data) Unaudited 2022 Q1-23 Q2-23 Q3-23 Q4-23 2023 Q1-24 Q2-24 Q3-24 Q4-24 2024 Q1-25 Net income (loss) - (as reported) $ 39,665 $ 2,710 $ 6,064 $ 4,817 $ 7,756 $ 21,347 $ (3,339 ) $ 7,379 $ 9,980 $ (34,228 ) $ (20,208 ) $ (54,211 ) Provision (benefit) for income taxes 5,887 2,009 2,428 1,929 5,983 12,349 1,128 2,955 3,179 3,894 11,156 (275 ) Other (income) expense, net (1,750 ) (1,919 ) 105 (451 ) (3,334 ) (5,599 ) (70 ) 1,564 (7,477 ) 2,424 (3,559 ) (2,915 ) Depreciation 4,481 1,113 1,285 1,345 1,368 5,111 1,237 1,522 1,757 2,375 6,891 2,337 (Gain) loss on disposal of property plant and equipment (2) 65 - 24 17 32 73 - 26 1,642 26 1,694 - Restructuring, impairment and related charges (3) - - - - - - - - - - - 22,664 Amortization of intangible assets 28 7 10 (2 ) (2 ) 13 - - - - - - Stock-based compensation 20,371 6,065 8,423 8,846 182 23,516 6,339 9,042 7,160 4,669 27,210 6,015 Adjusted EBITDA $ 68,747 $ 9,985 $ 18,339 $ 16,501 $ 11,985 $ 56,810 $ 5,295 $ 22,488 $ 16,241 $ (20,840 ) $ 23,184 $ (26,385 ) Adjusted EBITDA as a % of Revenue 24.2 % 13.6 % 19.9 % 20.6 % 15.7 % 17.6 % 6.8 % 22.7 % 18.3 % (42.6 )% 7.4 % (62.0 )% Net income (loss) per share, diluted - (as reported) $ 0.80 $ 0.05 $ 0.12 $ 0.10 $ 0.16 $ 0.43 $ (0.07 ) $ 0.15 $ 0.20 $ (0.69 ) $ (0.41 ) $ (1.10 ) Provision (benefit) for income taxes 0.12 0.04 0.05 0.04 0.12 0.25 0.02 0.06 0.06 0.08 0.22 (0.01 ) Other (income) expense, net (0.04 ) (0.04 ) - (0.01 ) (0.07 ) (0.11 ) - 0.03 (0.15 ) 0.05 (0.07 ) (0.06 ) Depreciation 0.09 0.02 0.03 0.03 0.03 0.10 0.03 0.03 0.04 0.05 0.14 0.05 (Gain) loss on disposal of property plant and equipment - - - - - - - - 0.03 - 0.03 - Restructuring, impairment and related charges - - - - - - - - - - - 0.46 Amortization of intangible assets - - - - - - - - - - - - Stock-based compensation 0.41 0.12 0.17 0.18 - 0.48 0.13 0.18 0.14 0.09 0.55 0.12 Adjusted EBITDA per share, diluted (1) $ 1.39 $ 0.20 $ 0.37 $ 0.33 $ 0.24 $ 1.15 $ 0.11 $ 0.45 $ 0.33 $ (0.42 ) $ 0.47 $ (0.53 ) Weighted average shares outstanding - Diluted 49,380 49,500 49,516 49,370 49,242 49,427 48,907 49,811 49,731 49,266 49,597 49,344 (1) Adjusted EBITDA per diluted share may not add due to rounding (2) The Q3-2024 non cash write-off of $1.6M was related to the former EVO Experience Center (3) This was related to severance, consulting expenses and impairment on operating leases, machinery and equipment, leasehold improvements and internally developed software Expand Sales by Geography (in 000's) Unaudited Fiscal Year Three Months Ended Sales by Region 2022 2023 2024 March 29, 2024 June 28, 2024 September 27, 2024 December 27, 2024 March 28, 2025 Americas (1) $ 19,798 $ 22,315 $ 25,229 $ 6,157 $ 6,656 $ 6,029 $ 6,387 $ 6,739 EMEA (2) 40,733 39,488 44,073 11,202 10,235 9,760 12,876 12,331 APAC (3) 223,860 260,612 244,599 59,997 82,114 72,801 29,687 23,519 Global Sales $ 284,391 $ 322,415 $ 313,901 $ 77,356 $ 99,005 $ 88,590 $ 48,950 $ 42,589 Global Sales Growth 23% 13% (3)% 5% 7% 10% (36)% (45)% Americas Sales Growth 33% 13% 13% 8% 15% 9% 20% 9% EMEA Sales Growth (2)% (3)% 12% 1% 13% 19% 16% 10% APAC Sales Growth 29% 16% (6)% 6% 6% 9% (50)% (61)% Global ICL Unit Growth 33% 19% (6)% 2% 3% 6% (39)% (48)% Fiscal Year Three Months Ended Sales by Country (4) 2022 2023 2024 March 29, 2024 June 28, 2024 September 27, 2024 December 27, 2024 March 28, 2025 China $ 148,167 $ 185,554 $ 161,321 $ 38,549 $ 63,395 $ 51,830 $ 7,547 $ 389 Growth 38% 25% (13)% 10% 3% 7% (82)% (99)% Japan $ 43,093 $ 38,472 $ 41,836 $ 10,456 $ 9,885 $ 10,534 $ 10,961 $ 11,391 Growth 5% (11)% 9% (4)% 17% 15% 10% 9% South Korea $ 17,948 $ 19,861 $ 21,853 $ 6,727 $ 3,976 $ 5,435 $ 5,715 $ 7,334 Growth 18% 11% 10% 1% 20% 11% 14% 9% United States $ 14,679 $ 17,221 $ 19,896 $ 4,935 $ 5,399 $ 4,681 $ 4,881 $ 5,459 Growth 45% 17% 16% 8% 24% 12% 17% 11% Global Sales Ex China $ 136,224 $ 136,861 $ 152,580 $ 38,807 $ 35,610 $ 36,760 $ 41,403 $ 42,200 Notes: (1) Americas includes the United States, Canada and Latin American countries (2) EMEA includes Spain, Germany, United Kingdom, European, Middle East and Africa Distributors (3) APAC includes China, Japan, South Korea, India and the rest of Asia Pacific distributors (4) Sales by country includes countries representing more than 5% of total sales in the most recently completed fiscal year Expand
Yahoo
24-04-2025
- Business
- Yahoo
STAAR Surgical Announces Changes to Board of Directors
LAKE FOREST, Calif., April 24, 2025--(BUSINESS WIRE)--STAAR Surgical Company (NASDAQ: STAA), the global leader in phakic IOLs with the EVO family of Implantable Collamer® Lenses (EVO ICL™) for vision correction, today announced changes to its Board of Directors. The Company announced that the Board appointed Louis E. Silverman, who served on the Company's Board from 2014-2022, as a director, effective April 24, 2025. The Company also announced that Aimee S. Weisner, who has served as a director since 2022, has chosen not to stand for re-election to the Board when her term expires at the Company's 2025 annual meeting of shareholders in June. In addition, the Company announced that Wei Jiang, who has served as a director since 2024, has agreed to serve in a short-term role as a special strategic advisor to the Company's Asia Pacific business. "We are pleased to have Lou rejoin the STAAR Board," said the Company's CEO and Board member, Steve Farrell. "Lou's healthcare leadership experience, financial and operating rigor, and his knowledge of STAAR will serve our Board well. I welcome him back, and I look forward to working with him again as we focus on improving our cost structure and returning STAAR to growth. I also want to thank Aimee for her service on the Board." Mr. Farrell continued, "I am also excited that Wei has agreed to help STAAR strengthen our Asia Pacific business and operations during this dynamic time. As a Board member, Wei has worked closely with STAAR's Asia Pacific team to understand the challenges and opportunities in this key region for the Company. Wei's knowledge of STAAR, our business, strategy, and people, combined with his 25+ year history of success in leadership roles at large multinational pharmaceutical companies in China, make him well suited for this role. We are fortunate to have Wei on our Board, and we greatly appreciate his willingness to take on additional responsibilities in the temporary role of Chief of APAC Strategy as we work to best position STAAR for long-term success." "Wei's assistance in-country will accelerate the resolution of our distribution channel challenges in China and will help us to continue to successfully navigate the evolving global tariff environment," said Mr. Farrell. "Fortunately, we already had significant levels of inventory at our distributors in China prior to the imposition of tariffs. When the tariffs were announced, we negotiated and implemented formal consignment agreements with our two major distributors, and we delivered consigned inventory to China in advance of the implementation of tariffs to further mitigate financial exposure. In addition, we are rapidly ramping up our production capabilities in Switzerland to supplement U.S. manufacturing capacity and provide optionality under multiple tariff scenarios. On a related note, we are making meaningful progress on our cost control efforts and remain committed to improving profitability. We look forward to discussing these efforts with investors on our earnings conference call in May." With the appointment of Mr. Silverman to the Board, the STAAR Board of Directors is now comprised of seven directors: Arthur C. Butcher, Stephen C. Farrell, Wei Jiang, Louis E. Silverman, Aimee S. Weisner, Elizabeth Yeu, M.D., and Lilian Y. Zhou. Mr. Farrell, who serves as the Company's CEO, and Mr. Jiang, who is serving as Chief of APAC Strategy through the end of fiscal 2025, do not qualify as independent under Nasdaq rules. The Board has determined that each of the other five directors is independent under the rules of the Securities and Exchange Commission and Nasdaq. Ms. Weisner indicated that her decision not to stand for re-election to the Board is not due to any disagreement with the Company on any matters relating to the Company's operations, policies or practices. About Louis E. Silverman Mr. Silverman currently serves as the Chairperson and Chief Executive Officer of Hicuity Health, Inc. (formerly known as Advanced ICU Care, Inc.), a privately held health care services company providing remote patient monitoring services to hospitals, positions he has held since February 2014. From June 2012 through February 2014, Mr. Silverman served as a consultant and board advisor for private equity investors and others regarding health care technology and health care technology service companies, and health care services portfolio investments. From September 2009 through June 2012, Mr. Silverman was Chief Executive Officer of Marina Medical Billing Services, Inc., a revenue cycle management company serving ER physicians nationally. From September 2008 through August 2009, Mr. Silverman served as President and Chief Executive Officer of Qualcomm-backed health care start-up, LifeComm. From August 2000 through August 2008, Mr. Silverman served as the President and Chief Executive officer of Quality Systems, Inc. (NASDAQ: QSII), a developer of medical and dental practice management and patient records software. From 1993 through 2000, he served in multiple positions, including Chief Operations Officer, of CorVel Corporation (NASDAQ: CRVL), a national managed care services/technology company. From 2014 to 2022, Mr. Silverman served as a member of the STAAR Board of Directors. Mr. Silverman has served as a member of the Board of Oncocyte Corporation (NASDAQ: OCX) since November 2022. Since March 2025, Mr. Silverman has also served as member of the Board of Veradigm Inc. (OTCMKTS: MDRX). Mr. Silverman earned a B.A. from Amherst College and an M.B.A. from Harvard Business School. About Wei Jiang Mr. Jiang most recently served as Executive Vice President and President, Bayer Pharmaceuticals Region China & APAC, and President, Bayer Group Greater China Region, until his retirement in 2021. Prior to joining Bayer (OTCMKTS: BAYRY) in 2012, he held various senior positions at AstraZeneca (NASDAQ: AZN), culminating in his role as Senior Vice President, China operations. Prior to that, Mr. Jiang served as Managing Director, China operations at Guidant Corporation (NYSE: GDT) and in various roles at Eli Lilly & Company (NYSE: LLY) including Marketing Director, China Operations. Mr. Jiang has served as a member of the Board of Waters Corporation (NYSE: WAT) since 2021, including as a member of its science and technology committee. Mr. Jiang earned a in business administration from Campbell University in North Carolina and an M.A. in economics from Indiana State University. About STAAR Surgical STAAR Surgical (NASDAQ: STAA) is the global leader in implantable phakic intraocular lenses, a vision correction solution that reduces or eliminates the need for glasses or contact lenses. Since 1982, STAAR has been dedicated solely to ophthalmic surgery, and for 30 years, STAAR has been designing, developing, manufacturing, and marketing advanced Implantable Collamer® Lenses (ICLs), using its proprietary biocompatible Collamer material. STAAR ICL's are clinically-proven to deliver safe long-term vision correction without removing corneal tissue or the eye's natural crystalline lens. Its EVO ICL™ product line provides visual freedom through a quick, minimally invasive procedure. STAAR has sold more than 3 million ICLs in over 75 countries. Headquartered in Lake Forest, California, the company operates research, development, manufacturing, and packaging facilities in California and Switzerland. For more information about ICL, visit To learn more about STAAR, visit View source version on Contacts Investors & Media Brian MooreVice President, Investor Relations and Corporate Development(626) 303-7902, Ext. 3023bmoore@ Investors - Asia Niko Liu, CFADirector, Investor Relations and Corporate Development - Asia+852-6092-5076nliu@ Sign in to access your portfolio
