FEB 2014

EyeWorld is the official news magazine of the American Society of Cataract & Refractive Surgery.

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Page 82 of 114

by Matt Young EyeWorld Contributing Writer Lucky number 2013 for STAAR Surgical Growth was driven by innovation and international sales I n STAAR Surgical's 2012 annual report, a section called "Risks Related to Our Business" was riddled with potential pitfalls. The Monrovia, Calif.-based c ompany, notable for marketing phakic IOLs, listed 42 unfavorable reasons in about 10 PDF pages why people might not want to invest in the company (or at least consider their investments very carefully). Perhaps no reason was more substantial than this one: "We have a history of losses that could con- tinue in the future. During 2011 STAAR achieved net income from continuing operations after report- ing losses for more than ten years. During 2012 STAAR reported a loss from continuing operations on a GAAP basis." Other reasons included poten- tial delayed Food and Drug Adminis- tration approvals, order backlogs, and economic conditions. Now here's the thing—STAAR Surgical in 2013 turned out to be much more of a success story than doomsday scenario, thanks to inno- vation and international growth. Fortune prevails at STAAR The Los Angeles Business Journal com- mended STAAR for being one of the December week's biggest positive movers, up 21% to $16.10 for the week ending Dec. 27, without the company making any major an- nouncements. While in 2012 the company lost $ 1.76 million, it bounced back in 2013, making $1.27 million during the first three quarters of the year, with each quarter posting a profit. The 2013 annual report was not available as of press time. "STAAR's key operational met- rics for 2013 are guided by two prin- cipal strategic goals: to achieve and m aintain profitability and to lay the groundwork for further growth," ac- cording to management's discussion in the latest quarterly report. To a large extent, that has been done. While management aimed to increase total revenue by 8% to 10% by midyear, the company was doing so well that it increased that goal to 12% to 14% for the full year. It also aimed to achieve profitability in each quarter of 2013, which so far, it had done. Of course, much of this growth is driven by STAAR's technology. "PIOLs are continuing to grow as is evidenced by growth numbers and other companies investing in the technology," said Switzerland- based Paula Ommerli Weber, inter- national marketing manager for STAAR Surgical. "As more and more data emerges regarding the compli- cations of corneal-based procedures, surgeons continue to move toward lens-based solutions." One of those surgeons is Kimiya Shimizu, MD, professor and chair- man, Department of Ophthalmol- ogy, School of Medicine, Kitasato University, Kanagawa, Japan. Dr. Shimizu helped describe—in helpful detail from a surgeon's per- spective rather than a corporation's p erspective—why STAAR may have had more success in 2013. STAAR's surgical benefit "Phakic IOLs are effective for pa- tients with moderate to high myopia of over –6 D, or for ones with kerato- conus, thin corneas or severe dry e ye," Dr. Shimizu said. Dr. Shimizu said he also uses phakic IOLs for mild myopia in some cases. "I believe phakic IOLs will keep on growing, becoming an alternative to LASIK," Dr. Shimizu said. Phakic IOLs certainly are an alternative for those outside of the r ange of a safe LASIK procedure, and they are considered safe by many surgeons, including Dr. Shimizu. EW International 80 February 2014 "Regarding phakic IOLs, there has been no report on such compli- cations as cataract, corneal endothe- lium damage, and glaucoma," Dr. Shimizu said. "Other competitors h ave been providing [a similar] kind of lens as STAAR, but I think [STAAR's] history and patent tech- nology are the big advantages. It has been more than five years since the first KS-AquaPORT (Visian ICL) clin- ical trial, but we have not observed any cataract complications." Dr. Shimizu helped pioneer the K S-AquaPORT technology, a critical component of the company's flagship product (Visian ICL with CentraFLOW). The KS-AquaPORT feature eliminates the need for a peripheral iridectomy, shortening procedure time and enhancing pa- tient comfort, according to STAAR. Small holes in the ICL optic eliminate the need for a peripheral iridectomy. Source: Kimiya Shimizu, MD, PhD The coldest day in Boston's recorded history was February 9, 1934, when the temperature fell to –18 degrees Fahrenheit. Source: www.cityofboston.gov Boston Fun Fact 78-81 International_EW February 2014-DL3_Layout 1 1/30/14 11:08 AM Page 80

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