The constant staring at cellphones and computers may cause a rise in myopia, also known as nearsightedness, from 28% of the global population to 50% by 2050, according to Staar Surgical Co.
That’s one reason Lake Forest-based Staar on Nov. 10 opened its first-ever company-owned training center.
“Myopia is a growing problem for the population,” James Francese, Staar’s senior VP of Commercial Operations North America and Asia-Pacific, told the Business Journal.
“Human beings are spending so much time looking at phones and screens.”
The center’s opening comes after Staar, Orange County’s most valuable publicly traded company in the ophthalmology industry (Nasdaq: STAA), faced headwinds in its most recent quarter.
Shares of the maker of implantable lenses for eyes on Nov. 3 fell 12% to $62.08 each and a $3 billion market cap after its forecast disappointed investors.
The company forecast fourth-quarter revenue of $65 million, lower than the $76 million average estimate of analysts.
“Several headwinds are expected to impact” the fourth quarter, Mizuho Securities USA Managing Director Anthony Petrone wrote in a note to investors.
Among those issues are delayed revenue in China because of COVID-19 restrictions, a slowdown in the European economy, a stronger U.S. dollar reducing revenue, and lower-than-expected takeoff of its business in the U.S., Petrone wrote.
Staar CEO Caren Mason predicted business will improve in 2023 in China as its lockdowns caused by COVID-19 may ease. She said that within 18 months, the U.S. market will perform similarly to the growth in China. Europe is “a little foggier” in terms of when it will leave “a predictive recession,” she said. The company forecast its 2023 sales will climb 25% to $355 million.
“I want to stipulate that we are in a growth mode in every market,” she told analysts on a conference call. “We are stagnant nowhere.”
Nearsightedness
Myopia is the most common ocular disorder worldwide.
Staar’s key product is EVO ICL, which is a single-piece foldable phakic intraocular lens (IOL) designed to correct myopia. The implant procedure typically takes 20 to 30 minutes per eye; Staar says it has quick recovery and little downtime typically.
The company’s biggest growth has come from China. Since it won FDA approval seven months ago for the latest version of its EVO product, it’s trained 550 U.S. surgeons on how to use the product, saying it’s on track to train 600 by year’s end.
Currently, Staar sends trainers to teach doctors the procedure.
The new 1,500-square-foot EVO ICL Experience Center in Lake Forest is equipped with a surgical simulation room and features a 120-inch 4K video array that will allow video conferencing and surgical simulation, with the potential to stream live surgeries performed at other locations to the surgical simulation room.
“We expect this center will elevate the training globally,” Francese said.
“Someone can be in an operating room in a different country and could be livestreaming their surgery so it can be watched. Livestreaming cases are great educational tools.”
It plans to train more than 100 surgeons during its first year, and to host events featuring world renowned ophthalmologists.
To date, the company has installed more than 2 million lenses.
“Our surveys say 99.4% of patients would have it done again,” Francese said.
