FOUNDED: 1998
LEGACY LEADERSHIP: Thomas Burns
HQ: Aliso Viejo
OC SIGNIFICANCE: Currently the most valuable company in Orange County’s thriving ophthalmology sector. Pioneered a completely new treatment paradigm for glaucoma, shifting away from invasive surgeries. Maker of world’s smallest medical device, the iStent, a microscopic implantable device to reduce intraocular pressure in the eye. While small in size, the success of the product is reflected in the company’s $6.7B market cap. Company technology founded around invention made by former UCI Professor Emeritus Dr. Richard Hill.
DEFINING MOMENT: Trials on the iStent began in 2005; company had to convince doctors and their patients to let them insert a device into their eyes. Won FDA approval in 2011, followed by a smaller iStent in 2017.
BY THE NUMBERS: Since going public at $18 each in 2015, shares have risen more than sixfold to $113. Reported record first quarter revenue of $150.6M, up 41% from a year ago. More than 1M iStent devices have been implanted worldwide. Has invested $750M in R&D since 2018 and has 14 disclosed pipeline programs. Ranks as the 11th largest medical device maker in OC with 556 local employees.
QUOTABLE: “Most people would describe my company as a 23-year overnight success. It is a company that we started with four people. Today, we’re approaching 1,200 and we’re able to straddle that fine line between success and failure through a combination of good luck, good fortune, some hard work—and maybe some providential help from time to time.” – Thomas Burns
FUN FACT: Eye stent is smaller than the dot above this “j.”
