STAAR Surgical Announces Strategic Agreement in U.S. with SharpeVision
- Strategic agreement with SharpeVision to provide EVO ICL lenses as the first choice for patients seeking visual freedom from contact lenses and glasses
- Collaboration to increase awareness and availability of the lenses to all qualified patients in SharpeVision clinics
- Initial stage of the collaboration includes a target purchase amount of 1,000 ICL units annually, representing approximately 25% of the group’s refractive procedure volume
- EVO ICL lens can permanently correct vision without removing corneal tissue and is removable by a doctor for added peace of mind
- None.
The strategic agreement between STAAR Surgical and SharpeVision marks a significant commitment to the EVO ICL technology, which is a notable alternative to traditional laser-based vision correction procedures such as LASIK. From an ophthalmological standpoint, the EVO ICL lens offers a reversible option for vision correction, which can be a compelling choice for patients concerned about the permanence of LASIK. Additionally, the avoidance of dry eye syndrome and the preservation of corneal tissue are clinical benefits that could drive patient preference towards EVO ICL. The partnership's focus on increasing awareness and availability of EVO ICL aligns with the broader industry trend towards personalized and less invasive medical solutions.
From a market perspective, the decision by SharpeVision to prioritize EVO ICL lenses for refractive procedures represents a strategic move to differentiate its offerings in a competitive market. The agreement could potentially influence market dynamics by increasing the adoption rate of ICL technology. The target purchase amount of 1,000 ICL units annually indicates a quantifiable commitment that will likely contribute to STAAR Surgical's revenue growth. This partnership may also serve as a bellwether for other ophthalmology groups, potentially leading to increased market penetration for STAAR Surgical's EVO ICL products.
Analyzing the financial implications, the announcement of the strategic agreement could be a positive signal for STAAR Surgical's investors, as it represents a business development that could directly impact revenue streams. The specific mention of a target purchase amount provides a tangible forecast of sales volume. Investors should consider the potential for increased market share and the long-term financial health of STAAR Surgical, given that such agreements can lead to recurring revenue and strengthen customer loyalty. It's also important to monitor the execution of the marketing and education activities, as their effectiveness will be crucial in determining the actual financial impact of the collaboration.
Dr. Matthew Sharpe, SharpeVision (Photo: Business Wire)
STAAR Surgical and SharpeVision will collaborate on marketing and education activities to elevate awareness of EVO ICL and significantly increase availability of the lenses to all qualified patients in SharpeVision clinics. STAAR Surgical will also provide additional practice development and clinical support. The initial stage of the collaboration includes a target purchase amount of 1,000 ICL units annually, which represents approximately
“We are pleased to announce SharpeVision as a new partner under our U.S. Highway 93 go-to-market program initiated in October 2023. Dr. Sharpe is a leading refractive surgeon known for his LASIK clinics who sees the advantage of EVO ICL over laser-based vision correction for his patients and practice alike,” said Tom Frinzi, President and CEO of STAAR Surgical. “Our collaboration will further increase awareness of the patient and practice benefits of EVO ICL, which provides exceptional vision day and night and does not cause dry eye syndrome.”1,2,3
The EVO ICL lens can permanently correct vision without removing corneal tissue and, if desired, is removable by a doctor for added peace of mind. The lens gives the patient flexibility for the future, while also helping to eliminate the hassles of glasses and contact lenses now.
“As surgeons like me get more time and experience with any technology, our level of comfort and proficiency grows,” shared Matthew Sharpe, MD, founder and surgeon, SharpeVision. “Given the outstanding outcomes, EVO ICL is now my first recommendation for patients seeking refractive vision correction. The EVO procedure solves many of the limitations we see in LASIK and PRK laser vision correction surgery including postoperative ocular surface dryness and corneal weakening/ectasia. I have implanted the EVO ICL lenses in more than 600 eyes over the past two years including those of my own son. My son still talks about the freedom of life without glasses or contact lenses and the superb quality of his new vision.”
Warren Foust, Chief Operating Officer of STAAR Surgical stated, “EVO ICL has demonstrated proven clinical benefits for patients in the
For more information about EVO Implantable Collamer® Lenses, please visit https://evoicl.com.
References
- EVO/EVO+ ICL DFU and PIB.
- Martinez-Plazs E, Lopez-Miguel A, Lopez-De La Rosa A, et al. Effect of the EVO+ Visian Phakic Implantable Collamer Lens on Visual Performance and Quality of Vision and Life, Am J Ophthalmol 2021;226: 117–125.
- Naves, J. Carracedo, G. Cacho-Babillo, I. Diadenosine Nucleotid Measurements as Dry-Eye Score in Patients After LASIK and ICL Surgery. Presented at American Society of Cataract and Refractive Surgery (ASCRS) 2012.
About STAAR Surgical
STAAR, which has been dedicated solely to ophthalmic surgery for over 40 years, designs, develops, manufactures and markets implantable lenses for the eye. These lenses are intended to provide visual freedom for patients, lessening or eliminating the reliance on glasses or contact lenses. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAAR’s lens used in refractive surgery is called an Implantable Collamer® Lens or “ICL,” which includes the EVO ICL™ product line. More than 2,500,000 ICLs have been sold to date and STAAR markets these lenses in over 75 countries. To learn more about the ICL go to: EVOICL.com. Headquartered in
About SharpeVision
SharpeVision is a premier ophthalmology group that brings the best refractive and cataract surgeons, technologies and correction procedures to our patients, all for the best price. SharpeVision clinics offer EVO ICL, LASIK, PRK and cataract procedures that are designed to address the three vision milestones of adult life – ocular maturity (prescription stability and the opportunity to correct nearsightedness, farsightedness and astigmatism); dysfunctional lens syndrome (presbyopia ages 45-60); and cataract development (ages 60+). SharpeVision’s goal is to restore the ability to see clearly which is an essential part of being the best version of yourself. SharpeVision currently operates clinics in
Important Safety Information for EVO ICL
The EVO Visian ICL lens is intended to correct/reduce nearsightedness between -3.0 D up to -20.0 D and treat astigmatism from 1.0 D to 4.0 D. If you have nearsightedness within these ranges, EVO Visian ICL surgery may improve your distance vision without eyeglasses or contact lenses. Because the EVO Visian ICL corrects for distance vision, it does not eliminate the need for reading glasses, you may require them at some point, even if you have never worn them before. Since implantation of the EVO Visian ICL is a surgical procedure, before considering EVO Visian ICL surgery you should have a complete eye examination and talk with your eye care professional about EVO Visian ICL surgery, especially the potential benefits, risks, and complications. You should discuss the time needed for healing after surgery. Complications, although rare, may include need for additional surgical procedures, inflammation, loss of cells from the back surface of the cornea, increase in eye pressure, and cataracts. You should NOT have EVO Visian ICL surgery if your doctor determines that 1) the shape of your eye is not appropriate, 2) you do not meet the minimum endothelial cell density for your age at the time of implantation, 3) you have moderate to severe glaucoma, 4) your vision is not stable; or 5) if you are pregnant or nursing.
For additional information with potential benefits, risks and complications please visit evoicl.com.
Safe Harbor
All statements that are not statements of historical fact are forward-looking statements, including statements about any of the following: any financial projections (including sales), plans, strategies, and objectives of management for 2024 and beyond or prospects for achieving such plans, expectations for sales, revenue, margin, expenses or earnings, and any statements of assumptions underlying any of the foregoing, including those relating to financial performance in the upcoming quarter, fiscal year 2024 and beyond. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties related to global economic conditions, as well as the factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 30, 2022 under the caption “Risk Factors,” which is on file with the Securities and Exchange Commission and available in the “Investor Information” section of the company’s website under the heading “SEC Filings.” We disclaim any intention or obligation to update or revise any financial projections or forward-looking statement due to new information or events. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include the following: global economic conditions; the impact of COVID-19; 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; international trade disputes and substantial dependence on demand from
We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the ‘Investor Relations’ sections. Accordingly, investors should monitor such portions of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240123947715/en/
Investors & Media
Brian Moore
Vice President, Investor Relations and Corporate Development
(626) 303-7902, Ext. 3023
bmoore@staar.com
Source: STAAR Surgical Company
FAQ
What is the strategic agreement announced by STAAR Surgical Company with SharpeVision?
What is the target purchase amount of the initial stage of the collaboration with SharpeVision?
What is the purpose of the EVO ICL lens?
