LAKE FOREST, Calif. - STAAR Surgical Company (NASDAQ: STAA), a prominent developer of implantable lenses for vision correction, announced a significant agreement with IQ Laser Vision, marking a milestone in its U.S. Highway 93 program. IQ Laser Vision, renowned for its expertise in vision correction, will prioritize EVO Implantable Collamer® Lenses (EVO ICL™) for patients seeking surgical vision correction for myopia and astigmatism.
The partnership aims to nearly double the use of EVO ICLs within the next 12 months across IQ Laser Vision's practices, including Scott Hyver Visioncare, Ellis Eye, and Mattioli Vision Professionals. The collaboration will extend to joint marketing, educational initiatives, and clinical support to enhance EVO ICL's visibility and accessibility.
Tom Frinzi, Chair of the Board and CEO of STAAR Surgical, highlighted the shift towards lens-based procedures in refractive vision correction, noting the decline in traditional laser vision correction methods. He emphasized the significance of IQ Laser Vision's commitment, led by Dr. Robert T. Lin, a pioneer in refractive eye surgery, in adopting EVO ICL as a primary option for vision correction.
EVO ICL offers a reversible lens implant option, preserving the cornea and providing UV protection, addressing a broad range of vision correction needs. Dr. Lin expressed the need for a new direction in refractive surgery, with EVO ICL potentially revitalizing the category in the U.S. market.
The agreement reflects STAAR Surgical's dedication to ophthalmic surgery for over four decades and its commitment to providing visual freedom for patients. With over 3,000,000 ICLs sold globally, STAAR Surgical continues to innovate in the field of vision correction.
This strategic move comes as part of STAAR Surgical's broader efforts to adapt to changing market dynamics and patient preferences in vision correction. The information for this article is based on a press release statement.
InvestingPro Insights
STAAR Surgical Company's (NASDAQ: STAA) recent strategic alliance with IQ Laser Vision could be a pivotal step in the company's expansion within the vision correction sector. The partnership's focus on doubling the use of EVO Implantable Collamer® Lenses aligns with the company's strong financial indicators and market performance. STAAR Surgical boasts a robust balance sheet, holding more cash than debt, which could provide a stable foundation for its ambitious growth plans.
InvestingPro data shows STAAR Surgical with a market capitalization of $2.24 billion and a high price-to-earnings (P/E) ratio of 106.36, reflecting significant investor confidence in the company's future earnings potential. This confidence is further supported by the company's revenue growth over the last twelve months as of Q4 2023, which stands at 13.37%, indicating a solid upward trajectory in its financial performance.
InvestingPro Tips suggest that analysts are optimistic about STAAR Surgical's prospects. Two analysts have revised their earnings estimates upwards for the upcoming period, which could signal anticipated growth and profitability. Additionally, the company has demonstrated strong returns over the last three months, with a price total return of 55.02%, showcasing its robust market performance despite broader economic uncertainties.
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