Advisor, STAAR SURGICAL CO
STAAR Surgical CEO, Tom Frinzi Discusses Exciting Growth and Developments for 2023
During the ASCRS meeting in San Diego, Mark Kontos, MD talked with Thomas G. Frinzi, Chair of the Board, President and Chief ...
About Thomas Frinzi
In a September 2023 interview, Thomas Frinzi, Chair of the Board, President and CEO of STAAR Surgical, discussed the company's recent performance and developments. He stated that the company had a strong first quarter with 20 percent growth globally, noting that China, a major market, had recovered from a dip in late 2022, and that the U.S. market grew by 78 percent year over year. Frinzi said the company had invested in its U.S. team by adding practice development personnel, clinical applications staff, territory managers, and new executives, which he described as raising the quality of the team. Frinzi attributed increased adoption of the EVO ICL lens to expanded digital marketing and direct-to-consumer advertising, as well as the procedure's simplification due to the elimination of the peripheral iridotomy. He cited 99.4 percent patient satisfaction and two million implants worldwide, adding that no ophthalmologist had expressed dissatisfaction with the lens's quality of vision. Frinzi described the current period as an exciting time to be associated with STAAR Surgical.
Transcript (6 segments)
M
Mark0:00
Tom, thanks for taking a few minutes out of what I know is a really busy schedule today to chat a little bit about what's been happening with Staar. It's really exciting since you've come on as the CEO and started to develop all the things that are happening and changes that are taking place. We're seeing that company really becoming a very aggressive, viable company in the refractive space. What makes you excited about the year ahead with Staar?
T
Thomas Frinzi0:25
Well, thanks Mark. It is a fun time to be associated with Staar Surgical. I think we're just coming off of a very strong first quarter where we had 20% growth and growth around the world. China's been a huge market for us and certainly took a little dip in late 2022, but China is clearly back. We've had tremendous growth in China, we've had growth in Europe, and in the US we grew by 78% year over year. So we're excited about EVO ICL and how it's being received around the world. And here closer to home in the US, we've made a real conscious decision to invest in people and programs. We've added new practice development people, clinical applications people, territory managers, and most recently added really high-end executives in Warren Foust and Magnum to continue to raise the bar in terms of the quality of our team. I certainly believe one of the greatest assets any company can have is its people, and as we make our people stronger and stronger, it bears fruit in so many ways. So it's an exciting time to be part of Staar.
M
Mark1:30
Yeah, well, as a refractive surgeon, Staar has been a big part of our practice for a long time. Over the years, it was a little bit of a challenge using that lens from a surgeon's standpoint. There were things we had to deal with, pressure issues and so on. Now with EVO and the changes that have taken place, in our practice there's three surgeons, and all three of us have really taken a much closer look at using the ICL as an option for patients because we know now that a lot of those issues we concerned ourselves with as surgeons are not really as significant anymore. So we're seeing more patients choosing ICLs in our practice. Are you seeing that around the country?
T
Thomas Frinzi2:11
We are, Mark, and we're real pleased about that. One of the things we have done is really double down on our digital marketing, and in particular directed consumer. We're spending a significant amount of money creating that brand awareness, under which this expanded field organization is really doing the day-to-day selling. That combination is starting to really produce results. I think you've been a part of this as long as I have, and we think back when LASIK was at its heyday—one million, two million, three million, four million procedures. We've never even gotten close to that again. Maybe the market is telling us something. Not that LASIK isn't a viable procedure, but there's room for more options. We think EVO ICL, particularly not having to do a peripheral iridotomy anymore, makes the procedure that much easier to do, simpler from a patient perspective. I think docs are really ready to embrace it. So we love what we're seeing. The momentum's building. As I said, it's a good time to be part of Staar.
M
Mark3:15
Yeah, I think your comments are right on. For us, it's a great technology. When we put that lens in, patients generally do so well and they're so happy with the quality of their vision. We don't have to deal with a lot of other issues that we sometimes have to deal with with some of those other modalities. So it's got a very strong use profile, and we're glad we're able to use it and now use it in ways that make it safer for the patient. It's all about outcomes. 99.4% patient satisfaction, two million implants around the world. I think the safety and efficacy has been established, and patients love it. For the reasons you mentioned, I haven't had one ophthalmologist say to me that they aren't impressed with the quality of vision it produces. Well, it looks like your leadership is making a big change over there, and lots of really exciting things happening. I look forward to seeing where this year takes you.
T
Thomas Frinzi4:08
Good. Well, we got a great team. Thanks, Mark.