STAAR Surgical Company (STAA), which manufactures implantable eye lenses, has seen its price increase by over 70 % since the beginning of the year. In Friday’s trading session, STAA stock fell by -1.54%, equivalent to -$2.15 compared to the previous market close. During the trading session, the shares reached a low of $135.63, while a high of $138.74 was recorded. According to the data provided by Barchart, STAA closed the previous session at $139.16, with a volume of 0.6 million.
The primary product of STAAR Surgical is its implantable Collamer lenses, EVO ICL, which represents 86 % of the company’s sales volume in 2019. The patient’s vision improves significantly after implantation of such a lens within the iris. A contact lens or a pair of glasses may be cheaper with EVO ICL, but implants are much easier and less expensive to replace as they do not require consumables or damage from careless handling.
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According to a forecast, approximately 50% of the world’s population will need vision correction due to myopia in 2050. Approximately 25% of the population requires such a correction. Consequently, STAAR Surgical will see an increasing demand for its implantable lenses in the long run. Eyeglasses and traditional contact lenses are simultaneously losing market share to the company. For the year 2019, traditional lenses grew by just a few percentage points, while EVO ICL grew at a rate of 33%.
Last reporting quarter, the Chinese market drove STAAR Surgical Company (STAA) growth with a 34% increase in sales. Plans include strengthening the company’s position in the European and South Korean markets. During the pandemic, STAAR Surgical increased its gross margin by 7% versus last year.
The growing demand for vision correction in all countries of the world means that STAAR Surgical Company (STAA) has the potential for long-term growth. Some users will likely prefer to work with products that are easy to maintain but are highly effective, like EVO ICL lenses.
