STAAR Surgical has brought back former CEO David Bailey as chief commercial officer, putting the executive who led the company from 2001 to 2008 back in charge of commercial strategy as the EVO ICL business continues to gain ground.
Bailey previously served as STAAR’s president and CEO from 2001 to 2008 and as president of international operations from 2008 to 2011. During that period, he raised more than $60 million, won FDA approval for the ICL in 2005, and pushed commercial launches into China, South Korea and other Asian markets.
By the end of his tenure in 2011, international revenue made up 74% of STAAR’s global total, and ICL revenue was about $32 million. STAAR said that figure has since grown more than tenfold.
The company framed the move against a difficult backdrop for laser refractive surgery, saying EVO ICL is taking share as laser volumes stagnate or decline globally. Bailey said laser refractive volumes are declining in every major market, while lens-based surgery is gaining ground.
STAAR also highlighted the scale of its current business: it has sold more than 4 million ICLs in over 85 countries.
Bailey’s return comes as STAAR looks to expand further in China, Japan and the U.S., while also targeting South and Southeast Asia, South America and Africa. The company said its innovation roadmap has two goals: widening its advantages over laser technologies and opening new markets and patient groups. Following these announcements, the company's shares moved -1.19%, and are now trading at a price of $23.34. For more information, read the company's full 8-K submission here.
