STAAR Surgical Company is kicking off 2025 with a few updates to its leadership, starting with naming a new CEO: Stephen C. Farrell.
Let’s start with a company refresh.
Launched in 1982 and headquartered in Lake Forest, California, STAAR designs, develops, manufactures, and markets implantable ocular lenses used in ophthalmic surgery in 75+ countries.
Included in its product portfolio are the following FDA-approved implantable collamer lenses (ICLs):
- EVO ICL
- Phakic intraocular lens (IOL) for myopia and astigmatism
- EVO+ ICL
- Phakic IOL for myopia and astigmatism with an expanded optic
- Visian ICL
- Phakic IOL for myopia, hyperopia, and astigmatism
Now tell me about this new CEO.
With 20+ years of global healthcare business experience holding various CEO and chief finance officer (CFO) roles, Farrell has held executive positions such as:
- CEO of Convey Health Solutions (2011 to 2024)
- CFO and chief operating officer (COO) of PolyMedica Corporation (1999 to 2007)
See here for details.
As for his STAAR experience: He has served on the STAAR Board of Directors for the last 9 years and held the position of lead independent director since 2023.
Nice! So who is he replacing?
That would be Tom Frinzi, who has served as STAAR president and CEO since 2023.
Important to note: While Frinzi is stepping down from his leadership position, he will remain with the company in an advisory role (until January 2026) to “support the leadership transition” and help build on STAAR’s ophthalmic community relationships.
In the last 2 years, Frinzi noted, the company has “steadily advanced the company’s clinical and commercial capabilities and increased the awareness of the EVO ICL throughout the world.”
“I look forward to supporting Steve and the team, helping to ensure a smooth leadership transition, and continuing to collaborate with ophthalmologists to further drive EVO ICL adoption,” he added.
Got it. Any words from Farrell?
In speaking on STAAR’s ICL product lineup, Farrell expressed optimism for the company’s continued success in the ophthalmic market.
“We have a best-in-class product, a strong network of surgeons, and a clear path to continued market share gains in a market that we expect to grow substantially over time,” he stated. “I have long believed in the advantages of the EVO ICL and its potential to transform refractive surgery.”
Speaking of the market … we heard some news.
You must be referring to the company’s recent announcement that it would be laying off 115 people from two of its California facilities.
- The positions: Mainly production operators, technicians, and coaches, according to reports.
The reason: A spokesperson told news outlets that the company has struggled with weak demand in China (notably its largest market) and that the decision to cut staff was made to “best position the company for the current weakness in our largest end market amid ongoing macroeconomic and geopolitical challenges that have pressured the business.”
- Case in point about this market issue: 94% of STAAR’s ICL sales revenue in 2024 came from outside the United States.
- And in China: ICL sales saw a growth of just 13% in 2024 compared to 25% and 38% in 2023 and 2022, respectively.
Interesting … now back to this leadership shift. What else was reported?
That would be two other appointments:
- Elizabeth Yeu, MD, as Board Chair of STAAR’s Board of Directors
- Lilian Zhou as chair of STAAR’s Audit Committee
A couple of notes about these:
Dr. Yeu, a partner at Virginia Eye Consultants, previously served as a member of the Board since 2021.
- She is also the past president (2023-2024) of the American Society of Cataract and Refractive Surgery (ASCRS), is on the ASCRS Executive Board, and is currently the chief medical officer at Tarsus Pharmaceuticals, Inc.
Zhou, on the other hand, previously served as director of STAAR’s Audit Committee since 2023.
- She has 20+ years of experience in the financial analysis, capital market, and investment fields.
Lastly, when do these changes take effect?
Last week (Feb. 26).