STAAR Surgical Company today announced the executive appointment of David Bailey as its new Chief Commercial Officer. The ophthalmic medical device manufacturer develops the EVO family of Implantable Collamer Lenses. In this role, Bailey joins the company’s executive committee, directly reporting to CEO Warren Foust.
Furthermore, he brings extensive industry experience to steer STAAR Surgical through its next commercial expansion phase. The former executive previously transformed the firm’s global refractive surgery strategy during his prior leadership tenure. Today, laser refractive procedures experience global stagnation while EVO ICL continually gains significant market share. Consequently, appointing an experienced Chief Commercial Officer reinforces the enterprise’s strategic revenue growth pillar directly.
“David Bailey doesn’t just know STAAR, he helped change the trajectory of the entire phakic IOL category,” said Mr. Foust. “As our former President and CEO, he launched commercialization of the ICL across Asia and championed development of the central port, the innovation that eliminated the need for a peripheral iridotomy and removed the single greatest barrier to phakic IOL adoption. These decisions helped set in motion what we are seeing today: EVO ICL gaining share from laser procedures, which are now stagnating or declining globally. David understands better than almost anyone what STAAR’s technology is capable of, and what it will take to realize its full commercial potential. His return significantly strengthens our ability to execute on one of our three core strategic pillars Revenue Growth and to accelerate the innovation roadmap that will further widen our advantages over laser-based alternatives.”
Driving Strategic Revenue Growth Across Global Refractive Markets
The incoming Chief Commercial Officer served as President and CEO of STAAR Surgical from 2001 to 2008. Subsequently, he managed international operations from 2008 through 2011 while expanding global market access significantly. During that decade, he raised over $60 million and directed commercial launches across key Asian markets. He also secured landmark FDA approval for the ICL in 2005 to establish broad clinical adoption. Additionally, he acquired the Canon joint venture in Japan to consolidate exclusive proprietary technology control. By 2011, international sales generated 74 percent of the company’s total annual operational revenue. Today, ICL revenues have expanded more than tenfold from their earlier baseline totals. Therefore, bringing back a proven Chief Commercial Officer positions the medical device manufacturer for continued momentum.
“The opportunity in front of STAAR is as compelling as any I’ve seen in this industry,” said Mr. Bailey. “EVO ICL offers something laser procedures simply cannot, providing a removable, reversible solution that preserves the natural cornea, addresses a broad spectrum of myopia and astigmatism, and sets the standard for outstanding outcomes. Laser refractive volumes are declining in every major market, and lens-based surgery is gaining ground wherever surgeons and patients understand the alternative.
What makes this opportunity durable is the material at its core. Collamer is a one-of-a-kind biocompatible platform that competitors have spent decades attempting to replicate. No one has succeeded. That proprietary foundation gives EVO ICL barriers to competition that are rare in this industry, and it is precisely why the value creation opportunity ahead remains as significant as it does.
The growth runway ahead is remarkable, not only in established markets like China, Japan, and the U.S., but across the large and largely untapped populations of South and Southeast Asia, South America, and Africa. And we are not standing still; our innovation roadmap has two clear objectives: first, to further expand our clinical and technical advantages over laser technologies that are, by comparison, largely static; and second, to open entirely new markets and patient populations that ICL has not yet fully reached. Both are sizeable growth drivers, and both are well underway. I’m coming back to STAAR because I believe we are at an inflection point, and that EVO ICL, powered by Collamer, is positioned to become the undisputed standard of care in refractive surgery.”
Expanding Market Access and Technological Leadership Globally
The newly named Chief Commercial Officer possesses over 30 years of medical device and executive operating experience. Previously, he served as CEO at Sensimed and led Medicem’s U.S. women’s health commercial operations. Furthermore, he founded DB Consulting to advise ophthalmic technology organizations on strategic expansion plans. Early in his career, he held leadership roles at CIBA Vision, Bausch & Lomb, and Johnson & Johnson. The new Chief Commercial Officer will join STAAR executives at the 44th ESCRS Congress in London. During the event, the company will engage directly with international ophthalmic surgeons and clinical partners. Ultimately, this key executive appointment as Chief Commercial Officer reinforces STAAR’s vision to dominate modern refractive surgery.
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Source: Businesswire
