When Alcon paid $1.5 billion for STAAR Surgical, it sent a clear signal to the market: the world of cataract surgery is consolidating, and smart investors are paying attention[17]. We saw this coming. When we invested in Vantage Surgical Solutions in 2021[18], we weren't looking at a flashy startup. We were looking at a company that had been quietly perfecting surgical logistics since 1991 and had earned a staggering 99.8% customer retention rate[19]. That's the kind of number that tells you a company has a deep, unshakeable position in its market.
A Perfect Storm of Trends
Cataract surgery is one of the most attractive procedures in healthcare. It's a demographic certainty; approximately 90% of people over 65 will develop cataracts[20]. It's quick, safe, and profitable, especially with new premium lens technologies. Now, a few key forces are driving a wave of consolidation:1. An Aging Population: Over 73 million Americans will be 65 or older by 2030[21]. The demand is locked in for decades.
2. A Technology Arms Race: The cost of new lasers and premium lenses is getting too high for many independent doctors.
3. The Private Equity Playbook: Firms are rolling up practices and surgery centers to create economies of scale.
Vantage's Unique Position
While other investors were buying clinics or device companies, we saw the value in the layer everyone else overlooks: the equipment and logistics that make every surgery happen. Vantage provides a full-service partnership to surgeons, including the latest machines, a just-in-time inventory of lenses, and expert technicians for the more than 23,000 procedures they support annually[22]. They become so woven into a clinic's daily operations that the thought of replacing them is a nightmare. That's the secret behind their 99.8% retention rate. In a consolidating market, that kind of loyalty is a fortress. As practices combine and look for a single partner to manage their surgical supply chain, Vantage is built to be the obvious answer. The market offers a valuable lesson: while shiny new technology gets the headlines, the companies providing essential, high-quality services often generate the most durable returns.References
- Alcon acquisition of STAAR Surgical announcement, August 2025, $1.5B transaction (industry news) ↩
- Vantage Surgical Solutions investment year, https://pharosfunds.com/vantage-outsourcing.php ↩
- Vantage customer retention, https://pharosfunds.com/vantage-outsourcing.php (99.8% retention rate) ↩
- National Eye Institute, Cataract Statistics, https://www.nei.nih.gov/learn-about-eye-health/eye-conditions-and-diseases/cataracts (90% of people over 65 develop cataracts) ↩
- U.S. Census Bureau population projections, https://www.census.gov/topics/population/older-aging ↩
- Vantage Surgical Solutions procedure volume, https://vantage.healthcare (23,000+ procedures annually) ↩