US Market News
4月前
STAAR Surgical Reports Fourth Quarter and Fiscal Year 2025 ResultsMarch 3, 2026 4:01 PM
Business Wire
Confident in China Progress and Future Roadmap
A Clear Path Toward Sustainable Profitability and Growth
Board and Leadership Transitions Support Strategy Execution and Shareholder Value Creation
STAAR Interim co-CEOs Issue Letter to Shareholders
Earnings Call and Webcast Today at 5:30 PM Eastern
STAAR Surgical Company (NASDAQ: STAA), the global leader in phakic IOLs with the EVO family of Implantable Collamer® Lenses (EVO ICL™) for vision correction, today reported results for the fourth quarter and fiscal year ended January 2, 2026. STAAR’s Interim co-CEOs will be issuing a Letter to Shareholders after this earnings release, which can be found here: https://investors.staar.com/news-and-events/press-releases.
Fourth Quarter 2025 Financial Overview
Net sales of $57.8 million, up 18.1% Y/Y
Net sales excluding China of $40.3 million, down 2.1% Y/Y
Gross margin at 75.7% vs. 64.7% Y/Y
Net loss of $(18.3) million or $(0.37) per share, compared to a net loss of $(34.2) million or $(0.69) per share a year ago
Adjusted EBITDA1 breakeven or $(0.00) per share, compared to Adjusted EBITDA loss of $(20.8) million or $(0.42) per share a year ago
Fiscal Year 2025 Financial Overview
Net sales of $239.4 million, down 23.7% Y/Y
Net sales excluding China of $161.7 million, up 6.6% Y/Y
Gross margin at 76.2% vs. 76.3% Y/Y
Net loss of $(80.4) million or $(1.62) per share, compared to a net loss of $(20.2) million or $(0.41) per share a year ago
Adjusted EBITDA1 loss of $(6.6) million or ($0.13) per share compared to Adjusted EBITDA income of $23.2 million or $0.47 per share a year ago
Cash, cash equivalents and investments available for sale ended the year at $187.5 million
“Throughout fiscal 2025, we made meaningful progress on multiple fronts, including rebalancing distributor inventory and disciplined gross profit and expense management. The actions we have taken give us confidence in a clear path toward sustained profitability and growth, and we are optimistic about the business in 2026,” said Warren Foust, Interim Co-CEO of STAAR Surgical. “During 2024, China demand was challenged, which led to a double-digit decline in in-market sales2 and increased inventory in the channel. In 2025, in-market demand in China improved with an estimated mid-single-digit recovery, and inventories were reduced to normal levels. In-market demand in China accelerated in the fourth quarter, providing a positive signal for fiscal 2026. However, the in-market recovery did not translate into sales growth for STAAR during the fourth quarter because of a reduction in sub-distributor and customer inventory in China. Due to uncertainties about their future if the Company were acquired by Alcon, certain China sub-distributors and customers returned some inventory to our distributors, resulting in lower-than-anticipated fourth quarter net sales for STAAR. This uncertainty also impacted sales to distributors in other parts of the world. In 2026, with the merger question behind us, we believe we will see modest growth in in-market volume demand and expect net sales in China to increase due to rising average selling prices (ASPs) for lenses and market share gains. ASP increases are being driven by the success of our EVO+ ICL launch in China. The EVO+ ICL for China, which is manufactured in Switzerland, is not subject to US-China tariff volatility. There is excitement around the launch of EVO+ in China, and we are working closely with our distributor partners to accelerate adoption in this key market. We believe our China business is well positioned for growth this year and intend to provide investors with greater transparency into our execution there. We made substantial progress in improving our ability to track channel inventory in China during 2025 and are continuing that effort in 2026.”
Mr. Foust continued, “STAAR possesses a differentiated proprietary material with Collamer®, exceptional optical technology with EVO ICLs, and a proven ability to gain market share. With a large addressable market opportunity driven by the increasing prevalence of myopia worldwide, our leadership in lens-based refractive surgery provides us with a winning formula. As we look to the future as a standalone company, our Board, leadership team, and employees have a renewed focus on strategic execution and long-term value creation for our shareholders.”
Leadership Changes
On February 2, 2026, STAAR announced the appointment of Warren Foust and Deborah Andrews as interim co-Chief Executive Officers. STAAR’s Board of Directors have engaged Egon Zehnder, a leading global executive search and leadership advisory firm, to conduct the search for STAAR’s next Chief Executive Officer. The search will include both internal and external candidates.
Fourth Quarter 2025 Financial Results
Net sales were $57.8 million for the fourth quarter of 2025, up by 18.1% from $49.0 million in the prior year quarter. The year over year increase in net sales primarily reflected sales growth in China. Excluding China, net sales were $40.3 million, a decrease of 2.1% as compared to $41.1 million in the prior year quarter due to the timing of sales returns that disproportionally impacted the fourth quarter compared to the first three quarters of 2025.
Gross profit margin for the fourth quarter of 2025 was 75.7% of total net sales compared to the prior year quarter of 64.7% of total net sales. The increase in gross profit margin versus the prior year quarter was due primarily to the timing of the recognition of the cost of sales associated with the December 2024 China Shipment, decreased period costs resulting from cost reductions implemented in the first quarter of 2025 and the ramp up of Swiss manufacturing, partially offset by higher inventory provisions. As previously disclosed, in December 2024, the Company shipped $27.5 million of ICLs to China, for which it did not recognize revenue in the fourth quarter of 2024 due to extended payment terms with the Company’s distributor. However, cost of sales of $3.9 million associated with the December 2024 China Shipment was recorded in the fourth quarter of 2024. The revenue from this shipment was recognized in the second and third quarters of 2025, as payments were received.
Total operating expenses for the fourth quarter of 2025 were $66.6 million, compared to $59.6 million in the prior year quarter. Operating expenses for the quarter included costs related to the Company’s terminated merger transaction with Alcon of $11.2 million and costs related to restructuring of $0.7 million. Excluding the costs related to the merger and restructuring, operating expenses for the fourth quarter of 2025 were $54.7 million, a reduction of 8.2% from the prior year quarter. General and administrative expenses were $19.6 million compared to $21.3 million in the prior year quarter. The year over year decrease was primarily due to decreased outside services and facilities costs, largely offset by increased compensation related expenses. Selling and marketing expenses were $25.8 million compared to $28.4 million in the prior year quarter. The year over year decrease was due to lower advertising and promotional spending, lower trade show and sales meeting expenses, partially offset by increased compensation expenses. Research and development expenses were $9.2 million compared to $9.8 million in the prior year quarter. The year over year decrease is the result of lower clinical and investigator-initiated trials, partially offset by increased compensation expenses.
Operating loss for the fourth quarter of 2025 was $(22.8) million compared to $(27.9) million in the prior year quarter. Net loss for the fourth quarter of 2025 was $(18.3) million or $(0.37) per diluted share, down from net loss of $(34.2) million or $(0.69) per diluted share for the prior year quarter. The year over year improvement in net loss was primarily attributable to higher gross profit and lower operating expenses before merger and restructuring expenses and foreign exchange gains, partially offset by merger and restructuring expenses.
Fiscal Year 2025 Financial Results
Net sales were $239.4 million for fiscal year 2025 compared to $313.9 million in the prior year. Included in 2025 net sales was the recognition of $27.5 million in China sales from the December 2024 China Shipment, which was deferred from the fourth quarter of 2024 to the second and third quarters of 2025 due to extended payment terms with the Company’s distributor. The decrease in net sales was due to the reduction of distributor and channel inventory in China in the first half of the year partially offset by increased sales outside of China. Excluding China, net sales for fiscal year 2025 were $161.7 million, an increase of 6.6% as compared to $151.6 million in the prior year.
Gross profit margin for fiscal year 2025 was 76.2% of total net sales compared to 76.3% of total net sales for fiscal year 2024.
Operating expenses for fiscal year 2025 were $274.1 million compared to $252.2 million in the prior year. Excluding merger and restructuring expenses, operating expenses for fiscal year 2025 were $228.4 million, a 9.4% reduction from the prior year.
Operating loss for fiscal year 2025 was $(91.7) million compared to operating loss of $(12.6) million for fiscal year 2024. Net loss for fiscal year 2025 was $(80.4) million or $(1.62) per diluted share compared with net loss of $(20.2) million or $(0.41) per diluted share for the prior year.
Cash, cash equivalents and investments available for sale at January 2, 2026, totaled $187.5 million, compared to $230.5 million at the end of the fourth quarter of 2024. The Company had no outstanding debt.
For the year ended January 2, 2026, the Company repurchased approximately 376,000 shares of its common stock under its $30 million share repurchase program announced in May 2025, for a total cost of approximately $6.5 million. The average purchase price per share was $17.20. As of January 2, 2026, approximately $23.5 million remained available under the current authorization.
Earnings Conference Call and Webcast
The Company will host an earnings conference call and webcast today, Tuesday, March 3 at 5:30 p.m. Eastern / 2:30 p.m. Pacific to discuss its financial results and operational progress. To access the webcast please use the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=J3bNAuVd
In addition to live questions, participants may submit questions by email to ir@staar.com
1
Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures. For further information on non-GAAP financial measures, please refer to the “Use of Non-GAAP Financial Measures” section of this press release. Please also refer to the tables at the end of this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure.
2
In-market sales reflect sales from the Company’s distributors to customers and end-users in China. This data is collected and provided by the Company’s distributors and is used by the Company to estimate in-market demand and analyze trends. This data is unaudited by the Company and can be impacted by timing of orders placed, returns, and other factors.
Use of Non-GAAP Financial Measures
To supplement the Company’s financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables include certain non-GAAP financial measures, including Adjusted EBITDA. Management uses these non-GAAP financial measures in its evaluation of Company operating performance and believes investors will find them useful in evaluating the Company’s operating performance, including cash flow generation, and in analyzing period-to-period financial performance of core business operations and underlying business trends. Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
EBITDA is a non-GAAP financial measure, which is calculated by adding interest income and expense, net; provision for income taxes; and depreciation and amortization to net income. In calculating Adjusted EBITDA and Adjusted EBITDA per diluted share, the Company further adjusts for stock-based compensation expense, restructuring, impairment and related charges, and commencing with the fourth quarter ended January 2, 2026, merger transaction and related costs. As stock-based compensation is a non-cash expense that can vary significantly based on the timing, size and nature of awards granted, the Company believes that the exclusion of stock-based compensation expense can assist investors in comparisons of Company operating results with other peer companies because (i) the amount of such expense in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including inducement grants in connection with hiring. Additionally, the Company believes that excluding stock-based compensation from Adjusted EBITDA and Adjusted EBITDA per diluted share assists management and investors in making meaningful comparisons between the Company’s operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future. The Company believes that restructuring, impairment and related charges are not indicative of the underlying operating expense profile for the Company. These charges, which include costs related to severance, reduction in force and consulting expenses, impairment expenses on leasehold improvements and machinery and equipment, impairment on real property right-of-use assets, and impairment of internally developed software, are anticipated to be completed within a finite period of time and can vary significantly in any specific period. The Company believes that excluding restructuring, impairment and related charges from Adjusted EBITDA allows investors to more consistently analyze period-to-period financial performance of its core business operations and better assess the Company’s current and future continuing operations. Similarly, the Company believes that merger transaction and related costs are not indicative of the underlying operating expense profile for the Company and that excluding such costs from Adjusted EBITDA allows investors to more consistently analyze period-to-period financial performance of its core business.
The Company also presents certain financial information on a constant currency basis, which is intended to exclude the effects of foreign currency fluctuations. The Company conducts a significant part of its activities outside the U.S. It receives sales revenue and pays expenses principally in U.S. dollars, Swiss francs, Japanese yen and euros. The exchange rates between dollars and non-U.S. currencies can fluctuate greatly and can have a significant effect on the Company’s results when reported in U.S. dollars. In order to compare the Company's performance from period to period without the effect of currency, the Company will apply the same average exchange rate applicable in the prior period, or the “constant currency” rate to sales or expenses in the current period as well.
In the tables provided below, the Company has included a reconciliation of Adjusted EBITDA and Adjusted EBITDA per diluted share to net income (loss) and net income (loss) per diluted share, the most directly comparable GAAP financial measure, as well as supplemental financial information with net sales expressed in constant currency.
About STAAR Surgical
STAAR Surgical (NASDAQ: STAA) is the global leader in implantable phakic intraocular lenses, a vision correction solution that reduces or eliminates the need for glasses or contact lenses. Since 1982, STAAR has been dedicated solely to ophthalmic surgery, and for 30 years, STAAR has been designing, developing, manufacturing, and marketing advanced Implantable Collamer® Lenses (ICLs), using its proprietary biocompatible Collamer material. STAAR ICL’s are clinically-proven to deliver safe long-term vision correction without removing corneal tissue or the eye’s natural crystalline lens. Its EVO ICL™ product line provides visual freedom through a quick, minimally invasive procedure. STAAR has sold more than 4 million ICLs in over 85 countries. Headquartered in Lake Forest, California, the company operates research, development, manufacturing, and packaging facilities in California and Switzerland. For more information about ICL, visit www.EVOICL.com. To learn more about STAAR, visit http://www.staar.com.
We intend to use our website as a means of disclosing material non-public information about the Company and complying with Regulation FD. Such disclosures will be included on our website in the ‘Investor Relations’ sections at investors.staar.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the Email Alerts section at investors.staar.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often contain words such as “anticipate,” “believe,” “expect,” “plan,” “estimate,” “project,” “continue,” “will,” “should,” “may,” and similar terms. All statements in this press release that are not statements of historical fact are forward-looking statements. These forward-looking statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to: our ability to grow and generate profit; our reliance on independent distributors in international markets; a slowdown or disruption to the Chinese economy; global economic conditions; disruptions in our supply chain; fluctuations in foreign currency exchange rates; international trade disputes (including involving tariffs) and substantial dependence on demand from Asia; changes in effective tax rate or tax laws; any loss of use of our principal manufacturing facility; competition; potential losses due to product liability claims; our exposure to environmental liability; data corruption, cyber-based attacks or network security breaches and/or noncompliance with data protection and privacy regulations; acquisitions of new technologies; climate changes; the willingness of surgeons and patients to adopt a new or improved product and procedure; extensive clinical trials and resources devoted to research and development; compliance with government regulations; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before or after approval, or to take enforcement action; laws pertaining to healthcare fraud and abuse; changes in FDA or international regulations related to product approval; product recalls or failures; and other important factors set forth in the Company’s Annual Report on Form 10-K for the year ended January 2, 2026 under the caption “Risk Factors,” which is filed with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Information” section of the Company’s website under the heading “SEC Filings,” as any such factors may be updated from time to time in the Company’s other filings with the SEC.
Forward-looking statements speak only as of the date they are made and, except as may be required under applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Consolidated Balance Sheets
(in 000's)
Unaudited
ASSETS
January 2, 2026
December 27, 2024
Current assets:
Cash and cash equivalents
$
153,150
$
144,159
Investments available for sale
34,386
86,335
Accounts receivable trade, net
50,064
77,897
Inventories, net
55,496
43,305
Prepayments, deposits, and other current assets
18,449
16,244
Total current assets
311,545
367,940
Property, plant, and equipment, net
73,323
84,889
Finance lease right-of-use assets, net
-
37
Operating lease right-of-use assets, net
29,609
36,850
Cloud-based software
30,700
15,763
Goodwill
1,786
1,786
Deferred income taxes
3,365
788
Other assets
1,350
1,471
Total assets
$
451,678
$
509,524
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
11,574
$
16,704
Obligations under finance leases
-
42
Obligations under operating leases
5,872
3,894
Allowance for sales returns
10,199
6,579
Other current liabilities
40,859
43,087
Total current liabilities
68,504
70,306
Obligations under operating leases
32,481
34,807
Deferred income taxes
-
297
Asset retirement obligations
45
42
Deferred rent
89
-
Pension liability
6,375
6,737
Total liabilities
107,494
112,189
Stockholders' equity:
Common stock
498
493
Additional paid-in capital
504,682
471,449
Treasury Stock
(6,461
)
-
Accumulated other comprehensive loss
(6,511
)
(7,031
)
Accumulated deficit
(148,024
)
(67,576
)
Total stockholders' equity
344,184
397,335
Total liabilities and stockholders' equity
$
451,678
$
509,524
Consolidated Statements of Operations
(in 000's except for per share data)
Unaudited
Three Months Ended
Twelve Months Ended
% of Sales
January 2,
2026
% of Sales
December 27,
2024
Fav (Unfav)
Amount
%
% of Sales
January 2,
2026
% of Sales
December 27,
2024
Fav (Unfav)
Amount
%
Net sales
100.0
%
$
57,801
100.0
%
$
48,950
$
8,851
18.1
%
100.0
%
$
239,442
100.0
%
$
313,901
$
(74,459
)
(23.7
)%
Cost of sales
24.3
%
14,060
35.3
%
17,302
3,242
18.7
%
23.8
%
57,022
23.7
%
74,319
17,297
23.3
%
Gross profit
75.7
%
43,741
64.7
%
31,648
12,093
38.2
%
76.2
%
182,420
76.3
%
239,582
(57,162
)
(23.9
)%
Selling, general and administrative expenses:
General and administrative
33.9
%
19,593
43.6
%
21,344
1,751
8.2
%
35.8
%
85,783
28.6
%
89,898
4,115
4.6
%
Selling and marketing
44.7
%
25,839
58.1
%
28,443
2,604
9.2
%
42.8
%
102,528
37.3
%
116,978
14,450
12.4
%
Research and development
16.0
%
9,244
20.0
%
9,771
527
5.4
%
16.7
%
40,055
14.4
%
45,317
5,262
11.6
%
Total selling, general, and administrative expenses
94.6
%
54,676
121.7
%
59,558
4,882
8.2
%
95.3
%
228,366
80.3
%
252,193
23,827
9.4
%
Merger transaction and related costs
19.4
%
11,209
0.0
%
-
(11,209
)
0.0
%
7.2
%
17,135
0.0
%
-
(17,135
)
0.0
%
Restructuring, impairment and related charges
1.2
%
694
0.0
%
-
(694
)
0.0
%
12.0
%
28,632
0.0
%
-
(28,632
)
0.0
%
Total operating expenses
115.2
%
66,579
121.7
%
59,558
(7,021
)
(11.8
)%
114.5
%
274,133
80.3
%
252,193
(21,940
)
(8.7
)%
Operating loss
(39.5
)%
(22,838
)
(57.0
)%
(27,910
)
5,072
18.2
%
(38.3
)%
(91,713
)
(4.0
)%
(12,611
)
(79,102
)
(627.2
)%
Other income (expense):
Interest income, net
1.8
%
1,072
3.2
%
1,553
(481
)
(31.0
)%
1.9
%
4,594
1.9
%
5,911
(1,317
)
(22.3
)%
Gain (loss) on foreign currency transactions
(0.9
)%
(535
)
(8.7
)%
(4,260
)
3,725
87.4
%
1.1
%
2,603
(1.3
)%
(3,675
)
6,278
170.8
%
Royalty income
0.0
%
-
0.0
%
-
-
0.0
%
0.0
%
-
0.1
%
508
(508
)
(100.0
)%
Other income, net
2.9
%
1,649
0.6
%
283
1,366
482.7
%
0.9
%
2,253
0.3
%
815
1,438
176.4
%
Total other income (expense), net
3.8
%
2,186
(4.9
)%
(2,424
)
4,610
190.2
%
3.9
%
9,450
1.0
%
3,559
5,891
165.5
%
Loss before provision for income taxes
(35.7
)%
(20,652
)
(61.9
)%
(30,334
)
9,682
31.9
%
(34.4
)%
(82,263
)
(3.0
)%
(9,052
)
(73,211
)
(808.8
)%
Provision (benefit) for income taxes
(4.1
)%
(2,343
)
8.0
%
3,894
6,237
160.2
%
(0.8
)%
(1,815
)
3.6
%
11,156
12,971
116.3
%
Net loss
(31.6
)%
(18,309
)
(69.9
)%
(34,228
)
15,919
46.5
%
(33.6
)%
(80,448
)
(6.6
)%
(20,208
)
(60,240
)
(298.1
)%
Net loss per share - basic
(0.37
)
(0.69
)
(1.62
)
(0.41
)
Net loss per share - diluted
(0.37
)
(0.69
)
(1.62
)
(0.41
)
Weighted average shares outstanding - basic
49,758
49,266
49,568
49,125
Weighted average shares outstanding - diluted
49,758
49,266
49,568
49,125
Consolidated Statements of Cash Flows
(in 000's)
Unaudited
Three Months Ended
Twelve Months Ended
January 2,
2026
December 27,
2024
January 2,
2026
December 27,
2024
Cash flows from operating activities:
Net loss
$
(18,309
)
$
(34,228
)
$
(80,448
)
$
(20,208
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation of property and equipment
2,007
2,375
8,319
6,891
Amortization of capitalized cloud-based software
105
-
409
-
Non-cash operating lease expense
905
973
3,570
3,562
Impairment of fixed assets and operating leases
811
-
15,404
-
Gain on fixed asset recovery
(1,458
)
-
(1,458
)
-
Accretion/Amortization of investments available for sale
(143
)
(681
)
(198
)
(1,091
)
Deferred income taxes
(2,198
)
3,543
(2,916
)
3,590
Change in net pension liability
(292
)
188
(249
)
26
Stock-based compensation expense
8,613
4,669
30,588
27,210
Change in asset retirement obligation
4
(77
)
4
(53
)
Loss on disposal of property and equipment
51
26
74
1,694
Provision for sales returns and bad debts
2,689
(1,661
)
3,664
286
Inventory provision
2,073
909
5,334
2,782
Changes in working capital:
Accounts receivable
9,830
26,196
27,834
16,493
Inventories
(4,532
)
(4,038
)
(16,981
)
(10,000
)
Prepayments, deposits and other assets
(2,403
)
440
(1,352
)
(2,006
)
Cloud-based software
(4,700
)
(3,566
)
(15,764
)
(13,357
)
Accounts payable
2,404
2,106
(5,507
)
75
Other current and long-term liabilities
629
3,468
(4,557
)
(169
)
Net cash provided by (used in) operating activities
(3,914
)
642
(34,230
)
15,725
Cash flows from investing activities:
Acquisition of property and equipment
(1,677
)
(5,725
)
(5,820
)
(23,394
)
Purchase of investments available for sale
(48,899
)
(19,046
)
(75,363
)
(80,240
)
Proceeds from sale or maturity of investments available for sale
31,161
5,276
127,522
44,417
Net provided by (used in) investing activities
(19,415
)
(19,495
)
46,339
(59,217
)
Cash flows from financing activities:
Repayment of finance lease obligations
-
(41
)
(42
)
(165
)
Repurchase of common stock
-
-
(6,461
)
-
Repurchase of employee common stock for taxes withheld
(164
)
(109
)
(1,520
)
(1,505
)
Proceeds from vested restricted stock and exercise of stock options
114
40
3,468
7,394
Net cash provided by (used in) financing activities
(50
)
(110
)
(4,555
)
5,724
Effect of exchange rate changes on cash and cash equivalents
374
(881
)
1,437
(1,111
)
Increase (decrease) in cash and cash equivalents
(23,005
)
(19,844
)
8,991
(38,879
)
Cash and cash equivalents, at beginning of the period
176,155
164,003
144,159
183,038
Cash and cash equivalents, at end of the period
$
153,150
$
144,159
$
153,150
$
144,159
Reconciliation of Non-GAAP Financial Measure
Net Income to Adjusted EBITDA
(in 000's except for per share data)
Unaudited
2023
Q1-24
Q2-24
Q3-24
Q4-24(5)
2024(5)
Q1-25
Q2-25(5)
Q3-25(5)
Q4-25
2025(5)
Net income (loss) - (as reported)
$
21,347
$
(3,339
)
$
7,379
$
9,980
$
(34,228
)
$
(20,208
)
$
(54,211
)
$
(16,812
)
$
8,884
$
(18,309
)
$
(80,448
)
Provision (benefit) for income taxes
12,349
1,128
2,955
3,179
3,894
11,156
(275
)
(9,103
)
9,906
(2,343
)
(1,815
)
Other (income) expense, net
(5,599
)
(70
)
1,564
(7,477
)
2,424
(3,559
)
(2,915
)
(4,049
)
(300
)
(2,186
)
(9,450
)
Depreciation
5,111
1,237
1,522
1,757
2,375
6,891
2,337
1,975
2,000
2,007
8,319
(Gain) loss on disposal of property plant and equipment(2)
73
-
26
1,642
26
1,694
-
-
23
51
74
Amortization of capitalized cloud-based software
-
-
-
-
-
-
53
147
104
105
409
Restructuring, impairment and related charges(3)
-
-
-
-
-
-
22,664
5,248
26
694
28,632
Merger transaction and related costs(4)
-
-
-
-
-
-
-
-
5,926
11,209
17,135
Amortization of intangible assets
13
-
-
-
-
-
-
-
-
-
-
Stock-based compensation
23,516
6,339
9,042
7,160
4,669
27,210
6,015
7,802
8,158
8,613
30,588
Adjusted EBITDA
$
56,810
$
5,295
$
22,488
$
16,241
$
(20,840
)
$
23,184
$
(26,332
)
$
(14,792
)
$
34,727
$
(159
)
$
(6,556
)
Net income (loss) as a % of Sales
6.7
%
(4.3
)%
7.4
%
11.3
%
(69.9
)%
(6.6
)%
(127.3
)%
(38.0
)%
9.3
%
(31.6
)%
(33.6
)%
Adjusted EBITDA as a % of Sales
17.6
%
6.8
%
22.7
%
18.3
%
(42.6
)%
7.4
%
(61.8
)%
(33.4
)%
36.7
%
(0.3
)%
(2.7
)%
Net income (loss) per share, diluted - (as reported)
$
0.43
$
(0.07
)
$
0.15
$
0.20
$
(0.69
)
$
(0.41
)
$
(1.10
)
$
(0.34
)
$
0.18
$
(0.37
)
$
(1.62
)
Provision (benefit) for income taxes
0.25
0.02
0.06
0.06
0.08
0.22
(0.01
)
(0.18
)
0.20
(0.05
)
(0.04
)
Other (income) expense, net
(0.11
)
-
0.03
(0.15
)
0.05
(0.07
)
(0.06
)
(0.08
)
(0.01
)
(0.04
)
(0.19
)
Depreciation
0.10
0.03
0.03
0.04
0.05
0.14
0.05
0.04
0.04
0.04
0.17
(Gain) loss on disposal of property plant and equipment
-
-
-
0.03
-
0.03
-
-
-
-
-
Amortization of capitalized cloud-based software
-
-
-
-
-
-
-
-
-
-
0.01
Restructuring, impairment and related charges
-
-
-
-
-
-
0.46
0.11
-
0.01
0.58
Merger transaction and related costs
-
-
-
-
-
-
-
-
0.12
0.23
0.35
Amortization of intangible assets
-
-
-
-
-
-
-
-
-
-
-
Stock-based compensation
0.48
0.13
0.18
0.14
0.09
0.55
0.12
0.16
0.16
0.17
0.62
Adjusted EBITDA per share, diluted(1)
$
1.15
$
0.11
$
0.45
$
0.33
$
(0.42
)
$
0.47
$
(0.53
)
$
(0.30
)
$
0.69
$
-
$
(0.13
)
Weighted average shares outstanding - Diluted
49,427
48,907
49,811
49,731
49,266
49,597
49,344
49,520
50,549
49,758
49,568
(1)
Adjusted EBITDA per diluted share may not add due to rounding.
(2)
The Q3-2024 non cash write-off of $1.6M was related to the former EVO Experience Center.
(3)
This was related to severance, consulting expenses and impairment on operating leases, machinery and equipment, leasehold improvements and internally developed software.
(4)
These are costs related to the merger with Alcon, which was terminated on January 6, 2026.
(5)
As previously disclosed, in December 2024 the Company shipped $27.5 million of ICLs to one of its distributors in China (the “December China Shipment”). The December China Shipment was subject to extended payment terms and was paid in full during Q3 FY25 pursuant to such payment terms. Cost of sales for the December China Shipment of $3.9 million was recognized upon shipment in Q4 FY24. Net sales for the December China Shipment were recognized as payments were received, with $1.6 million and $25.9 million of net sales recognized in Q2 FY25 and Q3 FY25, respectively, at 100% gross margin. If the cost of sales was recognized during the same period as the corresponding net sales, cost of sales related to the December China Shipment would have been $0.2 million and $3.7 million in Q2 FY25 and Q3 FY25, respectively.
Sales by Geography
(in 000's)
Unaudited
Fiscal Year
Three Months Ended
Sales by Region(1)
2023
2024
2025
December 27,
2024
March 28,
2025
June 27,
2025
September 26,
2025
January 2,
2026
Americas(2)
$
22,315
$
25,229
$
28,788
$
6,387
$
6,739
$
7,307
$
7,211
$
7,531
EMEA(3)
40,063
43,511
44,733
12,286
13,110
11,436
10,364
9,823
APAC(4)
260,037
245,161
165,921
30,277
22,740
25,577
77,157
40,447
Global Sales
$
322,415
$
313,901
$
239,442
$
48,950
$
42,589
$
44,320
$
94,732
$
57,801
Global Sales Growth
13
%
(3
)%
(24
)%
(36
)%
(45
)%
(55
)%
7
%
18
%
Americas Sales Growth
13
%
13
%
14
%
20
%
9
%
10
%
20
%
18
%
EMEA Sales Growth
(2
)%
9
%
3
%
7
%
16
%
11
%
8
%
(20
)%
APAC Sales Growth
16
%
(6
)%
(32
)%
(49
)%
(62
)%
(69
)%
6
%
34
%
Global ICL Unit Growth
19
%
(6
)%
(27
)%
(39
)%
(48
)%
(63
)%
9
%
15
%
Fiscal Year
Three Months Ended
Sales by Country(5)
2023
2024
2025
December 27, 2024
March 28, 2025
June 27, 2025
September 26, 2025
January 2, 2026
China
$
184,569
$
162,287
$
77,781
$
7,823
$
(877
)
$
5,299
$
55,833
$
17,526
Growth
25
%
(12
)%
(52
)%
(81
)%
(102
)%
(92
)%
6
%
124
%
Japan
$
38,468
$
41,841
$
45,265
$
10,963
$
11,395
$
10,915
$
11,226
$
11,729
Growth
(11
)%
9
%
8
%
10
%
9
%
10
%
7
%
7
%
South Korea
$
19,880
$
21,636
$
23,380
$
5,880
$
7,522
$
4,293
$
5,491
$
6,074
Growth
11
%
9
%
8
%
17
%
12
%
9
%
8
%
3
%
United States
$
17,221
$
19,896
$
22,558
$
4,881
$
5,459
$
5,635
$
5,632
$
5,832
Growth
17
%
16
%
13
%
17
%
11
%
4
%
20
%
19
%
Global Sales Ex China
$
137,846
$
151,614
$
161,661
$
41,127
$
43,466
$
39,021
$
38,899
$
40,275
Growth
1
%
10
%
7
%
14
%
12
%
10
%
8
%
(2
)%
Notes:
(1)
Certain adjustments have been reclassed from EMEA to APAC. Prior periods have changed to conform to the current presentation.
(2)
Americas includes the United States, Canada and Latin American countries.
(3)
EMEA includes Spain, Germany, United Kingdom, European, Middle East and Africa Distributors.
(4)
APAC includes China, Japan, South Korea, India and the rest of Asia Pacific distributors.
(5)
Sales by country includes countries representing more than 5% of total sales in the most recently completed fiscal year.
Constant Currency Sales
Constant Currency Sales
(in 000's)
Unaudited
Three Months Ended
Three Months Ended
As Reported
Constant Currency
Sales
January 2,
2026
Effect of
Currency
Constant
Currency
December 27,
2024
$ Change
% Change
$ Change
% Change
Total Sales
$
57,801
$
(702
)
$
57,099
$
48,950
$
8,851
18.1
%
$
8,149
16.6
%
Twelve Months Ended
Twelve Months Ended
As Reported
Constant Currency
Sales
January 2,
2026
Effect of
Currency
Constant
Currency
December 27,
2024
$ Change
% Change
$ Change
% Change
Total Sales
$
239,442
$
(1,992
)
$
237,450
$
313,901
$
(74,459
)
(23.7
)%
$
(76,451
)
(24.4
)%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260303436397/en/
Investor/Media Contact:
Connie Johnson
cjohnson@staar.com
(626) 303-7902 (ext. 2207)
Asia Investor/Media Contact:
Niko Liu, CFA
nliu@staar.com
United States: (626) 303-7902 (ext. 3023)
Hong Kong: +852 6092-5076
ir@staar.com
Original: STAAR Surgical Reports Fourth Quarter and Fiscal Year 2025 Results
US Market News
4月前
STAAR Surgical Issues Shareholder LetterMarch 3, 2026 4:02 PM
Business Wire
STAAR Surgical Company (NASDAQ: STAA), the global leader in phakic IOLs with the EVO family of Implantable Collamer® Lenses (EVO ICL™) for vision correction, today issued a Shareholder Letter on Tuesday, March 3 after the market close. STAAR’s results release can be found here: https://investors.staar.com/news-and-events/press-releases.
Fellow Shareholders,
This past month marked an important transition for our company as we stepped into the roles of Interim co-Chief Executive Officers. We are honored by the Board’s confidence and deeply grateful for the dedication of our employees, the loyalty of our customers, and the opportunity to serve you—our shareholders. It is with great pleasure that we take on the responsibility of leading this organization.
STAAR has a long and successful history, and we intend to honor that heritage while advancing the organization forward with focus and urgency. We bring a shared philosophy centered on revenue growth, profitability expansion, and accelerated innovation. We are committed to being shareholder-focused, deeply engaged with our customers, and attentive listeners to our employees, surgeons, distributors, and investors. We believe in empowerment and accountability, clear priorities, and disciplined execution. Leadership transitions are moments not only to preserve what works, but to sharpen focus, accelerate innovation, and elevate our ambitions. STAAR has everything it takes to deliver on these goals: superior technology, trusted relationships with our partners and the team to execute.
As co-CEOs, our partnership is rooted in complementary experience, shared values, and a unified commitment to long-term value creation. We believe this structure enhances decision-making, deepens operational oversight, and positions us to move with both agility and discipline. Above all, we are aligned around a simple objective: delivering sustainable and profitable growth while strengthening the durability and competitiveness of our company.
We may not always get it right, but we approach the year ahead with confidence, rooted in the quality of STAAR’s products and our team, and urgency based on the exciting opportunities ahead and the multiple projects and priorities that we must convert to accomplishments. In the pages that follow, we outline our performance, the strategic priorities guiding our actions, and how we intend to create enduring value for our shareholders.
Thank you for your continued trust and partnership.
2025 was a difficult year of transition for STAAR. We expect 2026 to be a much better year, a year of growth, improving profitability, and meaningful progress across our innovation pipeline.
Less than five years ago, STAAR was experiencing a period of hypergrowth, and we believed that we could continue that pace well into the future. That success was built on the durable advantages of our Collamer® lens material and the growing global recognition that the future of refractive surgery is lens-based. Those advantages remain powerful today. Across most markets, refractive surgery continues to take steps toward lens-based procedures and away from laser-vision correction procedures that require corneal tissue removal.
Over the past four years, however, a combination of macroeconomic headwinds—particularly in China, our largest market—and underperforming initiatives contributed to slower revenue growth, increased our cost structure, reduced our profitability, and delayed progress in our innovation pipeline. Some of our strategic efforts to grow revenue through heavy investments in consumer marketing – particularly in the United States – didn’t deliver in the way that we expected. These challenges understandably impacted investor confidence in STAAR.
In early 2025, we took decisive action. We shifted our marketing focus to a much more controlled, targeted approach that we believe will deliver considerably better return on investment. We temporarily paused shipments to China to address elevated channel inventory, initiated significant cost reductions, and accelerated manufacturing expansion in Switzerland in response to rising tariffs. These steps were difficult but necessary to reset the business and position STAAR for renewed growth and profitability.
Midway through the year, we entered a period of additional disruption related to the proposed merger with Alcon. This development created temporary uncertainty across parts of our distribution network and diverted management focus. In January 2026, our shareholders overwhelmingly rejected that proposal, allowing STAAR to return its full attention to long-term value creation. Shortly thereafter, we strengthened Board alignment by adding directors directly representing over 37% of our outstanding shares. And in February, we implemented new leadership at the CEO level using a co-CEO structure designed to enhance execution and accountability.
Our 2025 cost actions reversed the expense growth of prior years, and we achieved significant cost savings in 2025. As revenue recovers, we intend to maintain this cost discipline, positioning the company to return to profitability. Because our proprietary products earn strong gross margins, our operating margin has the potential to be quite high if we execute our plans effectively. We feel confident that our technology, product roadmap and ability to execute will enable us to both invest to generate significant revenue growth and achieve a substantial operating margin.
China Recovery and Operational Reset
Over the last several years, China’s economy faced a series of disruptions beginning with the COVID-19 pandemic. While the economy grew in each calendar year, the pandemic and its aftermath created significant quarterly volatility. Consumer spending was particularly uneven, at times declining temporarily, in part due to a historic housing downturn.
As the EVO ICL is a cash pay, premium procedure, these dynamics led to meaningful volatility in refractive procedure volumes and a prolonged pause in overall market growth. As a result, EVO ICL procedure growth slowed, and distributor inventories increased until we adjusted them in 2025.
During much of this period, STAAR did not have complete visibility into downstream inventory levels or actual EVO ICL procedure volumes. Over the past year, we have invested time and effort in more comprehensive data processes and analyses that now provide improved and still evolving insight into inventories across the channel. While this work is ongoing, our visibility has improved materially and will continue to strengthen.
Encouragingly, conditions in China began to stabilize in 2025. In-market EVO ICL demand recovered at an estimated mid-single-digit rate as distributor inventories normalized. Procedure volumes accelerated in the fourth quarter, and our largest customer in China reported continued market share gains for EVO ICL and other premium refractive procedures.
At the same time, Chinese government fiscal and monetary stimulus beginning in late 2024 has helped support consumer spending. Housing prices have remained weak, but the Chinese stock market has surged. Global luxury brands, that previously had reported declining sales in China largely reported a return to growth by late 2025. And throughout 2025, demand for refractive surgery was materially less volatile than in prior years.
We are encouraged by this stabilization and remain optimistic about the long-term opportunity in China. Refractive surgery penetration in China remains well below that of many developed markets, even though China has one of the highest rates of myopia in the world.
Beyond China, other emerging market countries in Asia present compelling long-term growth opportunities. Parts of India, for example, are now reaching income and urbanization levels similar to where refractive surgery began accelerating in China, and several other Asian markets offer strong future potential. Outside of Asia Pacific, we continue to build on our foundation of success in Europe, the Middle East, and in the Americas. In the United States, we have improved our cost structure to better align with revenue while continuing to deliver respectable growth. EVO ICL growth is occurring against a broader U.S. refractive market in which laser-based procedures, which require corneal tissue removal, have declined at double-digit rates since 2022. Excluding the temporary post-COVID rebound in 2021, that market has been in decline since 2018, with the rate of decline accelerating from approximately 8% to nearly 20%. Our growth in EMEA has been steady and reliable, and we believe we can continue having success despite declines in laser vision correction procedures.
As the ophthalmology community has discussed for years, the global epidemics of myopia and dry eye disease continue. Refractive surgery addresses myopia, and notably, lens-based refractive surgery does not cause dry eye disease. STAAR is the global leader in lens-based refractive surgery and intends to continue leading the field with our Collamer material and continuing innovation.
Inventory Normalization, Cost Discipline, and Strategic Execution
Our most significant operational challenge in 2025 was working through rebalancing product inventory in China following weakened demand in 2024. That year saw a double-digit decline in in-market EVO ICL sales and elevated inventory levels. In response, we deliberately paused shipments, normalized channel inventory, and strengthened distributor discipline.
These actions were painful but necessary. By late 2025, inventory held by our distributor customers in China had declined below contractual levels, in-market sales and procedures improved, and business momentum began to return.
At the same time, we executed a comprehensive cost-reduction program. Prior to 2024, STAAR had delivered strong adjusted earnings per share for six consecutive years. However, operating expense growth began to outpace revenue growth in 2023.
In early 2025, we acted decisively, and reduced our operating expenses before merger and restructuring charges—beating our second half run rate target of $225 million which we communicated to investors back in Q1’25. As our revenue recovers, we intend to maintain this cost discipline, positioning STAAR for a return to profitability. Over time, we believe that we can return our business to the double-digit operating margin that we consistently achieved a few years ago, while also returning to substantial revenue growth.
Midway through 2025, our business also entered a period of one-time disruptions related to the proposed merger with Alcon. Some distributors returned inventory or paused activity amid merger-related uncertainty. While these disruptions depressed our fourth-quarter results, we believe that reduced distributor inventories will lead to improved revenue in 2026 and beyond. Since the termination of the Alcon merger agreement in January 2026, we have renewed our focus on revenue growth, improving profitability, and accelerating innovation to drive long-term standalone value creation.
Manufacturing Expansion and Tariff Mitigation
In early 2025, rising international tariffs created additional headwinds for our business. STAAR mitigated near-term exposure by deploying temporary consignment inventory to distributors and leveraging existing China-held inventory, while simultaneously accelerating our manufacturing expansion in Nidau, Switzerland.
Our Swiss facility began producing commercial product in 2025 and is now focused exclusively on building EVO and EVO+ for China. This approach allows us to supply China with next-generation lenses that are not subject to US-China tariff volatility. While this transition has carried incremental and duplicative costs, it helps mitigate tariff exposure, and it significantly strengthens our long-term supply chain resilience. We are pleased with our progress on manufacturing yields and quality metrics that we are now achieving in Nidau, which provide a strong base for increased manufacturing volume.
Product Momentum and Pipeline Progress
Momentum is growing across our product portfolio.
In mid-2025, we received regulatory approval in China for EVO+, our next-generation ICL featuring a larger optic zone designed to improve visual quality for patients with larger pupils. Initial shipments began from Switzerland to China in November of 2025, and early customer demand has exceeded expectations. We expect EVO+ in China to continue to command higher average selling prices and contribute to long-term margin expansion as production scales.
In the U.S., the FDA recently expanded EVO ICL’s approved age range from 21–45 to 21–60, opening access to nearly eight million additional potential patients. In markets where EVO ICL is approved up to age 60, patients aged 46–60 typically represent approximately 6% of the EVO ICL patient base. In 2025, we also received regulatory approval for Taiwan. We plan to expand our efforts in that market in 2026 and beyond as we believe it represents an exciting opportunity for STAAR.
Over time, EVO ICL has grown to represent an estimated 12% of refractive surgeries globally, while overall laser vision correction procedures, which require corneal tissue removal, have trended lower.
Our development pipeline offers additional promise to further increase the advantages of lens-based refractive surgery and expand our addressable market. We look forward to updating you on this progress throughout 2026.
Strengthening the Organization
During 2025, we strengthened key areas of our leadership team to support operational excellence and regional execution. In June, we welcomed Filip De Keersmaecker as Senior Vice President, End-to-End Supply Chain. Filip brings deep operational expertise and is leading the effort to ensure product availability while improving working capital. He will also be focused on improving manufacturing efficiency, quality metrics, and supply chain resiliency.
In September, we appointed Ying Chen as Senior Vice President of APAC. Ying brings fresh perspective and strong leadership experience. Her addition strengthens our execution in Asia Pacific and supports our efforts to improve commercial discipline and alignment in China and across the broader region.
We believe these leadership additions meaningfully strengthen our operational foundation as we enter 2026.
Positioned for 2026 and Beyond
With China inventory normalization largely complete, strong early demand for EVO+ in China, meaningful cost reductions behind us, and Swiss manufacturing expansion ramping, we enter 2026 positioned for renewed growth and improving profitability.
During 2026 we are focused on three core objectives:
Revenue Growth - Drive revenue growth through focus and execution — accelerating performance in key markets while working to unlock new opportunities
Profit Expansion - Profit expansion through disciplined investing, focusing on markets with the highest returns, improving costs enterprise-wide, increasing manufacturing yields, maximizing fair ASPs, and scrutinizing distributor economics
Innovation Acceleration - Innovation acceleration by delivering near-term enhancements to our product portfolio while strengthening our next-generation pipeline
STAAR possesses differentiated proprietary material in Collamer, exceptional optical technology in EVO ICL, and a proven ability to gain market share. With a large addressable opportunity driven by rising global myopia prevalence, we believe STAAR has a winning formula.
Our Board, leadership team, and employees are aligned, our strategy is clear, and our focus is on disciplined execution and the urgent task of long-term shareholder value creation.
Thank you for your continued support.
Sincerely,
Warren Foust
Interim Co-Chief Executive Officer
President and Chief Operating Officer
Deborah Andrews
Interim Co-Chief Executive Officer
Chief Financial Officer
About STAAR Surgical
STAAR Surgical (NASDAQ: STAA) is the global leader in implantable phakic intraocular lenses, a vision correction solution that reduces or eliminates the need for glasses or contact lenses. Since 1982, STAAR has been dedicated solely to ophthalmic surgery, and for 30 years, STAAR has been designing, developing, manufacturing, and marketing advanced Implantable Collamer® Lenses (ICLs), using its proprietary biocompatible Collamer material. STAAR ICL’s are clinically-proven to deliver safe long-term vision correction without removing corneal tissue or the eye’s natural crystalline lens. Its EVO ICL™ product line provides visual freedom through a quick, minimally invasive procedure. STAAR has sold more than 4 million ICLs in over 85 countries. Headquartered in Lake Forest, California, the company operates research, development, manufacturing, and packaging facilities in California and Switzerland. For more information about ICL, visit www.EVOICL.com. To learn more about STAAR, visit www.staar.com.
Safe Harbor
All statements that are not statements of historical fact are forward-looking statements, including statements about any of the following: any financial projections (including sales), plans, strategies, and objectives of management for 2026 and beyond or prospects for achieving such plans, expectations for sales, revenue, margin, expenses or earnings, and any statements of assumptions underlying any of the foregoing, including those relating to expected or future financial performance. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties related to our ability to grow or generate profit; global economic conditions; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before or after approval, or to take enforcement action; international trade disputes and substantial dependence on demand from Asia; and the willingness of surgeons and patients to adopt a new or improved product and procedure; as well as the factors set forth in the Company’s Annual Report on Form 10-K for the year ended January 2, 2026 under the caption “Risk Factors,” which is filed with the Securities and Exchange Commission and available in the “Investor Information” section of the Company’s website under the heading “SEC Filings” And in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any financial projections or forward-looking statement due to new information or events. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements.
We intend to use our website as a means of disclosing material non-public information about the Company and complying with Regulation FD. Such disclosures will be included on our website in the ‘Investor Relations’ sections at investors.staar.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the News & Alerts section at https://investors.staar.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260303983177/en/
Investor/Media Contact: ir@staar.com
Connie Johnson
cjohnson@staar.com
(626) 303-7902 (ext. 2207)
Asia Investor/Media Contact:
Niko Liu, CFA
nliu@staar.com
United States: (626) 303-7902 (ext. 3023)
Hong Kong: +852 6092-5076
Original: STAAR Surgical Issues Shareholder Letter
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