Here are 1-3 brief analogies for Staar Surgical (STAA):

• The Apple of vision correction implants.
• The Tesla of vision correction.

• EVO Visian ICL™ (Implantable Collamer Lens): These are phakic intraocular lenses designed to correct various vision imperfections, including myopia, hyperopia, and astigmatism, offering a reversible alternative to laser refractive surgery.
• Visian ICL™ (Implantable Collamer Lens): This represents the earlier generation of phakic intraocular lenses, which are still available in some markets for correcting myopia and astigmatism.

Staar Surgical (STAA) sells its vision correction products, primarily implantable collamer lenses (ICL), primarily to other companies and institutions within the healthcare sector, rather than directly to individuals.

According to Staar Surgical's most recent annual report (10-K filing), no single customer accounted for 10% or more of their net sales for the fiscal years 2023, 2022, or 2021. This indicates that Staar Surgical has a diffuse customer base, and therefore, there are no specific "major customer companies" that can be individually identified by name and symbol as accounting for a significant portion of their revenue.

Instead, Staar Surgical's customer base consists of a broad range of entities that facilitate the use of their products by patients. These primary categories of customers include:

• Ophthalmology Clinics and Refractive Surgery Centers: These are specialized medical practices where ophthalmologists perform vision correction procedures using Staar Surgical's ICLs. They can range from independent private practices to larger chains of eye care centers.
• Hospitals and Healthcare Systems: Larger medical institutions and integrated healthcare networks also purchase and stock Staar Surgical's products for use by their ophthalmology departments or affiliated surgeons.
• Medical Distributors: In regions where Staar Surgical does not have a direct sales force, they utilize a network of third-party medical distributors. These distributors purchase products from Staar Surgical and then resell them to ophthalmology clinics, hospitals, and other healthcare providers in their respective territories.

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Stephen C. Farrell was appointed President and Chief Executive Officer of STAAR Surgical effective February 26, 2025. He previously served as Lead Independent Director of the STAAR Board of Directors for nine years. Mr. Farrell brings over two decades of experience as both a CEO and CFO of global healthcare businesses. From 2011 to February 2024, he was CEO of Convey Health Solutions, a technology-enabled healthcare business process outsourcer, which was acquired by TPG Capital in 2022. Prior to that, he served as President of PolyMedica Corporation, a publicly traded provider of diabetes supplies that was acquired by Medco Health Solutions in 2007. He also served as Executive Vice President and Chief Financial Officer for Stream Global Services.

Deborah Andrews was appointed Chief Financial Officer of STAAR Surgical, effective June 25, 2025, after serving as interim CFO since March 2025. She previously held the CFO role at STAAR from 2007 to 2013 and again from 2017 to 2020. Ms. Andrews served in various accounting and finance leadership positions at STAAR from 1995 until her retirement in 2020. Before joining STAAR, she spent three years (1991-1994) as an accountant for KPMG.

Warren Foust was promoted to President and Chief Operating Officer in March 2025. In this role, he continues to oversee the company's sales, manufacturing, and operations functions. Prior to this, Mr. Foust served as Worldwide President, Surgical for Johnson & Johnson Vision starting in December 2019, and before that, he was Worldwide President at Mentor.

Dr. Magda Michna was promoted to the newly created role of Chief Development Officer in March 2025. In this position, she is responsible for the company's quality and research and development (R&D) functions, in addition to her previous oversight of clinical, regulatory, and medical affairs. She previously served as Chief Clinical, Regulatory and Medical Affairs Officer.

Nancy Sabin joined STAAR Surgical as Chief Marketing Officer in May 2024. Prior to her current role, she served as Vice President of Marketing and Connected Commerce for J&J Vision, where she managed marketing, digital strategy, and connected commerce functions for the ACUVUE contact lens business in the US. Ms. Sabin has also held various marketing roles across J&J Consumer and J&J MedTech.

The key risks to STAAR Surgical (STAA) are primarily related to its significant market concentration, intense competitive landscape, and regulatory and economic uncertainties.

1. Market Dependency and Concentration Risks, particularly in China: STAAR Surgical's financial performance is heavily reliant on its business in China, which has historically accounted for a substantial portion of its net sales. The company has recently faced challenges in this market, including declining ICL sales, elevated distributor inventory levels, and a difficult macroeconomic environment. This concentration creates a significant vulnerability to changes in China's dynamic business environment and macroeconomic conditions.

2. Competitive Pressure and Alternative Vision Correction Methods: The ophthalmic surgical market is highly competitive, with numerous companies vying for market share. STAAR Surgical faces ongoing threats from existing and emerging technologies, including other implantable lens solutions and established laser vision correction procedures like LASIK, SMILE, and PRK. Major players such as Alcon, Johnson & Johnson Vision, and Carl Zeiss Meditec offer alternative vision correction methods, posing a continuous challenge to STAAR Surgical's market position. The market is also described as approaching saturation in some areas, intensifying competitive pressures.

3. Regulatory and Economic Uncertainties: As a company operating in a heavily regulated medical device industry with international operations, STAAR Surgical is exposed to various regulatory and economic uncertainties. Changes in healthcare policies, governmental regulations, and the discretion of regulatory agencies to approve or reject existing or new products can significantly impact its business. Furthermore, potential international trade disputes, tariffs, and currency fluctuations can affect financial performance and stability.

Staar Surgical (STAA) primarily focuses on the design, development, manufacturing, and marketing of implantable lenses for the eye, with their main products being from the EVO Implantable Collamer Lens (ICL) family. These lenses are designed to correct myopia (nearsightedness), hyperopia (farsightedness), and astigmatism, offering an alternative to other refractive surgeries like LASIK.

The addressable market for these main products, specifically the global Implantable Collamer Lens (ICL) market, is substantial.

• One estimate indicates the global Implantable Collamer Lens market size was valued at USD 19.53 billion in 2024 and is projected to grow to USD 27.0 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 6.8%.
• Another analysis valued the global Implantable Collamer Lens (ICL) Market at USD 20.7 billion in 2023, with projections to reach USD 32.4 billion by 2031, growing at a CAGR of 13.2% during the forecasted period of 2024 to 2031.

The market for these lenses addresses a broad need for vision correction, particularly given the rising global prevalence of myopia, which is expected to affect 50% of the global population by 2050.

Staar Surgical (STAA) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

• Recovery in China Sales: The company anticipates a significant rebound in revenue from the China market. Following a period where distributors reduced existing inventory, management expects sales to normalize and new orders to resume in the latter half of 2025, which should be a key catalyst for improved top-line performance.
• Sustained Growth in International Markets (Excluding China): Staar Surgical has consistently demonstrated strong revenue growth in other international regions, including the Americas, EMEA (Europe, Middle East, and Africa), and APAC (Asia-Pacific, excluding China). These markets are expected to continue their positive trajectory, contributing to overall revenue expansion.
• Increasing Global Penetration and Market Share of EVO ICL Technology: The growing global prevalence of myopia, coupled with an increasing patient preference for advanced, reversible, and high-quality vision correction solutions like the EVO ICL, is a fundamental driver. Staar Surgical's EVO ICL technology is gaining market share within the broader refractive procedures category.

Share Repurchases

• In May 2025, STAAR Surgical authorized a share repurchase program for $30 million of its outstanding common stock.
• During the second quarter of 2025, the company repurchased approximately $4.5 million of its common stock under this program.
• As of September 26, 2025, approximately $6.5 million had been used for repurchases, with $23.5 million remaining available under the authorization.

Share Issuance

• No significant public share issuances (e.g., secondary offerings) were identified within the last 3-5 years.

Inbound Investments

• On August 5, 2025, STAAR Surgical entered into a definitive merger agreement to be acquired by Alcon for $28.00 per share in cash.
• The total equity value of the acquisition is approximately $1.5 billion.

Outbound Investments

• STAAR Surgical has made no reported outbound investments or acquisitions of other companies within the last 3-5 years.

Capital Expenditures

• STAAR Surgical's capital allocation in recent years has focused on research and development for new presbyopia-correcting phakic intraocular lenses, preloaded injector systems, and next-generation ophthalmic medical devices and materials.
• The company is also engaged in efforts related to manufacturing optimization, including preparations for manufacturing in Switzerland.