Company: STAA
Filing Date: 2025-09-16
Form Type: DEFM14A
Source: 0001193125-25-204396
Chunk: 63

Company: STAAR SURGICAL CO
Filing Date: 2025-09-16
Form: DEFM14A
Chunk 63
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economic climate in China and projected levels of STAAR ICL sales, inventory levels held by distributors, and STAAR’s growth rate, Alcon was no longer interested in pursuing an acquisition of STAAR.
Promptly following the conversation, STAAR terminated Alcon’s access to the dataroom that had been provided to facilitate Alcon’s diligence.

On January 5, 2025, the Board held a meeting to discuss the termination of negotiations with Alcon and STAAR’s standalone business
plan, including potential opportunities and risks in China, and market expectations

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for growth in fiscal 2025 and beyond. Following discussions, the Board directed management to focus on STAAR’s standalone business plan.

On February 11, 2025, STAAR issued a press release disclosing its financial results for the quarter and fiscal year ended
December 27, 2024. Among other things, STAAR reported fourth quarter results of (i) net sales of $49.0 million, down from approximately $76.3 million year over year due to significant declines in China revenue, driven by
worsening trends in overall refractive procedure volumes, (ii) reduced gross margin of 64.7% compared to 79.6% during the same period in the prior year and (iii) net loss of $(34.2) million compared to net income of $7.8 million
during the same period in the prior year. STAAR also disclosed that based on STAAR’s outlook for fiscal year 2025, it no longer expected to achieve its Vision 2026 Target Sales and Operating Model, which included an approximate growth rate
range of 15% to 20% year-over-year in 2024, 2025 and 2026. On February 12, 2025, the trading price of STAAR common stock closed at $16.48 per share.

Thereafter, on February 26, 2025, Stephen Farrell, who had previously served as the lead independent director of the Board, was appointed
as the Chief Executive Officer of STAAR, and Elizabeth Yeu, M.D. was appointed to serve as Chair of the Board. On March 18, 2025, STAAR announced the appointment of Deborah Andrews as its Interim Chief Financial Officer.

In March and April 2025, STAAR undertook a realignment of its leadership team and organization structure with a focus on a number of strategic
initiatives, including efforts to (i)