Company: STAA
Filing Date: 2025-09-16
Form Type: DEFM14A
Source: 0001193125-25-204396
Chunk: 92

Company: STAAR SURGICAL CO
Filing Date: 2025-09-16
Form: DEFM14A
Chunk 92
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 estimates, other publicly available information and information provided by STAAR management. The overall low to high EV / 2026E Revenue multiples, on a fully diluted basis, observed for the selected companies were 0.7x to 3.1x (with a median of 1.9x). Based on its professional judgment and experience, and taking into consideration the observed multiples for the selected companies, Citi then applied an illustrative EV / 2026E Revenue multiple reference range of 1.9x to 3.1x to an estimate of STAAR’s 2026 revenue based on the Projections, to derive ranges of implied enterprise value for STAAR. To the range of implied enterprise values it derived for STAAR, Citi added STAAR’s net cash of $185 million as of June 27, 2025 and divided the results by the diluted common stock share count of STAAR calculated using the treasury stock method, based on equity information as of July 30, 2025, as provided by STAAR management. This analysis indicated an approximate implied per share equity value reference range for STAAR of $16.35 to $23.80, as compared to the closing share price of the STAAR common stock as of August 1, 2025, of $17.76, and the Merger Consideration of $28.00. Selected Precedent Transactions Analysis Using publicly available information, Citi performed a selected precedent transactions analysis of STAAR in which Citi reviewed financial data relating to the following seven selected transactions that Citi considered generally relevant for purposes of analysis, which are collectively referred to as the “selected transactions”:

| Announcement Date |     | Acquiror                      |     | Target                       |
| 03/24/2025        |     | Alcon Inc.                    |     | LENSAR, Inc.                 |
| 06/18/2024        |     | Boston Scientific Corporation |     | Silk Road Medical, Inc.      |
| 02/09/2023        |     | Abbott Laboratories           |     | Cardiovascular Systems, Inc. |
| 01/12/2021        |     | STERIS plc                    |     | Cantel Medical Corp.         |
| 12/18/2020        |     | Koninklijke Philips N.V.      |     | BioTelemetry, Inc.           |
| 11/04/2019        |     | Stryker Corporation           |