Company: STAA
Filing Date: 2025-09-26
Form Type: DEFA14A
Source: 0001193125-25-219844
Chunk: 15

Company: STAAR SURGICAL CO
Filing Date: 2025-09-26
Form: DEFA14A
Chunk 15
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 growth. While some issues in China have been addressed, 2Q25 and 3Q25 trends reinforce STAAR’s Net Sales challenges

STAAR’s Standalone Prospects Carry Meaningful Risk. The Alcon Merger Provides Value in Excess of What STAAR Believes Can Be Achieved in the Foreseeable Future EXECUTIVE SUMMARY | PREMIUM VALUE | STANDALONE RISKS | THOUGHTFUL EVALUATION | BROADWOOD CLAIMS

STAAR’s Net Sales concentration in China is over 50%(1), and its growth is dependent on China, where in-market sales trends and outlook are weak STAAR Net Sales Split by Geography(2) $314M 2024A Net Sales Source:Company filings and Wall Street research. FY 2024A Net Sales. May not sum to 100% due to rounding. Total refractive surgery count for 2023. ~40% of refractive procedures are in China, Japan, and Korea ~4.5M(3) Refractive Procedures China Japan Korea US Rest of World China Japan Korea US Rest of World APAC Net Sales APAC Procedures Geographic Distribution of Procedures While claims have been made that STAAR’s largest customer in China “has maintained a 10% overall growth target”: One customer is not indicative of STAAR’s broader customer base STAAR is only a portion of this customer’s procedures. Its growth target covers the entire refractive category STAAR’s FY2025E year over year Net Sales in China are projected to decline EXECUTIVE SUMMARY | PREMIUM VALUE | STANDALONE RISKS | THOUGHTFUL EVALUATION | BROADWOOD CLAIMS China Growth Claims

STAAR’s growth rate has slowed due to long-term China challenges, and macroeconomic uncertainty remains high FY20-FY25 Net Sales $ in millions China Rest of World YoY China Growth 50% 38% 25% (13%) (44%) 11% “Consumer confidence remains low, the property market is under sustained stress, and households continue to save at historically high levels.” McKinsey & Company, 8.13.25 “Since the pandemic, subdued household confidence has led to cyclical weakness in consumption, which we believe is likely to persist. Low confidence reflects uncertainty over income growth, employment prospects and negative wealth effects from the property correction.” Fitch Ratings, 8.17.25 Note: Permission to use quotations neither sought nor obtained. Reflects management projections in the