STAAR Surgical Co (NASDAQ: STAA) is a medical device company that designs, manufactures, and sells implantable lenses for the correction of refractive vision conditions and cataracts. Revenue comes from transactional sales of implantable lenses to surgeons and healthcare facilities, with patients typically paying out-of-pocket for ICL procedures and third-party payers covering cataract IOL procedures in whole or in part. The company's primary product is the EVO ICL, a posterior chamber phakic intraocular lens made from its proprietary Collamer material, a collagen copolymer exclusive to STAAR. The EVO ICL is the only posterior chamber phakic IOL with FDA approval for marketing and sale in the U.S. as of the 10-K filed 2026-03-03. In fiscal 2025, the company incurred $17.1 million in professional fees related to a proposed merger with Alcon Research, LLC that was terminated on January 6, 2026 after stockholders voted against it. The company also underwent a restructuring effort substantially completed as of June 27, 2025, incurring charges including $12.4 million in severance costs.

Revenue model

Transactional sales of implantable lenses to surgeons and healthcare facilities. ICL procedures are elective and typically paid out-of-pocket by patients. Cataract IOL products are generally covered in whole or in part by third-party payers including Medicare, Medicaid, and private insurance, depending on product type and geography.

Products and services

EVO ICL: a foldable, posterior chamber phakic intraocular lens implanted behind the iris and in front of the natural crystalline lens to correct refractive errors, made from proprietary Collamer biocompatible material. Cataract IOLs: intraocular lenses used in cataract procedures where the natural lens is replaced. The EVO ICL is FDA-approved and described in the filing as the world's largest selling phakic IOL.

Customers and end markets

Ophthalmologists and eye surgeons performing refractive and cataract procedures. End patients for ICL are typically individuals seeking elective refractive vision correction who pay out-of-pocket. Cataract IOL end patients are generally covered by third-party payers. Healthcare facilities and ambulatory surgery centers are the purchase points.

Value-chain role

Manufacturer and seller of implantable ophthalmic lenses. The company conducts its own manufacturing and research and development, uses hazardous materials and an irradiator in production, and in some cases sources components from single suppliers. It sells directly into the surgical channel.

Geographic exposure

The filing references operations and subsidiaries across multiple global locations with electronic communications among worldwide locations. Specific country-level revenue breakdowns are not provided in the excerpts. Foreign exchange exposure to euro and Japanese yen is noted in fiscal 2025 results.

Competitors

LASIK and corneal laser-based refractive surgery providers, Alcon Research LLC

Source: SEC 10-K, filed 2026-03-03

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