STAASTAAR SURGICAL CO

Ophthalmic Goods

Revenue: $239M; 24% YoY
Operating margin: -38.3%; 853% YoY
EBITDA: −$83M; 1358% YoY
Market cap: $1.2B
Employees: 957; $250K revenue each
Net debt / EBITDA: —
AI in 10-K: 0.3; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
13% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-19% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$250K · 21st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
15 filings
Active-intent 13D in 18 months
Net insider sellingNo
$63M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2026	YoY	Trend
Revenue	$239M	$322M	$314M	$239M	24%
Operating income	$44M	$28M	−$13M	−$92M	627%
Net income	$40M	$21M	−$20M	−$80M	298%
Operating cash flow	$36M	$15M	$16M	−$34M	318%
Capex	$18M	$18M	$23M	$6M	75%
Stock-based comp	$20M	$24M	$27M	$31M	12%
Buybacks	—	—	—	$6M

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 16, 2025	DEFM14A	Alcon Research, LLC	$28.00	59%
Aug 29, 2025	PREM14A	Alcon Research, LLC	$28.00	59%

13D filers

Filed	Filer	Form	Stake	Intent
Mar 13, 2026	BROADWOOD PARTNERS, L.P.	SCHEDULE 13D/A	32.6%	Passive
Jan 16, 2026	BROADWOOD PARTNERS, L.P.	SCHEDULE 13D/A	93.3%	Active
Jan 16, 2026	Yunqi Capital Ltd	SCHEDULE 13D/A	23.0%	Active
Jan 8, 2026	Yunqi Capital Ltd	SCHEDULE 13D/A	17.1%	Active
Dec 17, 2025	BROADWOOD PARTNERS, L.P.	SCHEDULE 13D/A	30.2%	Active
Dec 11, 2025	Yunqi Capital Ltd	SCHEDULE 13D/A	20.4%	Active
Nov 21, 2025	BROADWOOD PARTNERS, L.P.	SCHEDULE 13D/A	30.2%	Active
Nov 3, 2025	Yunqi Capital Ltd	SCHEDULE 13D/A	20.4%	Active
Oct 27, 2025	Yunqi Capital Ltd	SCHEDULE 13D/A	20.4%	Active
Oct 24, 2025	BROADWOOD PARTNERS, L.P.	SCHEDULE 13D/A	27.4%	Active

Insider trading

Open-market buys, 12 mo: $63M · 22
Open-market sells, 12 mo: $0 · 0
Net: $63M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	30	100
FY2024	—	—	31	95
FY2023	—	—	39	89
FY2022	—	—	61	89
FY2021	—	—	115	111