TakeoverPE & activists

STAASTAAR SURGICAL CO

Ophthalmic Goods · $1.2B market cap · 957 employees

1.5×

More likely than average to be taken private

Top 9% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

6of 15 firedHow well they predict deals →
9 other checks
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • 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
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    $63M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Dec 9, 20258-KAlcon Research, LLC——
Nov 7, 20258-KAlcon Research, LLC——
Sep 16, 2025DEFM14AAlcon Research, LLC$28.0059%
Aug 29, 2025PREM14AAlcon Research, LLC$28.0059%
Aug 5, 20258-KAlcon Research, LLC——

Key numbers

Revenue
$239MFY2022: $239MFY2023: $322MFY2024: $314MFY2026: $239M
24% YoY
Operating margin
-38.3%FY2022: 18.3%FY2023: 8.7%FY2024: -4.0%FY2026: -38.3%
853% YoY
EBITDA
−$83MFY2022: $48MFY2023: $33MFY2024: −$6MFY2026: −$83M
1358% YoY
Net debt / EBITDA
—

Financials

MetricFY2022FY2023FY2024FY2026YoYTrend
Revenue$239M$322M$314M$239M 24% FY2022: $239MFY2023: $322MFY2024: $314MFY2026: $239M
Operating income$44M$28M−$13M−$92M 627% FY2022: $44MFY2023: $28MFY2024: −$13MFY2026: −$92M
Net income$40M$21M−$20M−$80M 298% FY2022: $40MFY2023: $21MFY2024: −$20MFY2026: −$80M
Operating cash flow$36M$15M$16M−$34M 318% FY2022: $36MFY2023: $15MFY2024: $16MFY2026: −$34M
Capex$18M$18M$23M$6M 75% FY2022: $18MFY2023: $18MFY2024: $23MFY2026: $6M
Stock-based comp$20M$24M$27M$31M 12% FY2022: $20MFY2023: $24MFY2024: $27MFY2026: $31M
Buybacks———$6M

13D filers

FiledFilerFormStakeIntent
Mar 13, 2026BROADWOOD PARTNERS, L.P.SCHEDULE 13D/A32.6%Passive
Jan 16, 2026BROADWOOD PARTNERS, L.P.SCHEDULE 13D/A93.3%Active
Jan 16, 2026Yunqi Capital LtdSCHEDULE 13D/A23.0%Active
Jan 8, 2026Yunqi Capital LtdSCHEDULE 13D/A17.1%Active
Dec 17, 2025BROADWOOD PARTNERS, L.P.SCHEDULE 13D/A30.2%Active
Dec 11, 2025Yunqi Capital LtdSCHEDULE 13D/A20.4%Active
Nov 21, 2025BROADWOOD PARTNERS, L.P.SCHEDULE 13D/A30.2%Active
Nov 3, 2025Yunqi Capital LtdSCHEDULE 13D/A20.4%Active
Oct 27, 2025Yunqi Capital LtdSCHEDULE 13D/A20.4%Active
Oct 24, 2025BROADWOOD PARTNERS, L.P.SCHEDULE 13D/A27.4%Active

Insider trading

+$63Mnet buying by insiders, open market, last 12 months
Bought $63M · 22 tradesSold $0 · 0 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2026——30100
FY2024——3195
FY2023——3989
FY2022——6189
FY2021——115111