New $17 Million Bet on STAAR Surgical Comes as Sales Jump 7% and Margins Hit 82%

Core Insights - Slotnik Capital initiated a new position in STAAR Surgical Company, acquiring 635,000 shares valued at approximately $17.06 million during the third quarter, representing 5.33% of the fund's reportable U.S. equity holdings [2][10] Company Overview - STAAR Surgical Company specializes in advanced implantable lenses for vision correction and cataract surgery, targeting unmet needs in these markets with a focus on proprietary lens technologies [5] - As of the latest report, STAAR's market capitalization stands at $1.15 billion, with a revenue of $230.59 million and a net income of -$96.37 million for the trailing twelve months [4] Financial Performance - The company reported net sales of $94.7 million, reflecting a year-over-year increase of nearly 7%, while gross margins improved significantly [6] - Adjusted EBITDA more than doubled year over year to $34.6 million, indicating a leaner operating model following cost reductions [9] - STAAR ended the quarter with approximately $193 million in cash and investments and no debt, providing financial flexibility to navigate demand fluctuations [9] Market Position - STAAR's shares were priced at $23.20, down about 4% over the past year, underperforming the S&P 500, which increased nearly 17% [3] - The company maintains a competitive edge through ongoing innovation and a direct sales approach to eye care professionals globally [5][7]