Core Viewpoint - Sand Grove Capital Management has established a new position in STAAR Surgical Company, indicating confidence in the company's fundamentals despite its stock price being flat over the past year [1][2]. Company Overview - STAAR Surgical Company specializes in implantable vision correction lenses and surgical delivery systems, focusing on innovation to address various visual disorders through advanced intraocular devices [5][8]. - The company operates a business model centered on proprietary product development and direct sales to clinical professionals, positioning itself as a key player in the refractive and cataract surgery market [6]. Financial Performance - As of the latest quarter, STAAR Surgical reported a revenue increase of 6.9% year over year, reaching $94.7 million, with a gross margin improvement to 82.2% from 77.3% a year ago [9]. - The company's operating income more than tripled year over year, although net income saw a modest dip due to higher taxes [9]. - Cash reserves are strong at approximately $193 million, with no outstanding debt, providing the company with flexibility to navigate demand fluctuations and pursue international expansion [10]. Investment Position - Sand Grove's new stake in STAAR Surgical represents 10.88% of its 13F assets as of September 30, making it a significant holding within the firm's portfolio [3][2]. - The current market capitalization of STAAR Surgical is $1.18 billion, with shares priced at $23.93, reflecting a 1% decline over the past year, contrasting with the S&P 500's 15% increase during the same period [4][3].