Despite a 119.6% revenue surge in 2026Q1, the company struggles with structural profitability as evidenced by an operating margin that has fluctuated between -134.8% and 19.5% over the last five quarters.
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Jan'21 | Jan'20 | Dec'18 | Dec'17 | Dec'16 | Jan'16 | Jan'15 | Jan'14 | Dec'12 | Dec'11 | Dec'10 | Jan'10 | Jan'09 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Jan'04 | Jan'03 | Dec'01 | Dec'00 | Dec'99 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 290.38M | 239.44M | 313.9M | 322.42M | 284.39M | 230.47M | 163.46M | 150.19M | 123.95M | 90.61M | 82.43M | 77.12M | 74.99M | 72.22M | 63.78M | 62.77M | 54.96M | 75.34M | 74.89M | 59.36M | 56.28M | 51.3M | 51.69M | 50.46M | 48.25M | 50.24M | 53.99M | 59M | 54.2M | 42.5M | 42.2M |
| Revenue Growth % | 4.03% | -23.72% | -2.64% | 13.37% | 23.39% | 41% | 8.84% | 21.16% | 36.8% | 9.92% | 6.88% | 2.85% | 3.84% | 13.22% | 1.62% | 14.21% | -27.06% | 0.6% | 26.16% | 5.47% | 9.71% | -0.74% | 2.43% | 4.58% | -3.96% | -6.94% | -8.5% | 8.86% | 27.53% | 0.71% | 21.61% |
| Cost of Goods Sold | 68.44M | 57.02M | 74.32M | 69.76M | 61.01M | 51.84M | 45.1M | 38.23M | 32.44M | 26.33M | 24.06M | 24.4M | 26.16M | 21.91M | 19.49M | 20.4M | 19.88M | 33.45M | 34.79M | 30.1M | 29.85M | 27.52M | 25.54M | 22.62M | 24.1M | 28.2M | 22.6M | 18.7M | 14.1M | 6.8M | 7.9M |
| COGS % of Revenue | - | 23.81% | 23.68% | 21.64% | 21.45% | 22.49% | 27.59% | 25.46% | 26.17% | 29.06% | 29.19% | 31.64% | 34.89% | 30.33% | 30.56% | 32.5% | 36.18% | 44.4% | 46.45% | 50.7% | 53.03% | 53.64% | 49.42% | 44.83% | 49.95% | 56.14% | 41.86% | 31.69% | 26.01% | 16% | 18.72% |
| Gross Profit | 221.94M | 182.42M | 239.58M | 252.65M | 223.38M | 178.64M | 118.36M | 111.95M | 91.51M | 64.28M | 58.37M | 52.72M | 48.82M | 50.31M | 44.29M | 42.37M | 35.08M | 41.89M | 40.11M | 29.27M | 26.43M | 23.79M | 26.14M | 27.84M | 24.15M | 22.03M | 31.39M | 40.3M | 40.1M | 35.7M | 34.3M |
| Gross Margin % | 76.43% | 76.19% | 76.32% | 78.36% | 78.55% | 77.51% | 72.41% | 74.54% | 73.83% | 70.94% | 70.81% | 68.36% | 65.11% | 69.67% | 69.44% | 67.5% | 63.82% | 55.6% | 53.55% | 49.3% | 46.97% | 46.36% | 50.58% | 55.17% | 50.05% | 43.86% | 58.14% | 68.31% | 73.99% | 84% | 81.28% |
| Gross Profit Growth % | - | -23.86% | -5.17% | 13.1% | 25.05% | 50.92% | 5.72% | 22.34% | 42.36% | 10.13% | 10.71% | 7.99% | -2.95% | 13.59% | 4.54% | 20.79% | -16.27% | 4.45% | 37.04% | 10.72% | 11.13% | -9.02% | -6.09% | 15.27% | 9.6% | -29.8% | -22.12% | 0.5% | 12.32% | 4.08% | 23.38% |
| Operating Expenses | 226.94M | 228.37M | 252.19M | 224.55M | 179.58M | 145.3M | 111.59M | 100.1M | 84.92M | 67.91M | 71.02M | 58.06M | 56.85M | 49.61M | 45.51M | 39.59M | 37.68M | 45.62M | 60.49M | 43.38M | 40.03M | 34.6M | 36.3M | 34.36M | 31.26M | 32.59M | 51.57M | 36.3M | 33.5M | 26.4M | 24.2M |
| OpEx % of Revenue | - | 95.37% | 80.34% | 69.65% | 63.15% | 63.04% | 68.27% | 66.65% | 68.51% | 74.95% | 86.16% | 75.28% | 75.81% | 68.7% | 71.35% | 63.07% | 68.56% | 60.55% | 80.77% | 73.08% | 71.13% | 67.44% | 70.24% | 68.1% | 64.79% | 64.87% | 95.52% | 61.53% | 61.81% | 62.12% | 57.35% |
| Selling, General & Admin | 177.31M | 188.31M | 198.22M | 180.15M | 143.6M | 111.44M | 79.67M | 74.8M | 62.89M | 48.8M | 50.73M | 43.3M | 44.36M | 42.7M | 39.07M | 33.72M | 31.25M | 39.97M | 42.78M | 36.67M | 33.29M | 29.02M | 30.05M | 29.24M | 25.79M | 28.79M | 43.62M | 27.8M | 25.5M | 19M | 17.8M |
| SG&A % of Revenue | - | 78.65% | 63.15% | 55.88% | 50.49% | 48.35% | 48.74% | 49.81% | 50.73% | 53.85% | 61.54% | 56.14% | 59.16% | 59.13% | 61.25% | 53.72% | 56.87% | 53.05% | 57.12% | 61.78% | 59.14% | 56.58% | 58.15% | 57.95% | 53.46% | 57.31% | 80.81% | 47.12% | 47.05% | 44.71% | 42.18% |
| Research & Development | 38.43M | 40.05M | 53.97M | 44.4M | 35.98M | 33.86M | 31.92M | 25.3M | 22.03M | 19.12M | 20.29M | 14.76M | 12.36M | 6.71M | 6.44M | 5.87M | 5.72M | 5.89M | 7.94M | 6.71M | 7.08M | 5.57M | 6.25M | 5.12M | 4.02M | 3.8M | 4.22M | 4.3M | 3.6M | 3.9M | 4.1M |
| R&D % of Revenue | - | 16.73% | 17.19% | 13.77% | 12.65% | 14.69% | 19.53% | 16.84% | 17.77% | 21.1% | 24.62% | 19.14% | 16.49% | 9.29% | 10.1% | 9.35% | 10.42% | 7.82% | 10.6% | 11.3% | 12.58% | 10.86% | 12.08% | 10.15% | 8.32% | 7.56% | 7.81% | 7.29% | 6.64% | 9.18% | 9.72% |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 715K | 628K | 470K | 0 | 381K | 486K | 0 | 0 | 700K | -238K | 9.77M | 0 | -331K | 0 | 0 | 0 | 1.45M | 0 | 3.73M | 4.2M | 4.4M | 3.5M | 2.3M |
| Operating Income | -5.01M | -45.95M | -12.61M | 28.1M | 43.8M | 33.34M | 6.77M | 11.85M | 6.59M | -3.63M | -12.65M | -5.34M | -8.03M | 700K | -1.22M | 2.78M | -2.6M | -3.73M | -20.39M | -14.12M | -13.6M | -10.81M | -10.16M | -6.53M | -7.11M | -17.79M | -20.18M | 4M | 6.6M | 9.3M | 10.1M |
| Operating Margin % | -1.72% | -19.19% | -4.02% | 8.71% | 15.4% | 14.47% | 4.14% | 7.89% | 5.32% | -4.01% | -15.35% | -6.92% | -10.7% | 0.97% | -1.91% | 4.43% | -4.73% | -4.95% | -27.22% | -23.78% | -24.17% | -21.07% | -19.65% | -12.93% | -14.74% | -35.4% | -37.38% | 6.78% | 12.18% | 21.88% | 23.93% |
| Operating Income Growth % | - | -264.33% | -144.88% | -35.85% | 31.38% | 392.52% | -42.89% | 79.71% | 281.63% | 71.31% | -137.12% | 33.51% | -1246.71% | 157.38% | -143.84% | 206.96% | 30.22% | 81.71% | -44.39% | -3.8% | -25.8% | -6.44% | -55.68% | 8.27% | 60.01% | 11.87% | -604.55% | -39.39% | -29.03% | -7.92% | 42.25% |
| EBITDA | 3.6M | -37.22M | -5.72M | 33.22M | 48.31M | 36.98M | 9.86M | 15.55M | 9.06M | -277K | -9.76M | -2.94M | -5.57M | 2.85M | 741K | 5.05M | -196K | 14K | -16.75M | -11.61M | -11.23M | -8.34M | -7.46M | -3.62M | -4.01M | -14.16M | -16.45M | 8.2M | 11M | 12.8M | 12.4M |
| EBITDA Margin % | 1.24% | -15.54% | -1.82% | 10.3% | 16.99% | 16.05% | 6.03% | 10.35% | 7.31% | -0.31% | -11.84% | -3.81% | -7.42% | 3.95% | 1.16% | 8.04% | -0.36% | 0.02% | -22.36% | -19.56% | -19.95% | -16.26% | -14.44% | -7.18% | -8.31% | -28.19% | -30.47% | 13.9% | 20.3% | 30.12% | 29.38% |
| EBITDA Growth % | 106.02% | -550.66% | -117.22% | -31.24% | 30.64% | 274.91% | -36.57% | 71.66% | 3370.4% | 97.16% | -232.53% | 47.26% | -295.26% | 284.75% | -85.32% | 2676.02% | -1500% | 100.08% | -44.23% | -3.39% | -34.65% | -11.72% | -106.04% | 9.63% | 71.69% | 13.91% | -300.63% | -25.45% | -14.06% | 3.23% | 44.19% |
| D&A (Non-Cash Add-back) | 8.6M | 8.73M | 6.89M | 5.12M | 4.51M | 3.64M | 3.1M | 3.7M | 2.46M | 3.35M | 2.89M | 2.4M | 2.46M | 2.15M | 1.96M | 2.27M | 2.41M | 3.74M | 3.64M | 2.51M | 2.37M | 2.47M | 2.69M | 2.9M | 3.1M | 3.62M | 3.73M | 4.2M | 4.4M | 3.5M | 2.3M |
| EBIT | 6.19M | -45.95M | -12.61M | 28.1M | 43.8M | 33.34M | 6.77M | 11.85M | 6.59M | -3.63M | -12.65M | -5.48M | -5.34M | 1.28M | -228K | 3.23M | -2.79M | -4.43M | -20.77M | -14.12M | -13.6M | -10.81M | -10.16M | -6.53M | -7.11M | -10.55M | -20.18M | 4M | 6.6M | 9.3M | 10.1M |
| Net Interest Income | 4.13M | 4.59M | 5.91M | 6.99M | 2.45M | -38K | 238K | 988K | 165K | -112K | -112K | -78K | -103K | -111K | -232K | -491K | -853K | -1.25M | -741K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.13M | 4.59M | 5.91M | 6.99M | 2.45M | - | 238K | 988K | 165K | 0 | 3K | 50K | 51K | 59K | 59K | 32K | 43K | 60K | 160K | 0 | 0 | 0 | 0 | 0 | 270K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 38K | 0 | 0 | 0 | 112K | 115K | 128K | 154K | 170K | 291K | 523K | 896K | 1.33M | 901K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -14.55M | -36.32M | 3.56M | 5.6M | 1.75M | -2.04M | 1.5M | 1.17M | 44K | 1.33M | 211K | -268K | -618K | 414K | 701K | -79K | -1.08M | -741K | -1.28M | -1.04M | 95K | 854K | -88K | -705K | -1.01M | 2.99M | -5.3M | -900K | -500K | 2.4M | 100K |
| Pretax Income | -19.56M | -82.26M | -9.05M | 33.7M | 45.55M | 31.3M | 8.27M | 13.03M | 6.64M | -2.3M | -12.44M | -5.61M | -8.64M | 1.11M | -519K | 2.7M | -3.68M | -4.71M | -21.67M | -15.16M | -13.51M | -9.96M | -10.25M | -7.16M | -8.12M | -18.24M | -25.48M | 3.1M | 6.1M | 11.7M | 10.2M |
| Pretax Margin % | -6.74% | -34.36% | -2.88% | 10.45% | 16.02% | 13.58% | 5.06% | 8.67% | 5.36% | -2.53% | -15.1% | -7.27% | -11.53% | 1.54% | -0.81% | 4.31% | -6.7% | -6.25% | -28.94% | -25.53% | -24% | -19.41% | -19.82% | -14.19% | -16.84% | -36.31% | -47.2% | 5.25% | 11.25% | 27.53% | 24.17% |
| Income Tax | 1.47M | -1.81M | 11.16M | 12.35M | 5.89M | 3.79M | 2.35M | -1.02M | 1.67M | -157K | -315K | 928K | -253K | 716K | 1.24M | 1.36M | 432K | 1.49M | 1.52M | 843K | 1.54M | 1.24M | 1.06M | 1.13M | 8.96M | -3.55M | -6.58M | 900K | 2M | 4.3M | 3.3M |
| Effective Tax Rate % | -7.53% | 2.21% | -123.24% | 36.65% | 12.92% | 12.12% | 28.47% | -7.85% | 25.17% | 6.84% | 2.53% | -16.56% | 2.93% | 64.27% | -239.69% | 50.15% | -11.74% | -31.69% | -7.03% | -5.56% | -11.38% | -12.44% | -10.32% | -15.74% | -110.28% | 19.45% | 25.82% | 29.03% | 32.79% | 36.75% | 32.35% |
| Net Income | -21.03M | -80.45M | -20.21M | 21.35M | 39.66M | 27.51M | 5.91M | 14.05M | 4.97M | -2.14M | -12.13M | -6.53M | -8.39M | 398K | -1.76M | 1.35M | 53K | -6.2M | -23.2M | -16M | -15.04M | -11.18M | -11.33M | -8.36M | -17.16M | -14.83M | -18.9M | 2.2M | 2.4M | 7.4M | 6.9M |
| Net Margin % | -7.24% | -33.6% | -6.44% | 6.62% | 13.95% | 11.94% | 3.62% | 9.35% | 4.01% | -2.36% | -14.71% | -8.47% | -11.19% | 0.55% | -2.76% | 2.15% | 0.1% | -8.23% | -30.97% | -26.95% | -26.73% | -21.78% | -21.93% | -16.56% | -35.56% | -29.53% | -35.01% | 3.73% | 4.43% | 17.41% | 16.35% |
| Net Income Growth % | 70.41% | -298.1% | -194.66% | -46.18% | 44.18% | 365.26% | -57.91% | 182.77% | 332.26% | 82.36% | -85.66% | 22.15% | -2208.54% | 122.58% | -230.79% | 2443.4% | 100.85% | 73.27% | -44.98% | -6.35% | -34.62% | 1.39% | -35.6% | 51.29% | -15.67% | 21.53% | -959.16% | -8.33% | -67.57% | 7.25% | -8% |
| Net Income (Continuing) | -21.03M | -80.45M | -20.21M | 21.35M | 39.66M | 27.51M | 5.91M | 14.05M | 4.97M | -2.14M | -12.13M | -6.53M | -8.39M | 398K | -1.76M | 1.35M | -4.11M | -6.2M | -23.2M | -16M | -15.04M | -11.18M | -11.33M | -8.36M | -17.16M | -14.83M | -18.9M | 2.2M | 4.1M | 7.4M | 6.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22K | 204K | 100K | 382K | 203.92K | 500K | 900K | 0 | 0 |
| EPS (Diluted) | -0.41 | -1.62 | -0.41 | 0.43 | 0.80 | 0.50 | 0.12 | 0.30 | 0.11 | -0.05 | -0.30 | -0.17 | -0.22 | 0.01 | -0.05 | 0.04 | 0.00 | -0.19 | -0.79 | -0.57 | -0.60 | -0.47 | -0.58 | -0.47 | -1.00 | -0.87 | -1.23 | 0.15 | 0.17 | 0.53 | 0.50 |
| EPS Growth % | 70.83% | -295.12% | -195.35% | -46.25% | 60% | 316.67% | -60% | 172.73% | 310.73% | 82.6% | -76.47% | 22.73% | -2300% | 120.58% | -221.5% | - | 100.79% | 75.95% | -38.6% | 5% | -27.66% | 18.97% | -23.4% | 53% | -14.94% | 29.27% | -920% | -11.76% | -67.92% | 6% | -9.09% |
| EPS (Basic) | - | -1.62 | -0.41 | 0.44 | 0.83 | 0.52 | 0.13 | 0.32 | 0.11 | -0.05 | -0.30 | -0.17 | -0.22 | 0.01 | -0.05 | 0.04 | 0.00 | -0.19 | -0.79 | -0.57 | -0.60 | -0.47 | -0.58 | -0.47 | -1.00 | -0.87 | -1.23 | 0.15 | 0.18 | 0.57 | 0.50 |
| Diluted Shares Outstanding | 50.9M | 49.57M | 49.13M | 49.43M | 49.38M | 49.46M | 47.95M | 46.9M | 45.26M | 41M | 40.33M | 39.26M | 38.09M | 38.61M | 36.25M | 36.88M | 34.83M | 32.5M | 29.47M | 28.12M | 25.23M | 23.7M | 19.6M | 17.7M | 17.16M | 17M | 15.37M | 14.67M | 14.12M | 13.96M | 13.8M |
| Basic Shares Outstanding | 49.91M | 49.57M | 49.13M | 48.52M | 47.99M | 47.21M | 45.6M | 44.49M | 45.16M | 41M | 40.33M | 38.43M | 38.09M | 36.71M | 35.26M | 35.43M | 34.83M | 32.5M | 29.47M | 28.12M | 25.23M | 23.7M | 19.6M | 17.7M | 17.14M | 17M | 15.37M | 14.67M | 13.33M | 12.98M | 13.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geographic revenue concentration risk
As reported in recent financial filings, STAA's revenue trajectory has exhibited extreme volatility, highlighted by a 119.6% surge in 2026Q1 followed by significant contractions in prior periods, suggesting that the company's reliance on elective procedure volumes remains highly sensitive to external macroeconomic and regional demand shifts.
The erratic revenue performance indicates that the company's growth is not yet decoupled from cyclical consumer spending patterns. Investors should monitor whether the recent rebound in 2026Q1 represents a sustainable return to growth or merely a recovery from previous inventory-related channel adjustments.
Based on the provided income statement data, STAA maintains a robust gross margin profile, consistently hovering near 75% despite significant top-line fluctuations, which suggests that the proprietary Collamer material provides a durable pricing advantage that remains largely insulated from the company's broader operational and sales-related cost pressures.
This high gross margin is a critical indicator of the company's underlying product value proposition. However, the stability of these margins does not translate to the bottom line, implying that the current challenges are rooted in operating expense management rather than product-level profitability.
According to the company's quarterly income statements, STAA has struggled to achieve positive operating leverage, with SG&A expenses frequently exceeding gross profit, leading to deep operating losses that suggest the current cost structure is misaligned with the company's actualized revenue generation capacity in recent quarters.
The inability to scale operating income alongside gross profit indicates that the company's aggressive investment in sales and marketing is not currently yielding the expected efficiency gains. This warrants further investigation into whether these expenditures are essential for market penetration or represent an inefficient allocation of capital.
As evidenced by the financial data, STAA's net income is significantly impacted by non-cash charges, including substantial stock-based compensation that reached $8.6 million in 2025Q4, which complicates the assessment of true operational profitability and suggests that reported EPS may not fully reflect the company's underlying cash-generating capability.
The reliance on equity-based incentives during periods of negative net income may dilute shareholder value without providing a clear link to improved operational performance. Analysts should adjust for these items to better understand the company's core earnings power and the true cost of its human capital.
Based on the reported figures, the most significant risk to the investment thesis is the company's persistent cash burn, which appears to be driven by a fixed-cost base that remains elevated despite the recent 23.72% revenue decline, raising concerns about the long-term sustainability of current spending levels.
Short-sellers would likely focus on the disconnect between the company's high-growth narrative and the reality of its negative operating margins. If revenue growth fails to re-accelerate, the company may be forced to choose between aggressive cost-cutting that could impair future growth or further eroding its cash reserves.
Quick answers to the most common questions about buying STAA stock.
For fiscal year 2025, STAAR Surgical Company (STAA) reported total revenue of $239.4M. This represents a 467.4% increase compared to $42.2M in 1996.
STAAR Surgical Company (STAA) reported a net loss of $80.4M for the fiscal year ending 2025.
STAAR Surgical Company (STAA) reported an operating income of $-45.9M, resulting in an operating profit margin of -19.2%. This margin reflects the operational efficiency of the business before interest and taxes.
STAAR Surgical Company (STAA) generated $182.4M in gross profit for the year, representing a gross profit margin of 76.2%. This demonstrates the company's core pricing power and production efficiency.