8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 4, 2020

STAAR Surgical Company

(Exact Name of Registrant as Specified in Charter)

Delaware	0-11634	95-3797439
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
25651 Atlantic Ocean Drive Lake Forest, California		92630
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 626-303-7902

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common	STAA	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1 933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On November 4, 2020, STAAR Surgical Company (the “Company”) published a press release reporting its financial results for the quarter ended October 2, 2020, a copy of which is furnished as Exhibit 99.1 to this report and is incorporated herein by this reference.

 This information and the information contained in the press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current Report, and Exhibit 99.1 are not incorporated by reference into any filings of STAAR made under the Securities Act of 1933, as amended, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing unless specifically stated so therein.

Item 9.01 Financial Statements and Exhibits

Exhibit No.	Description
99.1	Press release of the Company dated November 4, 2020.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STAAR Surgical Company
November 4, 2020	By:	/s/ Caren Mason
		Caren Mason
		President and Chief Executive Officer

EX-99.1

Exhibit 99.1

STAAR Surgical Reports Third Quarter 2020 Results

LAKE FOREST, CA, November 4, 2020 ---STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses and companion delivery systems for the eye, today reported financial results for the third quarter ended October 2, 2020.

Third Quarter 2020 Overview

• Record Quarterly Net Sales of $47.1 Million Up 21% from the Prior Year Quarter

• Record Quarterly ICL Sales of $41.5 Million Up 23% from the Prior Year Quarter

• Record Quarterly ICL Units, Up 25% from the Prior Year Quarter

• Gross Margin at 74.1% vs. 74.4% in the Prior Year Quarter

• Net Income of $0.08 per Share vs. Prior Year Quarter Net Income of $0.05 per Share

• Cash and Cash Equivalents Ended the Quarter at $128.3 Million up from $116.3 Million in Q2 2020

“STAAR achieved 25% year-over-year global ICL unit growth for the third quarter of 2020 with demand building each month throughout the quarter. Third quarter results reflect strong growth in our North America, Europe and APAC markets, partially offset by the India and Middle East markets which significantly underperformed and were more greatly impacted by COVID-19,” said Caren Mason, President and CEO of STAAR Surgical. “Standout markets in the third quarter included China up 33%, Japan up 67%, Korea up 21%, Rest of Asia Pacific up 67%, Spain up 24%, Germany up 13% and distributor markets in Europe up 17% in ICL units year over year. ICL implanted units in the U.S. were up 74% sequentially in the quarter as STAAR supported our physician customers with a Refractive Restart program designed to encourage doctor recommendation and patient selection of our current Visian ICL lenses. Lens-based practice support in the U.S. using STAAR-provided clinical and business development validation continues to gain adoption by surgeons who speak to us of happy patients today and excitement about the possibilities of a future with the EVO version of our ICL lenses.”

“In a year of considerable uncertainty, STAAR is endeavoring to provide a level of predictability to both our financial performance and the clinical experience. We achieved strong unit and sales growth while also demonstrating an operating discipline that allowed increased operating income. During the third quarter we also advanced our pipeline of new products for the U.S. and Europe. We completed enrollment for the primary study analysis cohort of 300 subjects in our U.S. EVO clinical trial and are pleased to report they have now been implanted with the EVO lens and will be followed pursuant to the clinical trial protocol. Today, we also announced via press release, the initial implementation of the phased rollout of STAAR’s innovative EVO Viva™ presbyopia-correcting lens in Europe. A paper on the EVO Viva lens has been published in Clinical Ophthalmology, consumer websites were recently launched, and the first commercial EVO Viva lens patient has been implanted in Belgium,” concluded Ms. Mason.

Financial Overview – Q3 2020

Net sales were $47.1 million for the third quarter of 2020, up 21% compared to $39.1 million reported in the prior year quarter. The sales increase was driven by ICL revenue and unit growth of 23% and 25%, respectively, as

compared to the prior year period.Other Product Sales increased 7% compared to the prior year quarter due to increased injector parts sales. ICL revenue was 88% of total Net sales for the third quarter of 2020.

Gross profit margin for the third quarter of 2020 was 74.1% compared to the prior year period of 74.4%. Factors negatively impacting gross margin in the third quarter of 2020, as compared to the prior year period, include geographic sales mix, period costs associated with manufacturing expansion projects, and the increased mix of injector part sales which carry a lower margin.

Operating expenses for the third quarter were $30.0 million compared to the prior year quarter of $25.7 million. General and administrative expenses were $8.6 million compared to the prior year quarter of $7.1 million. The increase in general and administrative expenses was due to due to increased salary-related expenses, variable compensation and facility costs. Selling and marketing expenses were $12.6 million compared to the prior year quarter of $12.5 million. The increase in selling and marketing expenses is due to increased salary-related expenses, advertising and promotional activities and variable compensation, offset by decreased trade show and travel expenses. Research and development expenses were $8.8 million compared to the prior year quarter of $6.2 million. The increase in research and development expenses is primarily due to increased clinical expenses associated with the EVO clinical trial in the U.S., and increased salary-related expenses and variable compensation.

Net income for the third quarter of 2020 was $3.9 million or $0.08 per diluted share compared with net income of $2.4 million or $0.05 per diluted share for the prior year quarter. Adjusted Net Income for the third quarter of 2020 was $6.7 million or $0.14 per diluted share compared to $5.5 million or $0.12 per diluted share for the prior year quarter. The reconciliation between GAAP and non-GAAP financial information is provided in the financial tables included with this release.

Cash and cash equivalents at October 2, 2020 totaled $128.3 million, compared to $116.3 million at July 3, 2020. The Company had $1.4 million drawn on its line of credit in Japan and no other debt at October 2, 2020. The sequential increase in cash is primarily due to $9.6 million of cash generated from operations during the third quarter.

Conference Call

The Company will host a conference call and webcast today, Wednesday, November 4 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results and operational progress. To access the conference call (Conference ID 6253229), please dial 833-350-1429 for domestic participants and 647-689-6661 for international participants. The live webcast can be accessed from the investor relations section of the STAAR website at www.staar.com.

A taped replay of the conference call (Conference ID 6253229) will be available beginning approximately one hour after the call’s conclusion for seven days. This replay can be accessed by dialing 800-585-8367 for domestic callers and 416-621-4642 for international callers. An archived webcast will also be available at www.staar.com.

Use of Non-GAAP Financial Measures

This press release includes supplemental non-GAAP financial information, which STAAR believes investors will find helpful in understanding its operating performance. “Adjusted Net Income” excludes the following items that are included in “Net Income” as calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): gain or loss on foreign currency transactions, stock-based compensation expenses, and valuation allowance adjustments.  Management believes that “Adjusted Net Income” is useful to investors in gauging the outcome of the key drivers of the business performance:  the ability to increase sales revenue and our ability to increase profit margin by improving the mix of high value products while reducing the costs over which management has control.  

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Management has also excluded gains and losses on foreign currency transactions because of the significant fluctuations that can result from period to period as a result of market driven factors. Stock-based compensation expenses consist of expenses for stock options and restricted stock under the Financial Accounting Standards Board’s Accounting Standards Codification (ASC) 718.  Valuation allowance adjustments can occur from time to time based on forecasted changes in operating results until all net operating loss carryforwards are fully utilized.  In calculating Adjusted Net Income, STAAR excludes these expenses because they are non-cash expenses and because of the considerable judgment involved in calculating their values.  In addition, these expenses tend to be driven by fluctuations in the price of our stock and not by the same factors that generally affect our other business expenses.

The Company also uses Constant Currency as a Non-GAAP financial measure to exclude the effects of currency fluctuations on net sales. The Company conducts a significant part of its activities outside the U.S. It receives sales revenue and pays expenses principally in U.S. dollars, Swiss francs, Japanese yen and euros. The exchange rates between dollars and non-U.S. currencies can fluctuate greatly and can have a significant effect on the Company’s results when reported in U.S. dollars. In order to compare the Company's performance from period to period without the effect of currency, the Company will apply the same average exchange rate applicable in the prior period, or the "constant currency" rate to sales or expenses in the current period as well. Because changes in currency are outside of the control of the Company and its managers, management finds this non-GAAP measure useful in determining the long-term progress of its initiatives and determining whether its managers are achieving their performance goals. The Company believes that the non-GAAP constant-currency sales results measures provided in this press release are similarly useful to investors to give insight on long term trends in the Company's performance without the external effect of changes in relative currency values. The table below shows sales results calculated in accordance with GAAP, the effect of currency, and the resulting non-GAAP measure expressed in constant currency.  

About STAAR Surgical

STAAR, which has been dedicated solely to ophthalmic surgery for over 30 years, designs, develops, manufactures and markets implantable lenses for the eye with companion delivery systems. These lenses are intended to provide visual freedom for patients, lessening or eliminating the reliance on glasses or contact lenses. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAAR’s lens used in refractive surgery is called an Implantable Collamer® Lens or “ICL”, which includes the EVO Visian ICL™ product line. More than 1,000,000 Visian^® ICLs have been implanted to date and STAAR markets these lenses in over 75 countries. To learn more about the ICL go to: www.discovericl.com.  Headquartered in Lake Forest, CA, the company operates manufacturing and packaging facilities in Aliso Viejo, CA, Monrovia, CA and Nidau, Switzerland. For more information, please visit the Company’s website at www.staar.com.

Safe Harbor

All statements that are not statements of historical fact are forward-looking statements, including statements about any of the following: any financial projections, plans, strategies, and objectives of management for 2020 or 2021 or prospects for achieving such plans, expectations for sales, revenue, margin, expenses or earnings, the expected impact of the COVID-19 pandemic and related public health measures (including but not limited to its impact on sales, operations or clinical trials globally), product safety or effectiveness, the status of our pipeline of ICL products with regulators, including our EVO family of lenses in the U.S., and any statements of assumptions underlying any of the foregoing, including those relating to our product pipeline and market expansion activities. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties related to the COVID-19 pandemic and related public health measures, as well as the factors set forth in the Company’s Quarterly Report on Form 10-Q for the quarter ended April 3, 2020, and Annual Report on Form 10-K for the year ended January 3, 2020 under the caption “Risk Factors,” which is on file with the Securities and Exchange Commission and available in the “Investor Information” section of the company’s website under the

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heading “SEC Filings.” We disclaim any intention or obligation to update or revise any financial projections or forward-looking statement due to new information or events. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include the following: global economic conditions; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before approval, or to take enforcement action; international trade disputes; uncertainty caused by the outcome of the U.S. election; and the willingness of surgeons and patients to adopt a new or improved product and procedure. The EVO version of our ICL lens is not yet approved for sale in the United States.

CONTACT:Investors & Media

Brian Moore

Vice President, Investor, Media Relations and Corporate Development

(626) 303-7902, Ext. 3023

bmoore@staar.com

4

Consolidated Balance Sheets

(in 000’s)

Unaudited

ASSETS	October 2, 2020			January 3, 2020
Current assets:
Cash and cash equivalents	$	128,338		$	119,968
Accounts receivable trade, net		42,063			30,996
Inventories, net		18,234			17,142
Prepayments, deposits, and other current assets		7,368			6,560
Total current assets		196,003			174,666
Property, plant, and equipment, net		22,662			17,065
Finance lease right-of-use assets, net		640			1,867
Operating lease right-of-use assets, net		7,725			6,684
Intangible assets, net		275			296
Goodwill		1,786			1,786
Deferred income taxes		5,007			3,750
Other assets		600			751
Total assets	$	234,698		$	206,865
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Line of credit	$	1,353		$	1,827
Accounts payable		7,830			8,050
Obligations under finance leases		422			560
Obligations under operating leases		2,215			2,700
Allowance for sales returns		4,427			3,644
Other current liabilities		17,612			17,697
Total current liabilities		33,859			34,478
Obligations under finance leases		73			366
Obligations under operating leases		5,571			4,086
Asset retirement obligations		216			211
Pension liability		8,587			7,840
Total liabilities		48,306			46,981
Stockholders’ equity:
Common stock		461			448
Additional paid-in capital		328,074			304,288
Accumulated other comprehensive loss		(2,925	)		(3,048	)
Accumulated deficit		(139,218	)		(141,804	)
Total stockholders’ equity		186,392			159,884
Total liabilities and stockholders’ equity	$	234,698		$	206,865

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Consolidated Statements of Income

(In 000’s except for per share data)

Unaudited

	Three Months Ended																		Nine Months Ended
	% of			October 2,			% of			September 27,			Fav (Unfav)						% of			October 2,			% of			September 27,			Fav (Unfav)
	Sales			2020			Sales			2019			Amount			%			Sales			2020			Sales			2019			Amount			%
Net sales		100.0	%	$	47,081			100.0	%	$	39,055		$	8,026			20.6	%		100.0	%	$	117,462			100.0	%	$	111,302		$	6,160			5.5	%
Cost of sales		25.9	%		12,210			25.6	%		10,004			(2,206	)		-22.1	%		28.4	%		33,401			25.3	%		28,172			(5,229	)		-18.6	%
Gross profit		74.1	%		34,871			74.4	%		29,051			5,820			20.0	%		71.6	%		84,061			74.7	%		83,130			931			1.1	%
Selling, general and administrative expenses:
General and administrative		18.2	%		8,589			18.2	%		7,098			(1,491	)		-21.0	%		20.8	%		24,406			19.3	%		21,443			(2,963	)		-13.8	%
Selling and marketing		26.9	%		12,649			31.9	%		12,463			(186	)		-1.5	%		29.0	%		34,003			30.8	%		34,288			285			0.8	%
Research and development		18.6	%		8,751			15.8	%		6,156			(2,595	)		-42.2	%		19.5	%		22,960			16.1	%		17,889			(5,071	)		-28.3	%
Total selling, general, and administrative expenses		63.7	%		29,989			65.9	%		25,717			(4,272	)		-16.6	%		69.3	%		81,369			66.2	%		73,620			(7,749	)		-10.5	%
Operating income		10.4	%		4,882			8.5	%		3,334			1,548			46.4	%		2.3	%		2,692			8.5	%		9,510			(6,818	)		-71.7	%
Other income (expense):
Interest income, net		0.0	%		1			0.6	%		266			(265	)		-99.6	%		0.2	%		237			0.7	%		796			(559	)		-70.2	%
Gain (loss) on foreign currency transactions		1.0	%		468			-1.5	%		(584	)		1,052			180.1	%		0.3	%		388			-0.7	%		(821	)		1,209			147.3	%
Royalty income		0.2	%		93			0.3	%		106			(13	)		-12.3	%		0.2	%		239			0.4	%		440			(201	)		-45.7	%
Other income (expense), net		-0.1	%		(63	)		0.1	%		26			(89	)		-342.3	%		0.0	%		(83	)		0.1	%		124			(207	)		-166.9	%
Total other income (expense), net		1.1	%		499			-0.5	%		(186	)		685			368.3	%		0.7	%		781			0.5	%		539			242			44.9	%
Income before provision for income taxes		11.5	%		5,381			8.0	%		3,148			2,233			70.9	%		3.0	%		3,473			9.0	%		10,049			(6,576	)		-65.4	%
Provision for income taxes		3.2	%		1,489			1.9	%		760			(729	)		-95.9	%		0.8	%		887			2.1	%		2,380			1,493			62.7	%
Net income		8.3	%	$	3,892			6.1	%	$	2,388		$	1,504			63.0	%		2.2	%	$	2,586			6.9	%	$	7,669		$	(5,083	)		-66.3	%
Net income (loss) per share - basic				$	0.08					$	0.05											$	0.06					$	0.17
Net income (loss) per share - diluted				$	0.08					$	0.05											$	0.05					$	0.16
Weighted average shares outstanding - basic					45,903						44,563												45,394						44,426
Weighted average shares outstanding - diluted					48,180						46,857												47,589						46,848

6

Consolidated Statements of Cash Flows

(in 000’s)

Unaudited

	Three Months Ended						Nine Months Ended
	October 2, 2020			September 27, 2019			October 2, 2020			September 27, 2019
Cash flows from operating activities:
Net income	$	3,892		$	2,388		$	2,586		$	7,669
Adjustments to reconcile net income to net cash provided by operating    activities:
Depreciation of property and equipment		758			870			2,276			2,853
Amortization of long-lived intangibles		9			9			26			26
Deferred income taxes		154			133			(1,215	)		526
Change in net pension liability		146			61			522			264
Stock-based compensation expense		3,126			2,558			8,965			7,778
Loss on disposal of property and equipment		-			14			3			14
Provision for sales returns and bad debts		210			341			815			309
Inventory provision		379			435			1,195			1,222
Changes in working capital:
Accounts receivable		(2,566	)		2,273			(10,975	)		(4,260	)
Inventories		(421	)		(285	)		(1,353	)		(179	)
Prepayments, deposits and other current assets		1,536			924			(636	)		(230	)
Accounts payable		(954	)		(17	)		(657	)		546
Other current liabilities		3,320			2,090			(151	)		(536	)
Net cash provided by operating activities		9,589			11,794			1,401			16,002
Cash flows from investing activities:
Acquisition of property and equipment		(2,049	)		(2,568	)		(6,259	)		(7,169	)
Increase in patents and licenses		-			-			-			(30	)
Net cash used in investing activities		(2,049	)		(2,568	)		(6,259	)		(7,199	)
Cash flows from financing activities:
Repayment on line of credit		(3	)		(513	)		(511	)		(1,512	)
Repayment of finance lease obligations		(109	)		(317	)		(455	)		(998	)
Proceeds from vested restricted stock and exercise of stock options		4,429			719			13,987			1,831
Net cash provided by (used in) financing activities		4,317			(111	)		13,021			(679	)
Effect of exchange rate changes on cash and cash equivalents		166			(39	)		207			204
Increase in cash and cash equivalents		12,023			9,076			8,370			8,328
Cash, cash equivalents and restricted cash, at beginning of the period		116,315			103,251			119,968			103,999
Cash, cash equivalents and restricted cash, at end of the period	$	128,338		$	112,327		$	128,338		$	112,327

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Reconciliation of Non-GAAP Financial Measure

Adjusted Net Income and Net Income Per Share

(in 000’s)

Unaudited

	Three Months Ended					Nine Months Ended
	October 2, 2020			September 27, 2019		October 2, 2020			September 27, 2019
Net income (as reported)	$	3,892		$	2,388	$	2,586		$	7,669
Less:
Foreign currency impact		(468	)		584		(388	)		821
Stock-based compensation expense		3,126			2,558		8,965			7,778
Valuation allowance adjustment		154			-		(1,215	)		-
Net income (adjusted)	$	6,704		$	5,530	$	9,948		$	16,268
Net income per share, basic (as reported)	$	0.08		$	0.05	$	0.06		$	0.17
Foreign currency impact		(0.01	)		0.01		(0.01	)		0.02
Stock-based compensation expense		0.08			0.06		0.20			0.18
Valuation allowance adjustment		-			-		(0.03	)		-
Net income per share, basic (adjusted)	$	0.15		$	0.12	$	0.22		$	0.37
Net income per share, diluted (as reported)	$	0.08		$	0.05	$	0.05		$	0.16
Foreign currency impact		(0.01	)		0.01		(0.01	)		0.02
Stock-based compensation expense		0.07			0.06		0.19			0.17
Valuation allowance adjustment		-			-		(0.02	)		-
Net income per share, diluted (adjusted)	$	0.14		$	0.12	$	0.21		$	0.35
Weighted average shares outstanding - Basic		45,903			44,563		45,394			44,426
Weighted average shares outstanding - Diluted		48,180			46,857		47,589			46,848

Note:  Net income per share (adjusted), basic and diluted, may not add due to rounding

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STAAR Surgical Company

Reconciliation of Non-GAAP Financial Measure

Constant Currency Sales

(in 000’s)

Unaudited

	Three Months Ended
			Effect of			Constant		September 27,		As Reported						Constant Currency
Sales	October 2, 2020		Currency			Currency		2019		$ Change			% Change			$ Change			% Change
ICL	$	41,493	$	(346	)	$	41,147	$	33,815	$	7,678			22.7	%	$	7,332			21.7	%
IOL		3,325		(76	)		3,249		4,093		(768	)		-18.8	%		(844	)		-20.6	%
Other		2,263		(25	)		2,238		1,147		1,116			97.3	%		1,091			95.1	%
Other Products		5,588		(101	)		5,487		5,240		348			6.6	%		247			4.7	%
Total Sales	$	47,081	$	(447	)	$	46,634	$	39,055	$	8,026			20.6	%	$	7,579			19.4	%
	Nine Months Ended
			Effect of			Constant		September 27,		As Reported						Constant Currency
Sales	October 2, 2020		Currency			Currency		2019		$ Change			% Change			$ Change			% Change
ICL	$	101,561	$	(251	)	$	101,310	$	96,033	$	5,528			5.8	%	$	5,277			5.5	%
IOL		9,880		(117	)		9,763		11,984		(2,104	)		-17.6	%		(2,221	)		-18.5	%
Other		6,021		(92	)		5,929		3,285		2,736			83.3	%		2,644			80.5	%
Other Products		15,901		(209	)		15,692		15,269		632			4.1	%		423			2.8	%
Total Sales	$	117,462	$	(460	)	$	117,002	$	111,302	$	6,160			5.5	%	$	5,700			5.1	%

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XML

Document And Entity Information	Nov. 04, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 04, 2020
Entity Registrant Name	STAAR Surgical Co
Entity Central Index Key	0000718937
Entity Emerging Growth Company	false
Entity File Number	0-11634
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3797439
Entity Address, Address Line One	25651 Atlantic Ocean Drive
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92630
City Area Code	626
Local Phone Number	303-7902
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common
Trading Symbol(s)	STAA
Name of each exchange on which registered	NASDAQ