Alcon AG

During the latter half of 2025, Staar Surgical shareholders spent months fighting off an acquisition offer from eyecare giant Alcon, despite analysts encouraging the deal. Now, Staar has reported tough financial results for the fourth quarter and fiscal year ending January 2, 2026. While net sales for Q4 reached $57.8 million, up 18.1% year-over-year, sales reached just $239.4 million for full-year 2025, down 23.7%. Q4 net sales, excluding China, hit $40.3 million, down 2.1% year-over-year, while full-year net sales grew 6.6%. Q4 saw a net loss of $(18.3) million or $(0.37) per share, compared to a net loss of $(34.2) million or $(0.69) per share a year ago. Full-year 2025 saw a net loss of $(80.4) million or $(1.62) per share, compared to a net loss of $(20.2) million or $(0.41) per share a year ago. Following the earnings announcement, STAAR Surgical’s stock saw a decline of 2.05% in aftermarket trading, closing at $18.66. The stock is currently trading closer to its 52-week low of $14.69, with shares down 30.75% over the past six months and 18% year-to-date. Following the failed Alcon acquisition, Staar mixed up its leadership, appointing Warren Foust and Deborah Andrews as interim co-Chief Executive Officers. Currently, the company is looking both internally and externally for its next permanent leader. Now, Staar is turning its sights to China to make up for a poor financial showing over the last year. “In 2026, with the merger question behind us, we believe we will see modest growth in in-market volume demand and expect net sales in China to increase due to rising average selling prices (ASPs) for lenses and market share gains. ASP increases are being driven by the success of our EVO+ ICL launch in China. The EVO+ ICL for China, which is manufactured in Switzerland, is not subject to US-China tariff volatility,” Warren Foust, Interim Co-CEO of STAAR Surgical, said in the earnings report. “There is excitement around the launch of EVO+ in China, and we are working closely with our distributor partners to accelerate adoption in this key market. We believe our China business is well positioned for growth this year and intend to provide investors with greater transparency into our execution there. We made substantial progress in improving our ability to track channel inventory in China during 2025 and are continuing that effort in 2026.” As a result of the disappointing financial results, Foust and Andrews issued a March 3 letter to shareholders after market close, justifying the weak year. “2025 was a difficult year of transition for STAAR. We expect 2026 to be a much better year, a year of growth, improving profitability, and meaningful progress across our innovation pipeline. Less than five years ago, STAAR was experiencing a period of hypergrowth, and we believed that we could continue that pace well into the future,” the letter reads. “That success was built on the durable advantages of our Collamer lens material and the growing global recognition that the future of refractive surgery is lens-based. Those advantages remain powerful today. Across most markets, refractive surgery continues to take steps toward lens-based procedures and away from laser-vision correction procedures that require corneal tissue removal.” “Midway through the year, we entered a period of additional disruption related to the proposed merger with Alcon. This development created temporary uncertainty across parts of our distribution network and diverted management focus. In January 2026, our shareholders overwhelmingly rejected that proposal, allowing STAAR to return its full attention to long-term value creation. Shortly thereafter, we strengthened Board alignment by adding directors directly representing over 37% of our outstanding shares. And in February, we implemented new leadership at the CEO level using a co-CEO structure designed to enhance execution and accountability,” the letter continued. The co-CEOs emphasized the company’s continued focus on China, and all of the Asian markets, to lead growth in 2026. “In mid-2025, we received regulatory approval in China for EVO+, our next-generation ICL featuring a larger optic zone designed to improve visual quality for patients with larger pupils. Initial shipments began from Switzerland to China in November of 2025, and early customer demand has exceeded expectations. We expect EVO+ in China to continue to command higher average selling prices and contribute to long-term margin expansion as production scales,” the co-leaders wrote. “In the U.S., the FDA recently expanded EVO ICL’s approved age range from 21–45 to 21–60, opening access to nearly eight million additional potential patients. In markets where EVO ICL is approved up to age 60, patients aged 46–60 typically represent approximately 6% of the EVO ICL patient base. In 2025, we also received regulatory approval for Taiwan. We plan to expand our efforts in that market in 2026 and beyond as we believe it represents an exciting opportunity for STAAR.Over time, EVO ICL has grown to represent an estimated 12% of refractive surgeries globally, while overall laser vision correction procedures, which require corneal tissue removal, have trended lower. Our development pipeline offers additional promise to further increase the advantages of lens-based refractive surgery and expand our addressable market. We look forward to updating you on this progress throughout 2026.” These poor financial results were the cumulation of a tumultuous quarter, and year, for Staar, which was named on MD+DI’s list of biggest losers for 2025. Shareholders of Staar Surgical definitively voted against Alcon’s $1.6 billion buyout offer at the beginning of January following four vote delays . Broadwood Partners, which holds 30.2% of Staar’s common shares, was vocally opposed to the deal since it first became public in October, arguing that the deal would have undervalued the business and reflected a flawed sales process. Originally, Alcon and Staar’s boards of directors both unanimously supported the transaction , but Broadwood publicly planned to vote against it at the special meeting that was originally slated for Oct. 23, and continued to oppose the merger until the end. Alcon and Staar were major competitors in the eyecare space, both specializing in the manufacturing of vision-related medical devices. In December, Alcon upped its bid from $1.5 billion to $1.6 billion , with the new offer valuing the company’s worth at $30.75 per share in cash, as opposed to the previous $28 per share. Under new terms, Alcon also lowered promised payouts for Staar executives if the deal closes. “This best and final offer to the Staar stockholders offers a clear choice: a substantial and certain premium versus an uncertain future,” Alcon said in a prepared statement. Prior to the acquisition talks, Staar was already facing financial difficulties . In May, the company withdrew its 2025 guidance that was announced in February, citing global economic uncertainty and tariff policy conditions. Staar reported net sales of $42.6 million for 1Q25 compared to $77.4 million in the prior year quarter, pointing to a significant decline in China revenue. BTIG analysts recommended that Staar take the new, $1.6 billion offer, writing that the company’s “shares are likely to meaningfully suffer if the deal is not consummated.” On the day of the $1.6 billion offer announcement, Staar shares rose 13.7%. Broadwood and other investors continued to argue that the deal undervalued the business and reflected a flawed sales process. In prepared remarks issued in October, Neal Bradsher, Broadwood Founder and President, said, “The decision to postpone a shareholder vote on the sale of STAAR to Alcon is the latest in a long string of bad decisions by this Board, which ran a deeply flawed sale process at the wrong time and agreed to an inadequate price. For these reasons, all three major proxy advisory firms oppose the proposed transaction.” On December 17, Broadwood wrote a letter to the board, appealing to its members to vote against the acquisition. “Since the announcement of STAAR’s proposed sale to Alcon in August, we have been engaged in a spirited debate with you over the Company’s prospects and the merits of the proposed deal. As you know, we have felt from the start that this transaction materially undervalues STAAR and was the product of a deeply flawed process undertaken at the wrong time in STAAR’s history,” the investment firm wrote in a prepared statement. “As we approach the thrice-delayed special meeting of shareholders, we are confident our fellow shareholders will agree with us and reject this ill-advised transaction. Several large shareholders, all three proxy advisory firms and at least one of the Company’s own directors have rightly expressed great skepticism about the process, timing and price of the proposed deal.” Analysts have placed a hold rating on the company following Q4 financials. “STAA's 4Q25 revenue missed consensus due to distributor order trends and return activities. While management did not provide 2026 guidance, commentary suggests they expect to see significant growth given comp dynamics with a return to profitability. However, we think there still remains a high level of uncertainty around STAA's go-forward revenue base and normalized growth profile. Given this, we maintain our Hold rating,” David Saxon, Senior Research Analyst at Needham & Company, wrote. As Staar Surgical navigates 2026 without the shadow of the Alcon acquisition and under new interim leadership, the company faces a pivotal year to prove it can deliver on its promises of growth and profitability. With the EVO+ launch in China showing early momentum, FDA age expansion in the U.S., and a renewed focus on its innovation pipeline, Staar has outlined a path forward—but analysts remain cautious given the uncertainty around its revenue base and normalized growth trajectory. The coming quarters will determine whether rejecting Alcon's $1.6 billion offer was a strategic masterstroke or a costly miscalculation, as shareholders and the market watch closely to see if the company can translate optimism into tangible financial recovery.

ORLANDO, Fla., Feb. 25, 2026 (GLOBE NEWSWIRE) -- LENSAR, Inc. (Nasdaq: LNSR) (“LENSAR” or the “Company”), a global medical technology company focused on advanced robotic laser solutions for the treatment of cataracts, today provided an update on the status of its pending acquisition by Alcon Research, LLC (“Alcon”). The Company and Alcon continue to cooperate with the U.S. Federal Trade Commission (the “FTC”) staff in connection with its Request for Additional Information and Documentary Material (the “Second Request”) and related review of the proposed acquisition of the Company by Alcon (the “Alcon Transaction”). In light of this continued review process, the Company currently expects to close the transaction in the first half of 2026, subject to satisfaction of the applicable closing conditions, including receipt of regulatory approval from the FTC. About LENSAR LENSAR is a commercial-stage medical device company focused on designing, developing, and marketing advanced systems for the treatment of cataracts and the management of astigmatism as an integral aspect of the procedure. LENSAR has developed its ALLY Robotic Cataract Laser System™ as a compact, highly ergonomic system utilizing an extremely fast dual-modality laser and integrating AI into proprietary imaging and software. ALLY is designed to transform premium cataract surgery by utilizing LENSAR’s advanced robotic technologies with the ability to perform the entire procedure in a sterile operating room or in-office surgical suite, delivering operational efficiencies and reduced overhead. ALLY includes LENSAR’s proprietary Streamline ® software technology, designed to guide surgeons to achieve better outcomes. Forward-looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Alcon Transaction, regulatory review of the Alcon Transaction and the expected timing of the closing of the Alcon Transaction. In some cases, you can identify forward-looking statements by terms such as “aim,” “anticipate,” “approach,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “goal,” “intend,” “look,” “may,” “mission,” “plan,” “possible,” “potential,” “predict,” “project,” “pursue,” “should,” “target,” “will,” “would,” or the negative thereof and similar words and expressions. Forward-looking statements are based on management’s current expectations, beliefs and assumptions and on information currently available to us. Such statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to: (i) the Alcon Transaction may not be completed in a timely manner or at all, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the Company; (ii) the possibility that any or all of the various conditions to the consummation of the Alcon Transaction may not be satisfied or waived; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement related to the Alcon Transaction, including in circumstances which would require the Company to pay a termination fee or other expenses; (iv) the effect of the announcement or pendency of the merger on the Company’s ability to retain and hire key personnel, (v) the incurrence of transaction costs or adverse effects on its operating results and business generally; (vi) adverse consequences of legal proceedings instituted against the Company following the announcement of the Alcon Transaction; and (vii) the Company’s stock price may decline significantly if the Alcon Transaction is not consummated. In addition, a number of other important factors could cause the Company’s actual future results and other future circumstances to differ materially from those expressed in any forward-looking statements, including but not limited to the other important factors that are disclosed under the heading “Risk Factors” contained in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its other filings with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, to be filed with the SEC, each accessible on the SEC’s website at and the Investor Relations section of the Company’s website at All forward-looking statements are expressly qualified in their entirety by such factors. Except as required by law, the Company undertakes no obligation to publicly update or review any forward-looking statement, whether because of new information, future developments or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. Contacts: Lee Roth Thomas R. Staab, II, CFO Burns McClellan for LENSAR ir.contact@lensar.com lroth@burnsmc.com

Proceeds from the financing will advance the Phase 2 clinical development of Alveus’ lead program ALV ‑ 100 designed to deliver potent, durable weight loss and long ‑ term maintenance with improved tolerability The financing will also support Investigational New Drug (IND) filings for several early proprietary development candidates, including its highly selective Amylin peptide agonist (ALV-200) With the global obesity market projected to reach approximately $150 billion by 2030 1 and an estimated 4 billion people affected by 2035 2 , this investment reflects Jeito’s commitment to addressing one of the world’s most pressing health challenges through innovative treatments that offer meaningful benefits to patients Paris, February 24, 2026 – Jeito Capital (“Jeito”), a leading global independent private equity fund dedicated to biopharma, announced today that it was the cornerstone investor in the second closing of the oversubscribed Series A financing of Alveus Therapeutics (“Alveus”), a clinical-stage biotechnology company developing next-generation therapies for obesity and metabolic diseases. This closing brings the total amount raised in the Series A round to $197 3 million . Jeito made a significant commitment in the second closing of Series A and was joined by Novo Holdings and other healthcare-focused funds, alongside the original Series A syndicate led by New Rhein Healthcare Investors, Andera Partners, and Omega Funds, with participation from Sanofi, Kurma Partners, Avego BioScience Capital, and other life sciences investors. Founded in 2024 and headquartered in Philadelphia, with R&D operations in Copenhagen, Alveus is building a differentiated pipeline of next-generation obesity and metabolic disease therapies designed to deliver sustainable weight loss with superior tolerability and reduced treatment burden, addressing the critical challenge of weight adherence, a key limitation of current treatments. The company is led by an experienced management team with deep expertise in obesity: Raj Kannan, MBA, CEO of Alveus Therapeutics, has led multiple successful licensing transactions and strategic acquisitions at prior biotech companies, including Chiasma and Aerie Pharmaceuticals. Alveus’ CSO and CBO, Jacob Jeppesen, PhD, and Brian Bloomquist, PhD, have more than 30 years of combined leadership and R&D experience in leading obesity and metabolic drug companies such as Novo Nordisk and Eli Lilly. This financing strengthens Alveus’ ability to advance multiple development programs in parallel. The company’s lead program, ALV-100 is a bifunctional GIPR antagonist / GLP-1R agonist fusion protein that combines GLP-1 agonism and GIRP antagonism. This approach achieves potent metabolic rewiring, durable weight loss and long‑term maintenance with improved tolerability, targeting key limitations of current chronic therapies. Proceeds will support the Phase 2 clinical trials of ALV-100 while also advancing its amylin-based portfolio towards clinical development. Amylin is a hormone that controls satiety and provide additional metabolic benefits. These programs include ALV‑200, Alveus’ highly selective amylin receptor 3 (AMYR3) peptide agonist, and its oral amylin‑based pipeline, leading to additional IND filings and first-in-human phase 1 studies within the next 18 months. In conjunction with the closing of the Series A extension, Ksenija Pavletic, General Partner and CCO of Jeito Capital, will join the Alveus Board of Directors. Ksenija Pavletic, General Partner & Chief Commercial Officer of Jeito Capital, added : “At Jeito, we firmly believe that value creation is always driven by meaningful patient benefit. We have been seeking the right opportunity within the increasingly complex field of obesity, and we are convinced that, given the diversified pipeline, Alveus represents a truly high-potential company. We are delighted to support Alveus’ team in the development of solutions eagerly awaited by millions of patients worldwide, which will provide meaningful benefits.” Dr Rafaèle Tordjman, MD, PhD, Founder and CEO of Jeito Capital, said : “Obesity, one of the defining health challenges of our time, demands innovative treatments that offer real hope to patients. With over three decades of experience and a proven track record with leading innovators in the field, Alveus’ talented leadership team is advancing next-generation therapies, continuously improving their efficacy and tolerability to transform patients’ daily lives. We are excited to partner with such a talented team and to help unlock the full potential of Alveus.” Raj Kannan, Chief Executive Officer of Alveus said : “ The backing of specialist healthcare investors with deep domain expertise reflects strong momentum for Alveus, driven by our differentiated portfolio, the strength of our team, and the scale of the opportunity in obesity and metabolic disease. Over the next 18 to 24 months, we expect to reach key value inflection points, including a well-characterized Phase 3-ready asset and multiple pipeline assets entering early clinical development .” About Jeito Capital Jeito Capital is a global leading Private Equity fund with a patient benefit driven approach that finances and accelerates the development and growth of ground-breaking medical innovation. Jeito empowers and supports managers through its expert, integrated, multi-talented team and through the investment of significant capital to ensure the growth of companies, building market leaders in their respective therapeutic areas with accelerated patients’ access globally, especially in Europe and the United States. Jeito has built a diversified portfolio of clinical biopharmas with cutting-edge innovations addressing high unmet needs. Jeito Capital is based in Paris with a presence in Europe and the United States. For more information, please visit or follow us on LinkedIn . About Alveus Therapeutics Alveus Therapeutics is a clinical-stage biotechnology company developing next-generation therapies for obesity and metabolic diseases, designed for sustained efficacy, improved tolerability, and reduced treatment burden. Alveus acquired global development and commercialization rights outside of greater China to ALV-100 from Gmax Biopharm International Limited in 2024. Alveus is headquartered in Philadelphia, PA, with research and development operations based in Copenhagen, Denmark. For more information, visit . Contacts: Jeito Capital Rafaèle Tordjman, Founder & CEO Jessica Fadel, EA Tel: +33 6 33 44 25 47 Stéphanie Elbaz Tel: +33 6 46 05 08 07 media@jeito.life ICR Healthcare Mary-Jane Elliott / Emily Johnson Jeito@icrhealthcare.com Tel: +44 (0) 20 3709 5700 Sean Leous sean.leous@icrhealthcare.com Tel: +1 (646) 866 4012 1 2 3 For the 1 st closing of its Series A financing in January 2026, Alveus raised $160 million: