<SEC-DOCUMENT>0001144204-17-024501.txt : 20170504
<SEC-HEADER>0001144204-17-024501.hdr.sgml : 20170504
<ACCEPTANCE-DATETIME>20170504150025
ACCESSION NUMBER:		0001144204-17-024501
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170503
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170504
DATE AS OF CHANGE:		20170504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STAAR SURGICAL CO
		CENTRAL INDEX KEY:			0000718937
		STANDARD INDUSTRIAL CLASSIFICATION:	OPHTHALMIC GOODS [3851]
		IRS NUMBER:				953797439
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11634
		FILM NUMBER:		17813528

	BUSINESS ADDRESS:	
		STREET 1:		1911 WALKER AVE
		CITY:			MONROVIA
		STATE:			CA
		ZIP:			91016
		BUSINESS PHONE:		6263037902

	MAIL ADDRESS:	
		STREET 1:		1911 WALKER AVE
		CITY:			MONROVIA
		STATE:			CA
		ZIP:			91016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STAAR SURGICAL COMPANY
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v466152_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT
REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of report (Date
of earliest event reported): May 3, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>STAAR Surgical Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact Name of Registrant
as Specified in Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Delaware</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">0-11634</TD><TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">95-3797439</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>(State or Other Jurisdiction
of Incorporation)</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>(Commission<BR>
File Number)</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>(I.R.S. Employer<BR>
Identification No.)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">1911
Walker Ave., Monrovia, California</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">91016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>(Address of Principal Executive Offices)</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><B>(Zip Code)</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Registrant&rsquo;s Telephone Number, Including
Area Code&nbsp;&nbsp;&nbsp;&nbsp;<U>626-303-7902</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Not Applicable</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>(Former Name or Former Address, if Changed Since
Last Report)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (<I>see</I>
General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 &sect;230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR &sect;240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 3, 2017, the Company held a conference
call to discuss the financial results for the quarter ended March 31, 2017. A transcript of the conference call is furnished as
Exhibit 99.1 to this report and is incorporated herein by this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information furnished herewith pursuant
to Item 7.01 of this Current Report, including Exhibit 99.1, shall not be deemed to be &ldquo;filed&rdquo; for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject to the liabilities
of that section. The information in Item 7.01 of this Current Report shall not be incorporated by reference into any filing under
the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless
of any general incorporation language in the filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 83%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transcript of conference call of the Company held on May 3, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">STAAR Surgical Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">May 4, 2017</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">/s/ Caren Mason</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Caren Mason</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">President and Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v466152_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good
day, ladies and gentlemen. Thank you for standing by. Welcome to the STAAR Surgical First Quarter 2017 Financial Results Conference
Call. (Operator Instructions) This call is being recorded today, Wednesday, May 3, 2017. At this time, I'd like to turn the conference
over to Mr. Brian Moore with EVC Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brian Moore</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank
you, Latoya, and good afternoon, everyone. Thank you for joining us on the STAAR Surgical Conference Call this afternoon to review
the company's financial results for the first quarter, which ended on March 31, 2017. On the call today are Caren Mason, President
and CEO of STAAR Surgical; and Deborah Andrews, Interim Chief Financial Officer. The news release detailing the first quarter results
was issued just after 4 p.m. Eastern Time and is now available on STAAR's website at www.staar.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before
we begin, let me quickly remind you that during the course of this conference call, the company will make forward-looking statements.
We caution you that any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks
about the company's projections, expectations, plans, beliefs and prospects. These statements are based on judgment and analysis
as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking statements. The risks and uncertainties associated with the forward-looking
statements made in this conference call and webcast are described in the safe harbor statement in today's release as well as STAAR's
public periodic filings with the SEC. STAAR assumes no obligation to update these forward-looking statements to reflect future
events or actual outcomes and does not intend to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In
addition, to supplement the GAAP numbers, we have provided non-GAAP adjusted net income and diluted net income per share information.
We believe that these non-GAAP numbers provide meaningful supplemental information and are helpful in assessing our historical
and future performance. A table reconciling the GAAP information to the non-GAAP information is included in today's financial release.
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following
our prepared remarks, we will open the line to questions from publishing analysts. (Operator Instructions) We thank everyone in
advance for their cooperation with this process. And with that, I'd like to turn the call over to Caren Mason, President and Chief
Executive Officer of STAAR Surgical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caren L. Mason <I>- STAAR Surgical Company - CEO, President
and Director</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank
you, Brian, and good afternoon, everyone. I will begin our discussion with an abbreviated overview of Q1 performance highlights
and conclude with progress on select strategic priorities for 2017. Deborah will then review key first quarter financial results,
before we open the call for your questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We
are pleased with momentum that continues to build in our ICL business. ICL highlights for Q1 includes sales growth in Canada of
65%, Japan of 65%, and China of 45%. Region growth was strong in ICL units as well with EMEA up 11% and Asia Pacific up 28%. India,
which is included in the APAC region number, did experience stronger-than-anticipated growth. Distributors servicing India placed
stocking orders to compensate for a delay in registration renewal, which could impact normal import timing in Q2. We do anticipate
achieving our full year growth plan in India and signed a strategic cooperation agreement in the first quarter with a large eye
hospital group. As anticipated, total units were appreciably down in Korea, but we are pleased with the growth in the Toric ICL
orders in Korea. Globally, Toric ICL shipments hit a new quarterly record and continue to account for a growing percentage of the
ICL mix. In Q1 2017, Toric ICLs accounted for 51% of sales versus prior year of 46%, and 44% of units versus prior year of 40%.
For the quarter, IOL sales and injector parts were behind prior year. With the discontinuation of our U.S. silicone IOL business,
we do anticipate flat to declining growth in 2017 for our IOL product line. Injector parts, however, should resume their growth
trajectory in coming quarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Turning
to our progress on select strategic priorities. As you know, our work in Quality is continual and remains as our top strategic
priority. With regard to FDA remediation, we have completed the internal work in Q1 per our submitted plan to the agency and have
notified the FDA that we are ready for inspections. We just completed our 5-year recertification inspections with DEKRA, our European
notified body, which grants the CE mark and ISO certification and anticipate full recertification in July. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On
the new product front, our first-in-man clinical trial for the next generation ICL with EDOF continued in the first quarter, and
the results continue to be positive. We recently conducted a meeting in Madrid, Spain, with our principal investigator and our
surgeon working group to discuss the initial findings of the clinical study and directionally next steps. We plan to introduce
the lens upon approval this year to a select group of surgeons for early effectiveness observational use. A beta analysis to seek
surgeon feedback on their experience with the EVO aspheric EDOF lens, including performance, patient acceptance, OD practice development,
et cetera. Overall, the working group's comments were positive and supportive of our rollout plans for this important addition
to the EVO lens family. Regarding the new preloaded ICL injector delivery system, we recently completed surgeon preference testing
at our new technology center, where ICL experienced surgeons took the new preloaded ICL injector delivery system for a test drive.
We're very pleased with the feedback and results and will plan to submit this device for CE mark approval in the coming months.
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We
are continuing to build the evolution in visual freedom market for implantable lenses. At the upcoming ASCRS meeting at Los Angeles
this weekend, we will showcase the strengthening of the product branding launched last year, and we'll be introducing an enhanced
surgeon training and practice development program continuum. Just a few highlights include: Dr. Greg Parkhurst and Dr. William
Schiff's session on Visian ICL optometry co-management and training; Dr. Jason Brinton and Dr. Luke Rebenitsch will be sharing
best practices in business management and practice development as part of a successful refractive practice. Additional sessions
will include in-depth discussion on the performance of the ICL, and the addition of the Collamer IOL to a cataract practice. These
sessions will be led by Dr. Mark Packer, Dr. John Vukich and Dr. Joaquin Fernandez. Additionally, we will be exhibiting again at
the ASCRS Refractive Surgery Day after an 8-year absence with an all-day focus on the ICL as the premium refractive option and
Dr. Erik Mertens will be on the podium presenting &ldquo;Non Corneal Refractive Surgery: Next Generation Phakic IOLs.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So
to reaffirm our view of the business for 2017. We expect double-digit ICL unit growth for the year, driven primarily by increasing
market acceptance of the EVO Visian ICL in established markets with the exception of the U.S. and Korea. We expect IOL sales in
2017 to be similar to IOL sales in 2016 with the exception of the decrease associated with the discontinuation of the silicone
IOL product line in the U.S. We anticipate gross margin expansion again in 2017 as compared to year-end 2016. We anticipate 2017
operating expenses may trend above 2016 total operating expenses. We are planning further investments in our operations to primarily
include, clinical affairs, corporate infrastructure and systems, sales and marketing and research and development. As we complete
our 3-year strategic transformation priorities and investments in 2017, our goal is to provide a preview of 2018 to 2020 strategic
priorities and financial results direction during the fourth quarter of this year. That concludes my prepared remarks for this
afternoon. Deborah?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Deborah Andrews <I>- STAAR Surgical Company - Interim CFO,
CAO and VP</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank
you, Caren. Good afternoon, everyone. I'll start the financial overview with the summary of top line results and then provide more
details by product and market. STAAR reported net sales of $20.4 million in the first quarter of 2017, an increase of 6% over the
$19.3 million of sales reported in the first quarter of 2016. The sales increase was driven by ICL revenue growth of 16% and unit
growth of 20% and partially offset by decreased IOL and injector part sales. For the first quarter of 2017, total sales for our
ICL product line were $15.3 million compared to $13.2 million in the prior year quarter. Asia Pacific ICL sales were $8.2 million
during the first quarter, an increase of 23% in revenue and 28% in units compared to the prior year period. China, Japan and India
experienced strong double-digit growth, that was offset by softness in Korea. EMEA and Latin America ICL sales were $5.3 million
during the first quarter, an increase of 9% in revenue and 11% in units compared to the prior year period. All 3 regions within
EMEA and Latin America reported growth in sales and units with Latin America and Middle East reporting double-digit unit growth.
North America ICLs were $1.8 million during the first quarter, up 7% in revenue and 6% in units from the prior year period. The
increase in sales was driven by the successful commercialization of the EVO Toric lens in Canada, which was approved in September
of 2016. For our IOL product line, total IOL sales were $4.6 million for the first quarter of 2017, which was down 9% in revenue,
but up 1% in units from the prior year period. Solid growth in EMEA was offset by the phaseout of silicone IOL sales in North America
and softness in Japan sales during the quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now
turning the discussion to margins and spending. Our gross profit margin was 71.6% compared to the prior year period gross profit
margin of 67.4% or an increase of 4.2 points. This improvement primarily resulted from a favorable mix of higher-margin ICL units
and lower other cost of sales attributable to the lower stock-based compensation compared to Q1 2016, when approximately $600,000
was recorded related to the acceleration of stock compensation that would have been recorded in future years. Operating expenses
for the first quarter decreased $6.4 million to $16.7 million from $23 million in the prior year quarter. The decrease in operating
expenses was primarily due to lower expenses as a result of the onetime noncash charges in Q1 2016 related to the immediate vesting
of all invested equity awards. This accelerated vesting occurred as a result of the triggering of the change of control provision
of the company's equity incentive plan during the quarter ended April 1, 2016, and was not repeated again during the quarter ended
March 31, 2017. Excluding this prior year charge, operating expenses were slightly favorable to the prior year. General and administrative
expense was $5.4 million, $3.1 million lower than the prior year quarter. The accelerated vesting represented $2.9 million of the
decrease and the balance, the result of lower local taxes in Japan. Marketing and selling expense was $6.5 million, $1.1 million
lower than the prior year quarter. The accelerated vesting represented $1.5 million of the decrease and was partially offset by
increased trade show spending internationally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research
and development expense was $4.8 million, $2.1 million lower than the prior year quarter. The accelerated vesting represented $1.8
million of the decrease and the balance, the result of lower quality remediation expenses. With regard to the bottom line, the
net loss for the first quarter of 2017 was $2.2 million or approximately $0.05 per share compared with the net loss of $8 million
or $0.20 per share for the prior year period. On a non-GAAP basis, the adjusted net loss for the quarter -- for the first quarter
of 2017 was $1.4 million or $0.04 per diluted share compared with an adjusted net loss of $0.5 million or $0.01 per diluted share
for the prior year period. Net loss and adjusted net loss benefited in 2016 from the $1.6 million income tax benefit recorded during
the quarter, primarily as the result of the dissolution of a foreign subsidiary and also by the accelerated vesting and equated
to approximately $0.04 per diluted share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adjusted
net loss excludes expenses such as FDA remediation, gains and losses on foreign currency transaction and stock-based compensation
costs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now
turning to our balance sheet. Our cash, cash equivalents and restricted cash at March 31, 2017, totaled $13.6 million compared
to $14.1 million at the end of the fourth quarter of 2016 and $9.1 million at the end of the first quarter of 2016. Continued focus
on optimizing the company's cash position through revenue growth, expense management and working capital management resulted in
a decrease in cash of $500,000 compared to a $4.4 million decrease in cash in the first quarter of 2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally,
it should be noted that by achieving our targeted double-digit ICL unit growth, by continuing our strengthening of gross margins,
and by prudently managing expenses, we should realize operating leverage and the positive cash flows we are seeking as our investments
in quality, clinical, research and development and sales and marketing begin to pay back. This concludes my comments. And with
that, we're ready to take your questions. Operator, please open the line for questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="color: #6B9915; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><B>QUESTION AND
ANSWER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Operator
Instructions) And the first question will come from Raymond Myers of Benchmark.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Raymond Alexander Myers <I>- The Benchmark Company, LLC,
Research Division - Research Analyst</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Caren,
congratulations on the progress with the remediation effort. That's been a long time in coming. So congratulations there. Can you
describe what's happened in that process maybe in a little bit more detail and outlined the process going forward to lift the FDA's
issues?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caren L. Mason <I>- STAAR Surgical Company - CEO, President
and Director</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay.
Thank you, by the way, Ray. I appreciate always your comments and thank you for joining us. In terms of the process with FDA, really
everything from this point forward is at the volition of the FDA. The timing, the process, et cetera, it's totally up to them.
Our progress was in having created a plan and having delivered on that plan as promised, in terms of the amount of information,
we believe the quality of information and the timing of the delivery of that information. And we did have outside counsel around
our progress along the way, which we had commented upon previously. So we do believe we are in the right position. And as a result
of that, we did communicate with the FDA as to our readiness for inspection.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Raymond Alexander Myers <I>- The Benchmark Company, LLC,
Research Division - Research Analyst</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That's
great. And in Korea, that was one area of weakness in the quarter. Can you help us to understand, is it continuing to get weak?
Or is it just a year-over-year comparison? What is the current recent trend?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caren L. Mason <I>- STAAR Surgical Company - CEO, President
and Director</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes.
We had an agreement with our Korean distributor around guaranteed purchases per quarter as we had talked about last year, and we
had paced the purchases based on Korea's ability at that time to properly read the market and their ability to respond. Unfortunately,
toward the end of last year, we were surprised with their analysis of their ability in 2017 to keep up that pace. That is on the
Spheric ICLs. On the Toric ICLs, we're seeing nice growth. We expect that over the next 4 to 6 months, hopefully, certainly by
the end of the year, that the programs that are being put in place by our team will start to reflect more growth, for both Spheric
and Toric and more strategic cooperation agreements that will also hopefully take effect in Korea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The
next question is from Jason Mills of Canaccord Genuity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unidentified Analyst</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This
is Dave (inaudible) on for Jason. Can you hear me all right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caren L. Mason <I>- STAAR Surgical Company - CEO, President
and Director</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Can
you speak a bit louder, please?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unidentified Analyst</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sorry.
This is [David Roscoe] on for Jason. So looks like for ASPs in IOLs, we are kind of modeling something that was higher than what
we saw. Can you kind of talk a little bit about what you saw kind of bringing us down or driving us down and also kind of how we
should think about that going forward? And I think, secondly, maybe a little more color on what gross margins were this quarter
per category and how we should look at those going forward as well?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caren L. Mason <I>- STAAR Surgical Company - CEO, President
and Director</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well,
I think that in terms of IOLs, certainly the market continues to be quite competitive. Our offerings now in the United States are
limited to our nanoFLEX Collamer product, and that is considered a moderate-to-premium product for many of our ophthalmic surgeons.
In terms of being competitive, there may have been some adjustments in terms of price points, yes. I think in terms of gross margin,
I'll turn that over to Deborah.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Deborah Andrews <I>- STAAR Surgical Company - Interim CFO,
CAO and VP</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No.
In terms of gross margin on our IOL product line, although, as the ASP declines, the gross profit margin will decline. Cost structure
is still good and I expect overall to be -- AFPs to be steady throughout the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Operator
Instructions) The next question is from Jim Sidoti of Sidoti &amp; Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>James Sidoti <I>- Sidoti &amp; Company, LLC - Research Analyst
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good
afternoon, can you hear me?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caren L. Mason <I>- STAAR Surgical Company - CEO, President
and Director</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes,
Jim. You're coming through loud and clear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>James Sidoti <I>- Sidoti &amp; Company, LLC - Research Analyst
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Great.
So can you just remind me -- the last time the FDA came to inspect, I believe it took about 5 or 6 months. Is that about right?
And is that the talk -- how much time do you think it'll take this time?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caren L. Mason <I>- STAAR Surgical Company - CEO, President
and Director</I></B><I> </I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay.
I don't recollect. I wasn't onboard at the time. I think it was 3 months or so. But I have no idea as to the inspection timing
for the FDA. So I couldn't tell you what that would be.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>James Sidoti <I>- Sidoti &amp; Company, LLC - Research Analyst
</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And
is there any clock that starts now for them to come in? Or can they come in whenever they want?</P>

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    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 4pt; text-align: left; font-size: 10pt; font-variant: small-caps; color: #003399; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal; color: white">MAY 03, 2017 / 04:30PM&nbsp;&nbsp;ET, STAA - Q1 2017 STAAR Surgical Co Earnings Call</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caren L. Mason <I>- STAAR Surgical Company - CEO, President
and Director</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">They
can come in whenever they want. There is no statute associated with their response to our readiness.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>James Sidoti <I>- Sidoti &amp; Company, LLC - Research Analyst
</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay.
And then last one, you mentioned you signed a new strategic cooperation agreement in India. Was that the only one signed in the
quarter? Or were there others signed as well?</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caren L. Mason <I>- STAAR Surgical Company - CEO, President
and Director</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No.
There was another one, new one signed in the Middle East and then there were renewals from previous agreements as well and a number
of others are currently in negotiation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And
at this time, I'd like to turn the call back over to Caren Mason for closing remarks.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Caren L. Mason <I>- STAAR Surgical Company - CEO, President
and Director</I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I'd
like to thank everyone for their participation on our call today. We appreciate your interest and investment in our company, and
we look forward to speaking with many of you in the coming weeks and months. All the best to all of you. Thank you.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank
you. Ladies and gentlemen, this concludes today's conference. You may now disconnect. Good day.</P>

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