UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
 
Washington, D.C. 20549
 
FORM 12b-25
 
NOTIFICATION OF LATE FILING
SEC File Number 0-11634
CUSIP Number 852312305
 
 
 (Check one):
x Form 10-K   o Form 20-F   o Form 11-K    o Form 10-Q
 
o Form 10-D    o Form N-SAR   o Form N-CSR
 
For Period Ended: January 1, 2010
 
o Transition Report on Form 10-K
o Transition Report on Form 20-F
o Transition Report on Form 11-K
o Transition Report on Form 10-Q
o Transition Report on Form N-SAR
For the Transition Period Ended: __________________________________________________________________
 
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
 
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
 
PART I — REGISTRANT INFORMATION
 
STAAR SURGICAL COMPANY
 
Address of Principal Executive Office (Street and Number)
 
1911 Walker Avenue
 
City, State and Zip Code
 
Monrovia, California 91016
 
PART II — RULES 12b-25(b) AND (c)
 
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
 
 
 
(a) The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
 
 
  
x
 
 
 
(b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
 
 
  
 
 
(c) The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
 
 
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PART III — NARRATIVE
 
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
 
As described in its Current Report on Form 8-K/A filed on March 9, 2010, the Registrant completed the divestiture of all of its interest in Domilens GmbH, its German distribution subsidiary, on March 2, 2010.  Because of the need to prepare full financial reporting of the divestiture as an event subsequent to the fiscal year ended January 1, 2010, and the need to analyze and describe fully the effect of the divestiture on STAAR’s business and financial condition, the Registrant could not complete its financial statements and related disclosures prior to the prescribed filing deadline for the 10-K.

PART IV — OTHER INFORMATION
 
(1) Name and telephone number of person to contact in regard to this notification
 
Charles Kaufman, Vice President and General Counsel
(626)
303-7902
(name)
(Area Code)
(Telephone Number)
 
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed ? If answer is no, identify report(s). x Yes  o No
 
 
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? x Yes  o No
 
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
 
 
STAAR Surgical Company has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
 
       
Date:  March 18, 2010 
By
/s/ Deborah Andrews  
   
Deborah Andrews
  
    Vice President and Chief Financial Officer  
       
 
INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative’s authority to sign on behalf of the registrant shall be filed with the form.
 
ATTENTION
 
Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).
 
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INFORMATION REQUIRED BY PART IV ITEM 3
 
The preliminary, unaudited, condensed consolidated statement of operations set forth below shows anticipated changes in results of operations that will be reflected in the earnings statement of the Registrant’s Annual Report on Form 10-K for the three months and fiscal year ended January 1, 2010.  Additional information regarding anticipated changes in results of operations has been provided in a press release published on March 2, 2010 (the “Press Release”).  The Press Release has been furnished as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed on March 8, 2010, which is incorporated herein by this reference.
 
STAAR Surgical Company
Condensed Consolidated Statements of Operations
  
(In 000's except for per share data)
Unaudited
  
   
Three Months Ended
    
Year Ended
  
   
% of
    
January 1,
    
% of
    
January 2,
    
% of
    
January 1,
    
% of
    
January 2,
  
   
Sales
    
2010
    
Sales
    
2009
    
Sales
    
2010
    
Sales
    
2009
  
Net sales
     100.0 %   $ 19,831       100.0 %   $ 18,157       100.0 %   $ 75,345       100.0 %   $ 74,894  
Cost of sales
     44.3 %     8,777       42.9 %     7,797       44.4 %     33,452       46.4 %     34,787  
Gross profit
     55.7 %     11,054       57.1 %     10,360       55.6 %     41,893       53.6 %     40,107  
Selling, general and administrative expenses:
                                                                
General and administrative
     22.7 %     4,493       23.6 %     4,288       21.4 %     16,119       21.0 %     15,730  
Marketing and selling
     32.6 %     6,473       35.4 %     6,426       32.2 %     24,257       36.1 %     27,053  
Research and development
     7.6 %     1,498       10.9 %     1,974       7.8 %     5,893       10.6 %     7,938  
Other expenses
     36.3 %     7,209       32.6 %     5,923       9.6 %     7,209       13.0 %     9,773  
Total selling, general and administrative expenses
     99.2 %     19,673       102.5 %     18,611       71.0 %     53,478       80.7 %     60,494  
Operating loss
     -43.5 %     (8,619 )     -45.4 %     (8,251 )     -15.4 %     (11,585 )     -27.1 %     (20,387 )
                                                                 
Other income (expense):
                                                                
Interest income
     0.1 %     24       0.1 %     22       0.1 %     60       0.2 %     160  
Interest expense
     -3.1 %     (618 )     -1.4 %     (256 )     -2.4 %     (1,801 )     -1.2 %     (901 )
Loss on foreign currency
     -1.0 %     (200 )     -2.0 %     (367 )     0.0 %     -       -0.9 %     (696 )
Other income, net
     0.8 %     168       0.1 %     22       0.4 %     290       0.2 %     152  
Other expense, net
     -3.2 %     (626 )     -3.2 %     (579 )     -1.9 %     (1,451 )     -1.7 %     (1,285 )
                                                                 
Loss before provision for income taxes
     -46.6 %     (9,245 )     -48.6 %     (8,830 )     -17.3 %     (13,036 )     28.8 %     (21,672 )
Provision for income taxes
     2.9 %     566       3.5 %     630       2.0 %     1,492       2.0 %     1,523  
                                                                 
Net loss
     -49.5 %   $ (9,811 )     -52.1 %   $ (9,460 )     -19.3 %   $ (14,528 )     -30.8 %   $ (23,195 )
Loss per share:
                                                                
Basic and diluted
           $ (0.28 )           $ (0.32 )           $ (0.45 )           $ (0.79 )
Weighted average shares outstanding:
                                                                
Basic and diluted
             34,737               29,496               32,498               29,474  
 
In the foregoing table, expenses for the three months and year ended January 1, 2010 include bonuses of $431,000 awarded on March 5, 2010, as described in the Registrant’s Current Report on Form 8-K filed on March 11, 2010.

In the Registrant’s audited consolidated financial statements for the fiscal year ended January 2, 2009, the report of the Registrant’s independent registered public accounting firm included an explanatory paragraph indicating that substantial doubt exists regarding the Registrant’s ability to continue as a going concern.  Because of the Registrant’s limited capital resources, significant financial obligations that mature in 2010, the need to satisfy or bond for appeal the $6.5 million judgment entered against the Registrant on December 8, 2009, and its history of losses, the Registrant believes that in its audited consolidated financial statements for the fiscal year ended January 1, 2010 the report of its independent registered public accounting firm will again include an explanatory paragraph indicating that substantial doubt exists regarding the Registrant’s ability to continue as a going concern.
 
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