Business in the News

Read More about Lake Forest Businesses in the News Below:

Staar Surgical Expands Footprint in Lake Forest

 

LAKE FOREST — Staar Surgical is leasing 34,616 square feet of office space near its Lake Forest headquarters. The medical device maker in June signed a new lease for the first floor at 25510 Commercentre Drive, according to CoStar Group Inc. records.

The lease marks an expansion for Staar Surgical, whose current headquarters runs around 21,000 square feet. It adds to the company’s growing local footprint, which includes a company-owned ophthalmology training facility that opened in 2022. The 1,500-square-foot EVO Experience Center trains surgeons on how to use its implantable eye lenses. The company is set to move into the new building in November. Staar Surgical, founded in 1982, originally relocated its headquarters from Monrovia to Lake Forest in 2019.

 

 

Q1 Results

Staar Surgical (Nasdaq: STAA) in May reported first-quarter revenue increased 5% to $77.4 million, topping the estimated $74.9 million. “In the first quarter, Staar continued to capture market share during a challenging macroeconomic environment for our surgeon customers and their patients,” Chief Executive Tom Frinzi said in a statement.

Morgan Stanley analyst Patrick Wood on July 15 downgraded Staar Surgical to underweight from equal weight with a price target of $37, down from $50, projecting slower growth within the Chinese market, according to thefly.com. The company currently counts a $1.9 billion valuation and estimates between $335 million to $340 million in revenue for the fiscal year. It’s scheduled to report second-quarter results Aug. 7.

Courtesy of Yuika Yoshida of the Orange County Business Journal

  

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Double R Ranch rustles up a tech hub to help residents succeed in transition from homelessness

 

Double R Ranch, a functioning horse and livestock ranch, provides shelter to individuals experiencing homelessness.

Orange County Rescue Mission’s Double R Ranch in Silverado Canyon unveiled a new technology center, funded by a $100,000 grant from the James M. Cox Foundation, on Tuesday, Aug. 13.

The Double R Ranch is a functioning horse and livestock ranch that offers the formerly homeless served by the faith-based rescue mission “redemption and restoration” — where the Double R comes from — through vocational training and retreat programs. Along with job training and life skills education to achieve long-term employment, its residents have access to recreational facilities, including an indoor gym and horseback riding lessons.

Named the “Success Center,” the new technology room features 20 computers, a modern amenity in the rural setting essential for those experiencing homelessness to achieve financial stability, ranch officials said.

“We want to get (residents) on a path of career development, but we need vocational training, which needs certifications and proficiency tests. But that can’t happen without the Success Center,” said Cathy Rich, Double R Ranch grant writer.

Chanelle Hawken, assistant vice president of Cox Communications, spoke to the company’s long-time partnership with the Tustin-based Orange County Rescue Mission.

“We have been partners for over 25 years, so it’s really awesome being able to make a bigger impact,” said Hawken. The foundation is named for the founder of parent company Cox Enterprises. “Being able to take classes or to visit a licensed clinical social worker online, the Success Center provides a great opportunity for people to get the skills to get a job and be self-sufficient.”

Double R Ranch was established in 2005 in San Diego County by the Orange County Rescue Mission, a Christian-based nonprofit that provides housing and services for individuals and families experiencing homelessness.

The ranch was moved to Silverado, converting a former monastery acquired by the rescue mission, and in September began housing its first eight individuals at the new location. Spanning 33 acres, it has since expanded to house 24 men. The ranch is undergoing further renovations to add 60,000 square feet of facilities and 141 beds to shelter women, children, senior citizens, and other individuals experiencing homelessness by early 2025.

Louie Perez is one of the original eight men who moved into the Double R Ranch last year.

“(It is important) to have the beauty of nature and modern technology combined, so that some person, like myself, can develop,” Perez said at the opening ceremony Tuesday.

Perez, who calls the ranch “grandma’s house,” said while he loves the location tucked away in Silverado Canyon, he doesn’t plan to stay indefinitely.

“Trust me, I’ve thought about it. Who would want to leave this place?” he said. “But it is a place to set a good foundation.”

Courtesy of Victoria Le of the Orange County Register

 

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