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I think you are missing the forest for the trees here. The company basically went into "survival mode" when they were fighting with J&J: very little ad spending, stockpiling contacts whenever they could buy them on the grey market, running the business on a cash basis, rather than a GAAP basis, etc. The past year has seen losses due to : higher ad spending (really an investment in future business, but GAAP expenses it all now), higher legal and lobbying fees (that bill wasn't free), selling off old grey market inventory that they paid a lot for, integration expenses for the two competitors they bought out, and the acquisition of the lens manufacturer. They bought the lens manufacturer as a bargaining chip to threaten the remaining hold out lens companies.

Personally, I continue to hold because I can clearly see rising revenue, expanding margins, and no significant remaining regulatory impediments to the business. CTAC is poised to capture a large share of a growing market, and will either become a category killer or (more likely, IMO) get bought out at a rich price.
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