• Hoya average gross margin for 2023 was 86.33%, a 0.86% increase from 2022.
• Hoya average gross margin for 2022 was 85.59%, a 1.28% increase from 2021.
• Hoya average gross margin for 2021 was 84.51%, a 0.74% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.