Munnerlyn is the founder of VISX, Incorporated, once the world's largest manufacturer of laser-based vision correction (LVC) systems.

He remained in the Rochester area as head of research and development for Tropel, a company that designed prototype custom lenses for applications that included Xerox copiers, Polaroid cameras, satellites and semiconductor photolithography.

[2] With collaborator Terry Clapham, an electrical engineer, they left Coherent in 1983 to continue developing a YAG laser design for vision correction.

In 1987, Munnerlyn and Clapham purchased the excimer laser technology from CooperVision and started their own company, VISX, Incorporated.

[4] The Charles R. '62 & Judith G. Munnerlyn Astronomical Laboratory and Space Sciences Engineering Building[5] at Texas A&M University, dedicated in September 2009 is named in their honor.