STAAR Surgical Reports Fourth Quarter and Fiscal Year 2023 Results

STAAR Surgical Company, a leading developer, manufacturer and marketer of the EVO family of Implantable Collamer® Lenses for myopia, astigmatism and presbyopia, reported financial results for the fourth quarter and fiscal year ended December 29, 2023.

  • Generates Double-Digit Sales Growth and Continuing Profitability
  • ICL Sales Up 22% in Fourth Quarter and 18% in Fiscal 2023
  • Affirms Sales Outlook for Fiscal 2024

LAKE FOREST, Calif.--(BUSINESS WIRE)-- STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of the EVO family of Implantable Collamer® Lenses (EVO ICL™) for myopia, astigmatism and presbyopia, today reported financial results for the fourth quarter and fiscal year ended December 29, 2023.

Fourth Quarter 2023 Overview

  • Net sales up 19% to $76.3 million in the fourth quarter
  • ICL sales up 22% to $74.6 million and ICL units up 19%
  • Gross margin at 79.6% vs. 77.7% year ago
  • Net income of $7.8 million vs. $6.8 million year ago
  • Earnings per share of $0.16 vs. $0.14 per share year ago
  • Cash, cash equivalents and investments available for sale ended the quarter at $232.4 million

Fiscal Year 2023 Overview

  • Net sales up 13% to $322.4 million for fiscal year 2023
  • ICL sales up 18% to $319.4 million and ICL units up 19%
  • Gross margin at 78.4% vs. 78.5% year ago
  • Net income of $21.3 million vs. $39.7 million year ago
  • Earnings per share of $0.43 vs. $0.80 per share year ago

“We generated strong sales growth in the fourth quarter, consistent with our preliminary sales announcement, and profitability, driven by strength in APAC and sequential growth in EMEA,” said Tom Frinzi, President and CEO of STAAR Surgical. “For fiscal 2023, every large market delivered positive sales growth. Our ICL unit growth exceeded refractive industry growth by over 25 points for the third year in a row.1 Our 22% global ICL sales growth in the quarter included 30% growth in China and 18% in EMEA. As we enter 2024, we see encouraging end-market ICL sales trends and are affirming our fiscal 2024 net sales outlook of $335 million to $340 million.”

Mr. Frinzi continued, “With healthy margins, no debt and a record $232 million of cash, cash equivalents and investments on the balance sheet we will continue to strategically invest in our growth opportunities. We are also enhancing the surgeon experience, both in the clinical environment and in driving practice efficiency. EVO ICL is the next logical step in refractive innovation with clear differentiators in patient outcomes and patient satisfaction. We are pleased with the increasing interest our lens based technology is garnering and look forward to sharing more about our progress, partnerships and innovation investments in the coming weeks and at the ASCRS meeting in Boston.”

Fourth Quarter 2023 Financial Results

Net sales were $76.3 million for the fourth quarter of 2023, up 19% compared to $64.0 million reported in the prior year quarter. The sales increase in the fourth quarter was driven by ICL sales and unit growth of 22% and 19%, respectively, as compared to the prior year period. Other Products sales decreased 43% compared to the prior year quarter.

Gross profit margin for the fourth quarter of 2023 was 79.6% of total net sales compared to the prior year quarter of 77.7% of total net sales. Product mix favorably impacted gross margin in the fourth quarter of 2023 as compared to the prior year quarter.

Operating expenses for the fourth quarter of 2023 were $50.3 million compared to the prior year quarter of $48.8 million. General and administrative expenses were $16.9 million compared to the prior year quarter of $14.8 million. The increase in general and administrative expenses was due to increased outside services and facilities costs. Selling and marketing expenses were $22.6 million compared to the prior year quarter of $24.2 million. The decrease in selling and marketing expenses was due to decreased compensation-related expenses and marketing, promotional and advertising activities. Research and development expenses were $10.9 million compared to the prior year quarter of $9.8 million. The increase in research and development expenses was due to increased compensation-related expenses.

Operating income for the fourth quarter of 2023 was $10.4 million or 13.7% of net sales as compared to $1.0 million or 1.5% of net sales for the fourth quarter of 2022.

Net income for the fourth quarter of 2023 was $7.8 million or $0.16 per diluted share compared with net income of $6.8 million or $0.14 per diluted share for the prior year quarter. The year over year increase in net income was attributable to higher gross profit, partially offset by a higher provision for income taxes, lower other income and increased SG&A expenses.

Fiscal Year 2023 Financial Results

Net sales were $322.4 million for fiscal year 2023, up 13% compared to $284.4 million reported in the prior year. The increase in net sales was driven by ICL sales and unit growth of 18% and 19%, respectively. Other Products Sales decreased 80% compared to the prior year.

Gross profit margin for fiscal year 2023 decreased to 78.4% of total net sales compared to 78.5% of total net sales for fiscal year 2022.

Operating expenses for fiscal year 2023 were $224.6 million compared to $179.6 million in the prior year. The 25% increase in operating expense was primarily due to higher compensation-related expenses, marketing, promotional and advertising activities, outside services and facilities costs.

Operating income for fiscal year 2023 was $28.1 million or 8.8% of net sales as compared to $43.8 million or 15.4% of net sales for fiscal year 2022.

Net income for fiscal year 2023 was $21.3 million or $0.43 per diluted share compared with net income of $39.7 million or $0.80 per diluted share for the prior year. The year over year decrease in net income was due to increased SG&A expenses and provision for income taxes, partially offset by higher gross margin and other income.

Cash, cash equivalents and investments available for sale at December 29, 2023, totaled $232.4 million, compared to $225.5 million at end of the fourth quarter of 2022.

Outlook

The Company expects the following for fiscal year 2024:

  • Net sales of $335 million to $340 million.
  • Adjusted EBITDA of approximately $36 million and Adjusted EBITDA per diluted share of approximately $0.70.2

The outlook above contemplates EVO ICL sales growth of approximately 7% in APAC, including 10% in China; 10% growth in the Americas, including 10% in the U.S.; and EMEA sales consistent with fiscal year 2023.

Conference Call

The Company will host a conference call and webcast today, Monday, February 26 at 4:15 p.m. Eastern / 1:15 p.m. Pacific to discuss its financial results and operational progress. To access the conference call please dial 877-270-2148 for domestic participants and 412-902-6510 for international participants. No access code is required. Please ask to be joined into the STAAR Surgical Company call. The live webcast can be accessed from the ‘Investor Relations’ section of the STAAR website at www.staar.com.

A taped replay of the conference call (Access Code 6879745) will be available beginning approximately one hour after the call’s conclusion for seven days. This replay can be accessed by dialing 877-344-7529 for domestic callers and 412-317-0088 for international callers. An archived webcast will also be available at www.staar.com.

1

 

Global STAAR ICL unit growth exceeded refractive industry growth by an estimated 38 points (2021); 28 points (2022) and 26 points (2023). The Company estimates global refractive industry procedures increased 10% (2021); increased 5% (2022); and decreased 7% (2023) Y/Y based on Market Scope and Company data available as of January 2, 2024.

2

 

Adjusted EBITDA and Adjusted EBITDA per diluted share are non-GAAP financial measures. For further information on non-GAAP financial measures, please refer to the “Use of Non-GAAP Financial Measures” section of this press release. Please also refer to the tables at the end of this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure.

Use of Non-GAAP Financial Measures

To supplement the Company’s financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables include certain non-GAAP financial measures, including Adjusted EBITDA. Management uses these non-GAAP financial measures in its evaluation of Company operating performance and believes investors will find them useful in evaluating the Company’s operating performance, including cash flow generation, and in analyzing period-to-period financial performance of core business operations and underlying business trends. Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

EBITDA is a non-GAAP financial measure, which is calculated by adding interest income and expense, net; provision for income taxes; and depreciation and amortization to net income. In calculating Adjusted EBITDA and Adjusted EBITDA per diluted share, the Company further adjusts for stock-based compensation expense. As stock-based compensation is a non-cash expense that can vary significantly based on the timing, size and nature of awards granted, the Company believes that the exclusion of stock-based compensation expense can assist investors in comparisons of Company operating results with other peer companies because (i) the amount of such expense in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including inducement grants in connection with hiring. Additionally, the Company believes that excluding stock-based compensation from Adjusted EBITDA and Adjusted EBITDA per diluted share assists management and investors in making meaningful comparisons between the Company’s operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future.

The Company also presents certain financial information on a constant currency basis, which is intended to exclude the effects of foreign currency fluctuations. The Company conducts a significant part of its activities outside the U.S. It receives sales revenue and pays expenses principally in U.S. dollars, Swiss francs, Japanese yen and euros. The exchange rates between dollars and non-U.S. currencies can fluctuate greatly and can have a significant effect on the Company’s results when reported in U.S. dollars. In order to compare the Company's performance from period to period without the effect of currency, the Company will apply the same average exchange rate applicable in the prior period, or the “constant currency” rate to sales or expenses in the current period as well.

In the tables provided below, the Company has included a reconciliation of Adjusted EBITDA and Adjusted EBITDA per diluted share to net income and net income per diluted share, the most directly comparable GAAP financial measure, as well as supplemental financial information with net sales expressed in constant currency. The Company has also provided a reconciliation of forward-looking Adjusted EBITDA and Adjusted EBITDA per diluted share to net income and net income per diluted share. This represents forward-looking information, and actual results may vary. Please see the risks and assumptions referred to in the Safe Harbor section of this press release.

About STAAR Surgical

STAAR, which has been dedicated solely to ophthalmic surgery for over 40 years, designs, develops, manufactures and markets implantable lenses for the eye. These lenses are intended to provide visual freedom for patients, lessening or eliminating the reliance on glasses or contact lenses. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAAR’s lens used in refractive surgery is called an Implantable Collamer® Lens or “ICL,” which includes the EVO ICL™ product line. More than 2,500,000 ICLs have been sold to date and STAAR markets these lenses in over 75 countries. To learn more about the ICL go to: EVOICL.com. Headquartered in Lake Forest, CA, the company operates manufacturing and packaging facilities in Aliso Viejo, CA, Monrovia, CA and Nidau, Switzerland. For more information, please visit the Company’s website at www.staar.com.

Safe Harbor

All statements that are not statements of historical fact are forward-looking statements, including statements about any of the following: any financial projections, anticipated financial results, estimates and outlook (including as to net sales, Adjusted EBITDA, and Adjusted EBITDA per diluted share), plans, strategies, and objectives of management for 2024 and beyond or prospects for achieving such plans, expectations for sales, revenue, margin, expenses or earnings, and any statements of assumptions underlying any of the foregoing, including those relating to financial performance in the upcoming quarter, fiscal year 2024 and beyond. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties related to global economic conditions, as well as the factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 29, 2023 under the caption “Risk Factors,” which is on file with the Securities and Exchange Commission and available in the “Investor Information” section of the company’s website under the heading “SEC Filings.” We disclaim any intention or obligation to update or revise any financial projections or forward-looking statement due to new information or events. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include the following: global economic conditions; the impact of COVID-19; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before or after approval, or to take enforcement action; international conflicts, trade disputes and substantial dependence on demand from Asia; and the willingness of surgeons and patients to adopt a new or improved product and procedure.

We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the ‘Investor Relations’ sections. Accordingly, investors should monitor such portions of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts.

         
Consolidated Balance Sheets
(in 000's)
Unaudited
         
         
ASSETS   December 29, 2023   December 30, 2022
Current assets:        
Cash and cash equivalents  

$

183,038

   

$

86,480

 
Investments available for sale    

37,688

     

125,159

 
Accounts receivable trade, net    

94,704

     

62,447

 
Inventories, net    

35,130

     

24,161

 
Prepayments, deposits, and other current assets    

14,709

     

13,476

 
Total current assets    

365,269

     

311,723

 
Investments available for sale    

11,703

     

13,902

 
Property, plant, and equipment, net    

66,835

     

50,921

 
Finance lease right-of-use assets, net    

183

     

342

 
Operating lease right-of-use assets, net    

34,387

     

30,270

 
Intangible assets, net    

-

     

173

 
Goodwill    

1,786

     

1,786

 
Deferred income taxes    

5,190

     

8,744

 
Other assets    

3,339

     

957

 
Total assets  

$

488,692

   

$

418,818

 
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Accounts payable  

$

13,557

   

$

11,576

 
Obligations under finance leases    

165

     

169

 
Obligations under operating leases    

4,202

     

3,524

 
Allowance for sales returns    

6,174

     

5,706

 
Other current liabilities    

40,938

     

30,741

 
Total current liabilities    

65,036

     

51,716

 
Obligations under finance leases    

42

     

210

 
Obligations under operating leases    

31,425

     

27,136

 
Deferred income taxes    

1,077

     

1,489

 
Asset retirement obligations    

103

     

220

 
Pension liability    

5,055

     

1,935

 
Total liabilities    

102,738

     

82,706

 
         
         
Stockholders' equity:        
Common stock    

488

     

482

 
Additional paid-in capital    

436,947

     

404,189

 
Accumulated other comprehensive income (loss)    

(4,113

)

   

156

 
Accumulated deficit    

(47,368

)

   

(68,715

)

Total stockholders' equity    

385,954

     

336,112

 
Total liabilities and stockholders' equity  

$

488,692

   

$

418,818

 
                                                 
Consolidated Statements of Income
(in 000's except for per share data)
Unaudited
                                                 
                                                 
    Three Months Ended   Twelve Months Ended
                    Fav (Unfav)                   Fav (Unfav)
    % of Sales   December 29, 2023   % of Sales   December 30, 2022   Amount   %   % of Sales   December 29, 2023   % of Sales   December 30, 2022   Amount   %
Net sales  

100.0

%

 

$

76,273

 

100.0

%

 

$

64,044

   

$

12,229

   

19.1

%

 

100.0

%

 

$

322,415

   

100.0

%

 

$

284,391

   

$

38,024

   

13.4

%

                                                 
Cost of sales  

20.4

%

   

15,548

 

22.3

%

   

14,259

     

(1,289

)

 

-9.0

%

 

21.6

%

   

69,764

   

21.5

%

   

61,008

     

(8,756

)

 

-14.4

%

                                                 
Gross profit  

79.6

%

   

60,725

 

77.7

%

   

49,785

     

10,940

   

22.0

%

 

78.4

%

   

252,651

   

78.5

%

   

223,383

     

29,268

   

13.1

%

                                                 
Selling, general and administrative expenses:                                                
General and administrative  

22.1

%

   

16,858

 

23.1

%

   

14,808

     

(2,050

)

 

-13.8

%

 

22.4

%

   

72,319

   

19.2

%

   

54,742

     

(17,577

)

 

-32.1

%

Selling and marketing  

29.6

%

   

22,596

 

37.8

%

   

24,223

     

1,627

   

6.7

%

 

33.4

%

   

107,834

   

31.2

%

   

88,856

     

(18,978

)

 

-21.4

%

Research and development  

14.2

%

   

10,866

 

15.3

%

   

9,790

     

(1,076

)

 

-11.0

%

 

13.8

%

   

44,401

   

12.7

%

   

35,983

     

(8,418

)

 

-23.4

%

Total selling, general, and administrative expenses  

65.9

%

   

50,320

 

76.2

%

   

48,821

     

(1,499

)

 

-3.1

%

 

69.6

%

   

224,554

   

63.1

%

   

179,581

     

(44,973

)

 

-25.0

%

                                                 
Operating income  

13.7

%

   

10,405

 

1.5

%

   

964

     

9,441

   

979.4

%

 

8.8

%

   

28,097

   

15.4

%

   

43,802

     

(15,705

)

 

-35.9

%

                                                 
Other income (expense), net:                                                
Interest income, net  

2.2

%

   

1,699

 

2.4

%

   

1,514

     

185

   

12.2

%

 

2.2

%

   

6,986

   

0.8

%

   

2,448

     

4,538

   

185.4

%

Gain (loss) on foreign currency transactions  

1.7

%

   

1,331

 

5.0

%

   

3,197

     

(1,866

)

 

-58.4

%

 

-0.6

%

   

(1,909

)

 

-0.6

%

   

(1,707

)

   

(202

)

 

-11.8

%

Royalty income  

0.0

%

   

0

 

0.4

%

   

277

     

(277

)

 

-100.0

%

 

0.0

%

   

74

   

0.3

%

   

804

     

(730

)

 

-90.8

%

Other income, net  

0.4

%

   

304

 

0.0

%

   

27

     

277

   

1025.9

%

 

0.1

%

   

448

   

0.1

%

   

205

     

243

   

118.5

%

Total other income, net  

4.3

%

   

3,334

 

7.8

%

   

5,015

     

(1,681

)

 

-33.5

%

 

1.7

%

   

5,599

   

0.6

%

   

1,750

     

3,849

   

219.9

%

                                                 
Income before provision for income taxes  

18.0

%

   

13,739

 

9.3

%

   

5,979

     

7,760

   

129.8

%

 

10.5

%

   

33,696

   

16.0

%

   

45,552

     

(11,856

)

 

-26.0

%

                                                 
Provision (benefit) for income taxes  

7.8

%

   

5,983

 

-1.2

%

   

(784

)

   

(6,767

)

 

-863.1

%

 

3.8

%

   

12,349

   

2.1

%

   

5,887

     

(6,462

)

 

-109.8

%

                                                 
Net income  

10.2

%

 

$

7,756

 

10.5

%

 

$

6,763

   

$

993

   

14.7

%

 

6.7

%

 

$

21,347

   

13.9

%

 

$

39,665

   

$

(18,318

)

 

-46.2

%

                                                 
Net income per share - basic      

$

0.16

     

$

0.14

               

$

0.44

       

$

0.83

         
Net income per share - diluted      

$

0.16

     

$

0.14

               

$

0.43

       

$

0.80

         
                                                 
Weighted average shares outstanding - basic        

48,815

       

48,203

                 

48,523

         

47,987

         
Weighted average shares outstanding - diluted        

49,242

       

49,389

                 

49,427

         

49,380

         
                 
Consolidated Statements of Cash Flows
(in 000's)
Unaudited
    Three Months Ended   Twelve Months Ended
    December 29, 2023   December 30, 2022   December 29, 2023   December 30, 2022
Cash flows from operating activities:                
Net income  

$

7,756

   

$

6,763

   

$

21,347

   

$

39,665

 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                
Depreciation of property and equipment    

1,368

     

1,380

     

5,111

     

4,481

 
Amortization of long-lived intangibles    

(2

)

   

6

     

13

     

28

 
Impairment of long-lived intangibles    

-

     

-

     

154

     

-

 
Accretion/Amortization of investments available for sale    

(329

)

   

(891

)

   

(2,501

)

   

(1,198

)

Deferred income taxes    

3,199

     

(2,277

)

   

3,264

     

(2,254

)

Change in net pension liability    

(190

)

   

13

     

(956

)

   

53

 
Stock-based compensation expense    

182

     

4,996

     

23,516

     

20,371

 
Change in asset retirement obligation    

2

     

47

     

(102

)

   

47

 
Loss on disposal of property and equipment    

32

     

65

     

73

     

65

 
Provision for sales returns and credit losses    

(1,262

)

   

552

     

663

     

913

 
Inventory provision    

761

     

403

     

4,851

     

2,423

 
Changes in working capital:                
Accounts receivable    

17,676

     

(6,493

)

   

(32,760

)

   

(19,601

)

Inventories    

(4,386

)

   

(3,820

)

   

(14,361

)

   

(7,943

)

Prepayments, deposits and other assets    

171

     

(3,075

)

   

(3,413

)

   

(2,549

)

Accounts payable    

2,565

     

3,639

     

(701

)

   

1,805

 
Other current liabilities    

4,426

     

1,662

     

10,396

     

(591

)

Net cash provided by operating activities    

31,969

     

2,970

     

14,594

     

35,715

 
                 
Cash flows from investing activities:                
Acquisition of property and equipment    

(3,088

)

   

(4,025

)

   

(18,188

)

   

(18,108

)

Purchase of investments available for sale    

1

     

(60,172

)

   

(52,313

)

   

(155,748

)

Proceeds from sale or maturity of investments available for sale    

25,489

     

17,480

     

144,848

     

17,480

 
Net cash provided by (used in) investing activities    

22,402

     

(46,717

)

   

74,347

     

(156,376

)

                 
Cash flows from financing activities:                
Repayment of finance lease obligations    

(40

)

   

(41

)

   

(161

)

   

(126

)

Repurchase of employee common stock for taxes withheld    

(1

)

   

-

     

(2,097

)

   

-

 
Proceeds from vested restricted stock and exercise of stock options    

408

     

243

     

9,673

     

8,423

 
Net cash provided by financing activities    

367

     

202

     

7,415

     

8,297

 
                 
Effect of exchange rate changes on cash and cash equivalents    

868

     

783

     

202

     

(862

)

                 
Increase (decrease) in cash and cash equivalents    

55,606

     

(42,762

)

   

96,558

     

(113,226

)

Cash and cash equivalents, at beginning of the period    

127,432

     

129,242

     

86,480

     

199,706

 
Cash and cash equivalents, at end of the period  

$

183,038

   

$

86,480

   

$

183,038

   

$

86,480

 
Reconciliation of Non-GAAP Financial Measure
Net Income to Adjusted EBITDA
(in 000's except for per share data)
Unaudited
                                                 
     

2021

    Q1-22   Q2-22   Q3-22   Q4-22    

2022

    Q1-23   Q2-23   Q3-23   Q4-23    

2023

   

2024 Outlook(2)

Net income - (as reported)  

$

27,511

   

$

9,602

   

$

13,038

   

$

10,262

   

$

6,763

   

$

39,665

   

$

2,710

   

$

6,064

   

$

4,817

   

$

7,756

   

$

21,347

   

$

0

 
Provision (benefit) for income taxes    

3,793

     

1,925

     

2,431

     

2,315

     

(784

)

   

5,887

     

2,009

     

2,428

     

1,929

     

5,983

     

12,349

     

0

 
Other (income) expense, net    

2,035

     

586

     

1,551

     

1,128

     

(5,015

)

   

(1,750

)

   

(1,919

)

   

105

     

(451

)

   

(3,334

)

   

(5,599

)

   

2,000

 
Depreciation    

3,608

     

994

     

1,030

     

1,077

     

1,380

     

4,481

     

1,113

     

1,285

     

1,345

     

1,368

     

5,111

     

4,000

 
Amortization of Intangible assets    

34

     

8

     

7

     

7

     

6

     

28

     

7

     

10

     

(2

)

   

(2

)

   

13

     

0

 
Stock-based compensation    

14,605

     

3,894

     

5,754

     

5,727

     

4,996

     

20,371

     

6,065

     

8,423

     

8,846

     

182

     

23,516

     

30,000

 
Adjusted EBITDA  

$

51,586

   

$

17,009

   

$

23,811

   

$

20,516

   

$

7,346

   

$

68,682

   

$

9,985

   

$

18,315

   

$

16,484

   

$

11,953

   

$

56,737

   

$

36,000

 
Adjusted EBITDA as a % of Revenue    

22.4

%

   

26.9

%

   

29.4

%

   

27.0

%

   

11.5

%

   

24.2

%

   

13.6

%

   

19.8

%

   

20.5

%

   

15.7

%

   

17.6

%

   

10.5

%

                                                 
Net income per share, diluted- (as reported)  

$

0.56

   

$

0.19

   

$

0.26

   

$

0.21

   

$

0.14

   

$

0.80

   

$

0.05

   

$

0.12

   

$

0.10

   

$

0.16

   

$

0.43

   

$

0.00

 
Provision (benefit) for income taxes    

0.08

     

0.04

     

0.05

     

0.05

     

(0.02

)

   

0.12

     

0.04

     

0.05

     

0.04

     

0.12

     

0.25

     

0.00

 
Other (income) expense, net    

0.04

     

0.01

     

0.03

     

0.02

     

(0.10

)

   

(0.04

)

   

(0.04

)

   

-

     

(0.01

)

   

(0.07

)

   

(0.11

)

   

0.04

 
Depreciation    

0.07

     

0.02

     

0.02

     

0.02

     

0.03

     

0.09

     

0.02

     

0.03

     

0.03

     

0.03

     

0.10

     

0.08

 
Amortization of Intangible assets    

-

     

-

     

-

     

-

     

-

     

-

     

-

     

-

     

-

     

-

     

-

     

0.00

 
Stock-based compensation    

0.30

     

0.08

     

0.12

     

0.12

     

0.10

     

0.41

     

0.12

     

0.17

     

0.18

     

-

     

0.48

     

0.58

 
Adjusted EBITDA per share, diluted(1)  

$

1.04

   

$

0.35

   

$

0.48

   

$

0.41

   

$

0.15

   

$

1.39

   

$

0.20

   

$

0.37

   

$

0.33

   

$

0.24

   

$

1.15

   

$

0.70

 
                                                 
Weighted average shares outstanding - Diluted    

49,456

     

49,288

     

49,223

     

49,549

     

49,389

     

49,380

     

49,500

     

49,516

     

49,370

     

49,242

     

49,427

     

52,000

 
                                                 
(1) Adjusted EBITDA per diluted share may not add due to rounding
(2) 2024 Adjusted EBITDA Outlook line items are all approximations and assumes breakeven Net Income
ICL Sales by Geography
(in 000's)
Unaudited
    Fiscal Year   Three Months Ended
ICL Sales by Region(5)    

2021

     

2022

     

2023

    December 30, 2022   March 31, 2023   June 30, 2023   September 29, 2023   December 29, 2023
                                 
Americas(1)  

$

14,054

   

$

20,114

   

$

22,233

   

$

5,703

   

$

5,566

   

$

5,954

   

$

5,449

   

$

5,264

 
                                 
EMEA(2)    

37,343

     

36,715

     

39,318

     

8,569

     

10,180

     

9,782

     

9,253

     

10,103

 
                                 
APAC(3)    

161,508

     

212,883

     

257,876

     

46,890

     

54,879

     

77,376

     

66,367

     

59,254

 
                                 
Global ICL Sales  

$

212,905

   

$

269,712

   

$

319,427

   

$

61,162

   

$

70,625

   

$

93,112

   

$

81,069

   

$

74,621

 
                                 
Global ICL Sales Growth    

51

%

   

27

%

   

18

%

   

15

%

   

20

%

   

19

%

   

13

%

   

22

%

                                 
Global ICL Unit Growth    

48

%

   

33

%

   

19

%

   

20

%

   

20

%

   

21

%

   

14

%

   

19

%

                                 
    Fiscal Year   Three Months Ended
ICL Sales by Country(4)(5)    

2021

     

2022

     

2023

    December 30, 2022   March 31, 2023   June 30, 2023   September 29, 2023   December 29, 2023
                                 
China  

$

107,130

   

$

147,967

   

$

185,404

   

$

31,506

   

$

35,042

   

$

61,288

   

$

48,262

   

$

40,813

 
Growth    

50

%

   

38

%

   

25

%

   

20

%

   

25

%

   

33

%

   

14

%

   

30

%

                                 
Japan  

$

28,688

   

$

32,623

   

$

36,352

   

$

8,179

   

$

9,203

   

$

8,563

   

$

9,091

   

$

9,495

 
Growth    

56

%

   

14

%

   

11

%

   

6

%

   

6

%

   

13

%

   

12

%

   

16

%

                                 
South Korea  

$

15,173

   

$

17,940

   

$

19,853

   

$

3,589

   

$

6,656

   

$

3,316

   

$

4,886

   

$

4,996

 
Growth    

36

%

   

18

%

   

11

%

   

-2

%

   

19

%

   

-15

%

   

1

%

   

39

%

                                 
United States  

$

9,478

   

$

15,070

   

$

17,168

   

$

4,536

   

$

4,396

   

$

4,446

   

$

4,162

   

$

4,164

 
Growth    

58

%

   

59

%

   

14

%

   

94

%

   

71

%

   

10

%

   

6

%

   

-8

%

                                 
                                 
                                 
Notes:                                
(1) Americas includes the United States, Canada and Latin American countries
(2) EMEA includes Spain, Germany, United Kingdom, European, Middle East and Africa Distributors
(3) APAC includes China, Japan, South Korea, India and the rest of Asia Pacific distributors
(4) ICL Sales by country includes countries representing more than 5% of total ICL sales in the most recently completed fiscal year
(5) ICL sales do not include IOL, injector or other sales.
Reconciliation of Non-GAAP Financial Measure
Constant Currency Sales
(in 000's)
Unaudited
                                 
    Three Months Ended       As Reported   Constant Currency
Sales   December 29, 2023   Effect of Currency   Constant Currency   December 30, 2022   $ Change   % Change   $ Change   % Change
ICL  

$

74,621

   

$

(205

)

 

$

74,416

   

$

61,162

 

$

13,459

   

22.0

%

 

$

13,254

   

21.7

%

                                 
Cataract IOL    

(156

)

   

26

     

(130

)

   

1,998

   

(2,154

)

 

-107.8

%

   

(2,128

)

 

-106.5

%

Other    

1,808

     

21

     

1,829

     

884

   

924

   

104.5

%

   

945

   

106.9

%

Other Products    

1,652

     

47

     

1,699

     

2,882

   

(1,230

)

 

-42.7

%

   

(1,183

)

 

-41.0

%

                                 
Total Sales  

$

76,273

   

$

(158

)

 

$

76,115

   

$

64,044

 

$

12,229

   

19.1

%

 

$

12,071

   

18.8

%

                                 
    Twelve Months Ended       As Reported   Constant Currency
Sales   December 29, 2023   Effect of Currency   Constant Currency   December 30, 2022   $ Change   % Change   $ Change   % Change
ICL  

$

319,427

   

$

1,799

   

$

321,226

   

$

269,712

 

$

49,715

   

18.4

%

 

$

51,514

   

19.1

%

                                 
Cataract IOL    

1,139

     

198

     

1,337

     

9,638

   

(8,499

)

 

-88.2

%

   

(8,301

)

 

-86.1

%

Other    

1,849

     

125

     

1,974

     

5,041

   

(3,192

)

 

-63.3

%

   

(3,067

)

 

-60.8

%

Other Products    

2,988

     

323

     

3,311

     

14,679

   

(11,691

)

 

-79.6

%

   

(11,368

)

 

-77.4

%

                                 
Total Sales  

$

322,415

   

$

2,122

   

$

324,537

   

$

284,391

 

$

38,024

   

13.4

%

 

$

40,146

   

14.1

%

                                 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240226968455/en/

Contacts

Investors & Media
Brian Moore
Vice President, Investor Relations and Corporate Development
(626) 303-7902, Ext. 3023
bmoore@staar.com

Source: STAAR Surgical Company

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