CORRECTING and REPLACING STAAR Surgical Reports Third Quarter 2024 Results

Rhea-AI Summary

STAAR Surgical reported strong Q3 2024 financial results with net sales up 10% to $88.6 million, driven by growth across all regions: Americas (+14%), EMEA (+12%), and APAC (+9%). The company achieved ICL sales of $89.1 million, also up 10% year-over-year, with unit growth of 6%. Net income reached $10.0 million ($0.20 per share), increasing from $4.8 million ($0.10 per share) in the previous year.

Despite a softening macroeconomic environment, particularly in China during the second half of the quarter, STAAR maintained its fiscal year 2024 outlook with projected net sales of $340-345 million and Adjusted EBITDA of approximately $42 million. The company ended the quarter with $236.0 million in cash, cash equivalents, and investments.

Net Sales Up 10% to $88.6 Million Driven by Growth in All Regions

Americas Up 14%, EMEA Up 12% and APAC Up 9%

Market Building Initiatives Drive EVO ICL™ Uptake and Reinforce Opportunity

LAKE FOREST, Calif.--(BUSINESS WIRE)-- The end of the paragraph after bullets in the "Outlook" section of release should read: APAC sales growth of 5% (prior outlook was 7%), including approximately 2% growth in China (prior outlook was 10%) and all other APAC countries approximately 10-20% growth (prior outlook was flat). (Instead of: APAC sales growth of 4% (prior outlook was 7%), including approximately 2% growth in China (prior outlook was 10%).

The updated release reads: 

STAAR SURGICAL REPORTS THIRD QUARTER 2024 RESULTS

Net Sales Up 10% to $88.6 Million Driven by Growth in All Regions

Americas Up 14%, EMEA Up 12% and APAC Up 9%

Market Building Initiatives Drive EVO ICL™ Uptake and Reinforce Opportunity

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 third quarter ended September 27, 2024.

Third Quarter 2024 Overview

• Net sales of $88.6 million, up 10% from prior year quarter
• ICL sales of $89.1 million, up 10% from prior year quarter
• Gross margin of 77.3% as compared to 79.2% year ago
• Net income of $10.0 million or $0.20 per share, up from $4.8 million or $0.10 per share year ago
• Adjusted EBITDA of $16.2 million or $0.33 per share as compared to $16.5 million or $0.33 per share year ago
• $236.0 million of cash, cash equivalents and investments available for sale as of September 27, 2024

“In the third quarter, we achieved double-digit sales growth against a macroeconomic environment that softened in the second half of the quarter, particularly in China,” said Tom Frinzi, President and CEO of STAAR Surgical. “STAAR is well positioned to navigate through the current market dynamics, which we believe are transitory. Looking ahead, we are encouraged by the recent shift in fiscal policy and announced stimulus in China and will continue to closely monitor the potential impact on our near to midterm growth outlook.”

Mr. Frinzi concluded, “Our focus on customer engagement and market expansion continues to yield solid results, helping drive industry-leading growth and market share gains. As our surgeon customers perform more EVO procedures, they are increasingly using our technology for moderate myopia, which underscores EVO ICL as the treatment choice for -6D and above and expands our total addressable market.”

Third Quarter 2024 Financial Results

Net sales were $88.6 million for the third quarter of 2024, up 10% from $80.3 million reported in the prior year quarter. This sales increase was driven by ICL sales growth of $8.0 million, up 10%, and unit growth of 6% from the prior year period. Other Product sales declined $0.2 million from the prior year period. Changes in currency, primarily the Japanese Yen, negatively impacted reported total net sales by $0.3 million for the third quarter of 2024.

Gross profit margin for the third quarter of 2024 was 77.3% of net sales as compared to the prior year quarter of 79.2% of net sales. Gross margin in the third quarter was lower primarily due to reduced unit production that resulted in less absorption of fixed overhead.

Operating expenses for the third quarter of 2024 were $62.8 million, up from the prior year quarter of $57.3 million. General and administrative expenses were $21.7 million, up from $19.3 million in the prior year quarter, driven primarily by increased facility costs and compensation-related expenses. Selling and marketing expenses were $26.6 million – consistent with the prior year quarter. Research and development expenses were $14.5 million, up from the prior year quarter of $11.5 million, primarily due to purchases of in-process research and development, as well as compensation-related expenses, which were partially offset by lower clinical trial costs.

Operating income for the third quarter of 2024 was $5.7 million or 6.4% of net sales as compared to operating income of $6.3 million or 7.8% of net sales for the third quarter of 2023.

Net income for the third quarter of 2024 was $10.0 million or $0.20 income per share, up from $4.8 million or $0.10 income per share for the prior year quarter. The increase in net income was primarily attributable to a gain on foreign currency transactions.

As of September 27, 2024, cash, cash equivalents and investments available for sale totaled $236.0 million, up from $232.4 million on December 29, 2023.

Outlook

The Company maintained its prior outlook for fiscal year 2024 net sales and Adjusted EBITDA.

• Net sales of $340 million to $345 million.
• Adjusted EBITDA of approximately $42 million and Adjusted EBITDA per diluted share of approximately $0.80.

The outlook above contemplates EVO ICL sales growth of 17% in the Americas (prior outlook was 15%) including 20% in the U.S. (prior outlook was 25%); EMEA sales growth of 10% (prior outlook was 6%); and APAC sales growth of 5% (prior outlook was 7%), including approximately 2% growth in China (prior outlook was 10%) and all other APAC countries approximately 10-20% growth (prior outlook was flat).

Earnings Webcast

The Company will host an earnings webcast today, Wednesday, October 30 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results and operational progress. To access the webcast please use the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=fmU0YbKB.

The live webcast, earnings webcast presentation and an archived version of the webcast can be accessed from the investor relations section of the STAAR website at www.staar.com.

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 3,000,000 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		September 27, 2024				December 29, 2023
Current assets:
Cash and cash equivalents		$	164,003			$	183,038
Investments available for sale			71,955				37,688
Accounts receivable trade, net			104,510				94,704
Inventories, net			40,361				35,130
Prepayments, deposits, and other current assets			16,277				14,709
Total current assets			397,106				365,269
Investments available for sale			-				11,703
Property, plant, and equipment, net			81,580				66,835
Finance lease right-of-use assets, net			73				183
Operating lease right-of-use assets, net			37,897				34,387
Goodwill			1,786				1,786
Deferred income taxes			5,324				5,190
Other assets			13,824				3,339
Total assets		$	537,590			$	488,692
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	14,694			$	13,557
Obligations under finance leases			84				165
Obligations under operating leases			4,531				4,202
Allowance for sales returns			8,124				6,174
Other current liabilities			38,908				40,938
Total current liabilities			66,341				65,036
Obligations under finance leases			-				42
Obligations under operating leases			35,385				31,425
Deferred income taxes			1,056				1,077
Asset retirement obligations			127				103
Pension liability			6,559				5,055
Total liabilities			109,468				102,738
Stockholders' equity:
Common stock			493				488
Additional paid-in capital			466,579				436,947
Accumulated other comprehensive loss			(5,602	)			(4,113	)
Accumulated deficit			(33,348	)			(47,368	)
Total stockholders' equity			428,122				385,954
Total liabilities and stockholders' equity		$	537,590			$	488,692

Consolidated Statements of Income
(in 000's except for per share data)
Unaudited
		Three Months Ended																		Year to Date
		% of Sales		September 27, 2024				% of Sales		September 29, 2023				Fav (Unfav) Amount				%		% of Sales		September 27, 2024				% of Sales		September 29, 2023				Fav (Unfav) Amount				%
Net sales		100.0%		$	88,590			100.0%		$	80,308			$	8,282			10.3%		100.0%		$	264,951			100.0%		$	246,142			$	18,809			7.6%
Cost of sales		22.7%			20,103			20.8%			16,670				(3,433	)		(20.6)%		21.5%			57,017			22.0%			54,216				(2,801	)		(5.2)%
Gross profit		77.3%			68,487			79.2%			63,638				4,849			7.6%		78.5%			207,934			78.0%			191,926				16,008			8.3%
Selling, general and administrative expenses:
General and administrative		24.4%			21,685			24.0%			19,266				(2,419	)		(12.6)%		25.9%			68,554			22.6%			55,461				(13,093	)		(23.6)%
Selling and marketing		30.1%			26,623			33.1%			26,607				(16	)		(0.1)%		31.0%			82,150			34.6%			85,238				3,088			3.6%
Research and development		16.4%			14,497			14.3%			11,470				(3,027	)		(26.4)%		15.8%			41,931			13.6%			33,535				(8,396	)		(25.0)%
Total selling, general, and administrative expenses		70.9%			62,805			71.4%			57,343				(5,462	)		(9.5)%		72.7%			192,635			70.8%			174,234				(18,401	)		(10.6)%
Operating income		6.4%			5,682			7.8%			6,295				(613	)		(9.7)%		5.8%			15,299			7.2%			17,692				(2,393	)		(13.5)%
Other income (expense):
Interest income, net		1.6%			1,407			2.1%			1,690				(283	)		(16.7)%		1.6%			4,358			2.1%			5,287				(929	)		(17.6)%
Gain (loss) on foreign currency transactions		6.7%			5,931			-1.7%			(1,384	)			7,315			528.5%		0.2%			585			-1.3%			(3,240	)			3,825			118.1%
Royalty income		0.0%			-			0.1%			74				(74	)		(100.0)%		0.2%			508			0.0%			74				434			586.5%
Other income, net		0.2%			139			0.1%			71				68			95.8%		0.2%			532			0.1%			144				388			269.4%
Total other income, net		8.5%			7,477			0.6%			451				7,026			1557.9%		2.2%			5,983			0.9%			2,265				3,718			164.2%
Income before provision for income taxes		14.9%			13,159			8.4%			6,746				6,413			95.1%		8.0%			21,282			8.1%			19,957				1,325			6.6%
Provision for income taxes		3.6%			3,179			2.4%			1,929				(1,250	)		(64.8)%		2.7%			7,262			2.6%			6,366				(896	)		(14.1)%
Net income		11.3%			9,980			6.0%			4,817				5,163			107.2%		5.3%			14,020			5.5%			13,591				429			3.2%
Net income per share - basic					0.20						0.10												0.29						0.28
Net income per share - diluted					0.20						0.10												0.28						0.27
Weighted average shares outstanding - basic					49,199						48,613												49,078						48,426
Weighted average shares outstanding - diluted					49,731						49,370												49,614						49,494

Consolidated Statements of Cash Flows
(in 000's)
Unaudited
		Three Months Ended								Year to Date
		September 27, 2024				September 29, 2023				September 27, 2024				September 29, 2023
Cash flows from operating activities:
Net income		$	9,980			$	4,817			$	14,020			$	13,591
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation of property and equipment			1,757				1,345				4,516				3,743
Amortization of long-lived intangibles			-				(2	)			-				169
Accretion/Amortization of investments available for sale			(124	)			(348	)			(410	)			(2,172	)
Deferred income taxes			(13	)			(10	)			47				65
Change in net pension liability			(16	)			(139	)			(162	)			(766	)
Stock-based compensation expense			7,160				8,846				22,541				23,334
Change in asset retirement obligation			4				3				24				(104	)
Loss on disposal of property and equipment			1,642				17				1,668				41
Provision for sales returns and bad debts			868				921				1,947				1,925
Inventory provision			849				460				1,873				4,090
Changes in working capital:
Accounts receivable			(10,139	)			(18,092	)			(9,703	)			(50,436	)
Inventories			(1,091	)			(5,593	)			(5,962	)			(9,975	)
Prepayments, deposits and other assets			(5,152	)			(919	)			(12,237	)			(3,584	)
Accounts payable			(5,649	)			(1,819	)			(2,031	)			(3,266	)
Other current liabilities			3,740				4,538				(1,048	)			5,970
Net cash provided by (used in) operating activities			3,816				(5,975	)			15,083				(17,375	)
Cash flows from investing activities:
Acquisition of property and equipment			(6,231	)			(9,185	)			(17,669	)			(15,100	)
Purchase of investments available for sale			(40,945	)			(9,712	)			(61,194	)			(52,314	)
Proceeds from sale or maturity of investments available for sale			11,935				50,737				39,141				119,359
Net provided by (used in) investing activities			(35,241	)			31,840				(39,722	)			51,945
Cash flows from financing activities:
Repayment of finance lease obligations			(42	)			(39	)			(124	)			(121	)
Repurchase of employee common stock for taxes withheld			-				(112	)			(1,396	)			(2,096	)
Proceeds from vested restricted stock and exercise of stock options			1,657				7,258				7,354				9,265
Net cash provided by financing activities			1,615				7,107				5,834				7,048
Effect of exchange rate changes on cash and cash equivalents			1,037				(235	)			(230	)			(666	)
Increase (decrease) in cash and cash equivalents			(28,773	)			32,737				(19,035	)			40,952
Cash and cash equivalents, at beginning of the period			192,776				94,695				183,038				86,480
Cash and cash equivalents, at end of the period		$	164,003			$	127,432			$	164,003			$	127,432

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				Q1-24				Q2-24				Q3-24				2024 Outlook(2)
Net income (loss) - (as reported)		$	27,511			$	9,602			$	13,038			$	10,262			$	6,763			$	39,665			$	2,710			$	6,064			$	4,817			$	7,756			$	21,347			$	(3,339	)		$	7,379			$	9,980			$	3,800
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				1,128				2,955				3,179				7,600
Other (income) expense, net			2,035				586				1,551				1,128				(5,015	)			(1,750	)			(1,919	)			105				(451	)			(3,334	)			(5,599	)			(70	)			1,564				(7,477	)			(7,500	)
Depreciation			3,608				994				1,030				1,077				1,380				4,481				1,113				1,285				1,345				1,368				5,111				1,237				1,522				1,757				6,000
(Gain) loss on disposal of property plant and equipment(3)			2				-				-				-				65				65				-				24				17				32				73				-				26				1,642				1,700
Amortization of intangible assets			34				8				7				7				6				28				7				10				(2	)			(2	)			13				-				-				-				-
Stock-based compensation			14,605				3,894				5,754				5,727				4,996				20,371				6,065				8,423				8,846				182				23,516				6,339				9,042				7,160				30,200
Adjusted EBITDA		$	51,588			$	17,009			$	23,811			$	20,516			$	7,411			$	68,747			$	9,985			$	18,339			$	16,501			$	11,985			$	56,810			$	5,295			$	22,488			$	16,241			$	41,800
Adjusted EBITDA as a % of Revenue			22.4	%			26.9	%			29.4	%			27.0	%			11.6	%			24.2	%			13.6	%			19.9	%			20.6	%			15.7	%			17.6	%			6.8	%			22.7	%			18.3	%			12.2	%
Net income (loss) 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			$	(0.07	)		$	0.15			$	0.20			$	0.07
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				0.02				0.06				0.06				0.15
Other (income) expense, net			0.04				0.01				0.03				0.02				(0.10	)			(0.04	)			(0.04	)			-				(0.01	)			(0.07	)			(0.11	)			-				0.03				(0.15	)			(0.14	)
Depreciation			0.07				0.02				0.02				0.02				0.03				0.09				0.02				0.03				0.03				0.03				0.10				0.03				0.03				0.04				0.12
(Gain) loss on disposal of property plant and equipment			-				-				-				-				-				-				-				-				-				-				-				-				-				0.03				0.03
Amortization of intangible assets			-				-				-				-				-				-				-				-				-				-				-				-				-				-				-
Stock-based compensation			0.30				0.08				0.12				0.12				0.10				0.41				0.12				0.17				0.18				-				0.48				0.13				0.18				0.14				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			$	0.11			$	0.45			$	0.33			$	0.80
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				48,907				49,811				49,731				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
(3) The Q3-2024 non cash write-off of $1.6M was related to the former EVO Experience Center

ICL Sales by Geography
(in 000's)
Unaudited
		Fiscal Year												Three Months Ended
ICL Sales by Region(5)		2021				2022				2023				June 30, 2023				September 29, 2023				December 29, 2023				March 29, 2024				June 28, 2024				September 27, 2024
Americas(1)		$	14,054			$	20,114			$	22,233			$	5,954			$	5,449			$	5,264			$	6,260			$	6,794			$	6,187
EMEA(2)			37,343				36,715				39,318				9,782				9,253				10,103				11,299				10,727				10,333
APAC(3)			161,508				212,883				257,876				77,376				66,367				59,254				59,592				81,844				72,581
Global ICL Sales		$	212,905			$	269,712			$	319,427			$	93,112			$	81,069			$	74,621			$	77,151			$	99,365			$	89,101
Global ICL Sales Growth			51	%			27	%			18	%			19	%			13	%			22	%			9	%			7	%			10	%
Americas ICL Sales Growth			59	%			43	%			11	%			12	%			5	%			(8	)%			12	%			14	%			14	%
EMEA ICL Sales Growth			45	%			(2	)%			7	%			(11	)%			14	%			18	%			11	%			10	%			12	%
APAC ICL Sales Growth			51	%			32	%			21	%			26	%			13	%			26	%			9	%			6	%			9	%
Global ICL Unit Growth			48	%			33	%			19	%			21	%			14	%			19	%			2	%			3	%			6	%
		Fiscal Year												Three Months Ended
ICL Sales by Country(4)(5)		2021				2022				2023				June 30, 2023				September 29, 2023				December 29, 2023				March 29, 2024				June 28, 2024				September 27, 2024
China		$	107,130			$	147,967			$	185,404			$	61,288			$	48,262			$	40,813			$	38,460			$	63,345			$	51,719
Growth			50	%			38	%			25	%			33	%			14	%			30	%			10	%			3	%			7	%
Japan		$	28,688			$	32,623			$	36,352			$	8,563			$	9,091			$	9,495			$	10,227			$	9,735			$	10,490
Growth			56	%			14	%			11	%			13	%			12	%			16	%			11	%			14	%			15	%
South Korea		$	15,173			$	17,940			$	19,853			$	3,316			$	4,886			$	4,996			$	6,725			$	3,973			$	5,434
Growth			36	%			18	%			11	%			(15	)%			1	%			39	%			1	%			20	%			11	%
United States		$	9,478			$	15,070			$	17,168			$	4,446			$	4,162			$	4,164			$	5,039			$	5,541			$	4,823
Growth			58	%			59	%			14	%			10	%			6	%			(8	)%			15	%			25	%			16	%
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		September 27, 2024				Effect of Currency				Constant Currency				September 29, 2023				$ Change				% Change			$ Change				% Change
ICL		$	89,101			$	300			$	89,401			$	81,069			$	8,032			9.9	%		$	8,332			10.3	%
Cataract IOL			-				-				-				(221	)			221			(100.0	)%			221			(100.0	)%
Other			(511	)			(2	)			(513	)			(540	)			29			(5.4	)%			27			(5.0	)%
Total Sales		$	88,590			$	298			$	88,888			$	80,308			$	8,282			10.3	%		$	8,580			10.7	%
		Year to Date																As Reported							Constant Currency
Sales		September 27, 2024				Effect of Currency				Constant Currency				September 29, 2023				$ Change				% Change			$ Change				% Change
ICL		$	265,617			$	2,515			$	268,132			$	244,806			$	20,811			8.5	%		$	23,326			9.5	%
Cataract IOL			-				-				-				1,295				(1,295	)		(100.0	)%			(1,295	)		(100.0	)%
Other			(666	)			111				(555	)			41				(707	)		(1724.4	)%			(596	)		(1453.7	)%
Total Sales		$	264,951			$	2,626			$	267,577			$	246,142			$	18,809			7.6	%		$	21,435			8.7	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241030604379/en/

Investors & Media

Brian Moore

Vice President, Investor Relations and Corporate Development

626-303-7902, Ext. 3023

bmoore@staar.com

Investors – Asia

Niko Liu, CFA

Director, Investor Relations and Corporate Development – Asia

+852-6092-5076

nliu@staar.com

Source: STAAR Surgical Company

FAQ

What was STAAR Surgical's (STAA) revenue growth in Q3 2024?

STAAR Surgical reported a 10% increase in net sales, reaching $88.6 million in Q3 2024 compared to $80.3 million in the prior year quarter.

How did STAAR Surgical's (STAA) regional sales perform in Q3 2024?

In Q3 2024, STAAR Surgical's sales grew across all regions with Americas up 14%, EMEA up 12%, and APAC up 9%.

What was STAAR Surgical's (STAA) net income for Q3 2024?

STAAR Surgical reported net income of $10.0 million or $0.20 per share in Q3 2024, up from $4.8 million or $0.10 per share in the prior year quarter.

What is STAAR Surgical's (STAA) revenue guidance for fiscal year 2024?

STAAR Surgical maintained its fiscal year 2024 outlook with projected net sales of $340-345 million and Adjusted EBITDA of approximately $42 million.