STAAR Surgical Reports Fourth Quarter and Fiscal Year 2024 Results
Net Sales of
ICL Sales Ex. China Up
Introduces Outlook for Fiscal 2025
Earnings Conference Call and Webcast Today at 5:00 p.m. Eastern
Fourth Quarter 2024 Overview
-
Net sales of
$49.0 million -
ICL sales of
, including China ICL sales of$46.9 million $7.5 million -
ICL sales Ex.
China of , up$39.5 million 17% from prior year quarter
Fiscal Year 2024 Overview
-
Net sales of
$313.9 million -
ICL sales of
, including China ICL sales of$312.5 million $161.0 million -
ICL sales Ex.
China of , up$151.6 million 13% from prior year -
Gross margin at
76.3% vs.78.4% year ago -
Net loss of
vs. Net income of$(20.2) million year ago$21.3 million -
Net loss per share of
vs. Earnings per share of$(0.41) year ago$0.43 -
Adjusted EBITDA of
or$23.2 million per share as compared to$0.47 or$56.8 million per share year ago$1.15 -
Cash, cash equivalents and investments available for sale ended the year at
$230.5 million
“STAAR’s fiscal 2024 results reflect fluctuating demand in
Mr. Frinzi continued, “Outside of
Fourth Quarter 2024 Financial Results
Net sales were
Gross profit margin for the fourth quarter of 2024 was
Operating expenses for the fourth quarter of 2024 were
Operating loss for the fourth quarter of 2024 was
Fiscal Year 2024 Financial Results
Net sales were
Gross profit margin for fiscal year 2024 was
Operating expenses for fiscal year 2024 were
Operating loss for fiscal year 2024 was
Cash, cash equivalents and investments available for sale at December 27, 2024, totaled
All financial data in this press release and the accompanying tables is unaudited and subject to completion of the Company's audited financial statements. The Company has not yet finalized its tax provision, including its valuation allowance for its deferred tax asset and other potential tax entries. Any adjustments to the tax provision would not impact Adjusted EBITDA as presented in this press release and the accompanying tables. Audited financial information will be included in the Company’s Annual Report on Form 10-K for the year ended December 27, 2024, which the Company intends to file on or before February 25, 2025. See “Forward-Looking Statements” below.
Outlook
The Company expects the following for fiscal year 2025:
-
ICL sales Ex.
China of approximately to$165 million , representing approximately$175 million 9% to15% growth. This range assumes overall refractive procedure volumes inAmericas will be down5% -10% ; EMEA will be flat; and APAC Ex.China will be flat. -
China ICL sales of less than
for the first half of 2025, as the Company works through elevated inventory levels against weak in-market refractive procedure demand.$5 million -
China ICL sales of approximately
to$75 million in the second half of 2025. This range is dependent on overall refractive procedure volumes in$125 million China , which the Company believes could be down10% at the low end. The high end of this range contemplates a rebound in overall refractive procedure volumes growing10% . -
Adjusted EBITDA loss of approximately
per quarter in the first half of 2025 followed by an Adjusted EBITDA gain range of approximately$(30) million to$5 million per quarter in the second half of 2025, resulting in a full-year fiscal 2025 Adjusted EBITDA loss range of approximately$22.5 million to$(50) million and Adjusted EBITDA per diluted share loss range of approximately$(15) million to$(1.00) .1$(0.30)
In fiscal year 2025, the Company will manage its working capital and implement appropriate cost cutting measures in light of the lower revenue forecast. The Company intends to lower production output, decrease capital expenditures, and make targeted reductions to operating expenses, which will impact headcount and discretionary spend.
While the Company’s use of cash and cash flows will vary by quarter, the Company expects to end fiscal 2025 with cash, cash equivalents and investments available for sale of approximately
Based on the Company’s outlook for fiscal year 2025, the Company no longer expects to achieve its Vision 2026 Target Sales and Operating Model, originally announced on September 14, 2023.
Earnings Conference Call and Webcast
The Company previously announced that it would report its earnings on February 19, 2025. With today’s earnings announcement, the Company has moved up the date of its earnings call. The Company will host an earnings conference call and webcast today, Tuesday, February 11 at 5:00 p.m. Eastern / 2:00 p.m. Pacific to discuss its financial results, operational progress and outlook. To access the webcast please use the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=CvWvUh4c
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.
1 Adjusted EBITDA and Adjusted EBITDA per 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
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
In the tables provided below, the Company has included a reconciliation of Adjusted EBITDA and Adjusted EBITDA per diluted share to net income (loss) and net income (loss) 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 (loss) and net income (loss) per diluted share. This represents forward-looking information, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements 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
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that are not statements of historical fact are forward-looking statements, including statements about any of the following: all financial projections under the caption “Outlook”, plans, strategies, and objectives of management for 2025 and beyond or prospects for achieving such plans, expectations for sales, revenue, margin, earnings, expenses, use of cash, cash flows, and any statements of assumptions underlying any of the foregoing, including those relating to expected or future financial performance. In addition, the financial data in this press release and the accompanying tables is unaudited and subject to completion of year-end audit and review procedures. Further, the Company has not yet finalized its tax provision, including its valuation allowance for its deferred tax asset and other potential tax entries. These forward-looking statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to: our ability to continue our growth and profitability trajectory; our reliance on independent distributors in international markets; a slowdown or disruption to the Chinese economy; global economic conditions; disruptions in our supply chain; fluctuations in foreign currency exchange rates; international trade disputes (including involving tariffs) and substantial dependence on demand from
We intend to use our website as a means of disclosing material non-public information about the Company and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the ‘Investor Relations’ sections at investors.staar.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the Email Alerts section at investors.staar.com.
Consolidated Balance Sheets | ||||||||
(in 000's) | ||||||||
Unaudited | ||||||||
ASSETS | December 27, 2024 | December 29, 2023 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ |
144,159 |
|
$ |
183,038 |
|
||
Investments available for sale |
|
86,335 |
|
|
37,688 |
|
||
Accounts receivable trade, net |
|
77,897 |
|
|
94,704 |
|
||
Inventories, net |
|
43,305 |
|
|
35,130 |
|
||
Prepayments, deposits, and other current assets |
|
16,244 |
|
|
14,709 |
|
||
Total current assets |
|
367,940 |
|
|
365,269 |
|
||
Investments available for sale |
|
- |
|
|
11,703 |
|
||
Property, plant, and equipment, net |
|
84,889 |
|
|
66,835 |
|
||
Finance lease right-of-use assets, net |
|
37 |
|
|
183 |
|
||
Operating lease right-of-use assets, net |
|
36,850 |
|
|
34,387 |
|
||
Goodwill |
|
1,786 |
|
|
1,786 |
|
||
Deferred income taxes |
|
788 |
|
|
5,190 |
|
||
Other assets |
|
17,234 |
|
|
3,339 |
|
||
Total assets | $ |
509,524 |
|
$ |
488,692 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ |
16,704 |
|
$ |
13,557 |
|
||
Obligations under finance leases |
|
42 |
|
|
165 |
|
||
Obligations under operating leases |
|
3,894 |
|
|
4,202 |
|
||
Allowance for sales returns |
|
6,579 |
|
|
6,174 |
|
||
Other current liabilities |
|
43,087 |
|
|
40,938 |
|
||
Total current liabilities |
|
70,306 |
|
|
65,036 |
|
||
Obligations under finance leases |
|
- |
|
|
42 |
|
||
Obligations under operating leases |
|
34,807 |
|
|
31,425 |
|
||
Deferred income taxes |
|
297 |
|
|
1,077 |
|
||
Asset retirement obligations |
|
42 |
|
|
103 |
|
||
Pension liability |
|
6,737 |
|
|
5,055 |
|
||
Total liabilities |
|
112,189 |
|
|
102,738 |
|
||
Stockholders' equity: | ||||||||
Common stock |
|
493 |
|
|
488 |
|
||
Additional paid-in capital |
|
471,449 |
|
|
436,947 |
|
||
Accumulated other comprehensive loss |
|
(7,031 |
) |
|
(4,113 |
) |
||
Accumulated deficit |
|
(67,576 |
) |
|
(47,368 |
) |
||
Total stockholders' equity |
|
397,335 |
|
|
385,954 |
|
||
Total liabilities and stockholders' equity | $ |
509,524 |
|
$ |
488,692 |
|
||
Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||||||||
(in 000's except for per share data) | |||||||||||||||||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||
% of Sales | December 27, 2024 | % of Sales | December 29, 2023 | Fav (Unfav) Amount | % | % of Sales | December 27, 2024 | % of Sales | December 29, 2023 | Fav (Unfav) Amount | % | ||||||||||||||||||||||||||||||
Net sales | 100.0 |
% |
$ |
48,950 |
|
100.0 |
% |
$ |
76,273 |
$ |
(27,323 |
) |
(35.8 |
)% |
100.0 |
% |
$ |
313,901 |
|
100.0 |
% |
$ |
322,415 |
|
$ |
(8,514 |
) |
(2.6 |
)% |
||||||||||||
Cost of sales | 35.3 |
% |
|
17,302 |
|
20.4 |
% |
|
15,548 |
|
(1,754 |
) |
(11.3 |
)% |
23.7 |
% |
|
74,319 |
|
21.6 |
% |
|
69,764 |
|
|
(4,555 |
) |
(6.5 |
)% |
||||||||||||
Gross profit | 64.7 |
% |
|
31,648 |
|
79.6 |
% |
|
60,725 |
|
(29,077 |
) |
(47.9 |
)% |
76.3 |
% |
|
239,582 |
|
78.4 |
% |
|
252,651 |
|
|
(13,069 |
) |
(5.2 |
)% |
||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||||||||||||||||||||||
General and administrative | 43.6 |
% |
|
21,344 |
|
22.1 |
% |
|
16,858 |
|
(4,486 |
) |
(26.6 |
)% |
28.6 |
% |
|
89,898 |
|
22.4 |
% |
|
72,319 |
|
|
(17,579 |
) |
(24.3 |
)% |
||||||||||||
Selling and marketing | 53.5 |
% |
|
26,172 |
|
29.6 |
% |
|
22,596 |
|
(3,576 |
) |
(15.8 |
)% |
34.5 |
% |
|
108,322 |
|
33.4 |
% |
|
107,834 |
|
|
(488 |
) |
(0.5 |
)% |
||||||||||||
Research and development | 24.6 |
% |
|
12,042 |
|
14.2 |
% |
|
10,866 |
|
(1,176 |
) |
(10.8 |
)% |
17.2 |
% |
|
53,973 |
|
13.8 |
% |
|
44,401 |
|
|
(9,572 |
) |
(21.6 |
)% |
||||||||||||
Total selling, general, and administrative expenses | 121.7 |
% |
|
59,558 |
|
65.9 |
% |
|
50,320 |
|
(9,238 |
) |
(18.4 |
)% |
80.3 |
% |
|
252,193 |
|
69.6 |
% |
|
224,554 |
|
|
(27,639 |
) |
(12.3 |
)% |
||||||||||||
Operating income (expense) | (57.0 |
)% |
|
(27,910 |
) |
13.7 |
% |
|
10,405 |
|
(38,315 |
) |
(368.2 |
)% |
(4.0 |
)% |
|
(12,611 |
) |
8.8 |
% |
|
28,097 |
|
|
(40,708 |
) |
(144.9 |
)% |
||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||
Interest income, net | 3.2 |
% |
|
1,553 |
|
2.2 |
% |
|
1,699 |
|
(146 |
) |
(8.6 |
)% |
1.9 |
% |
|
5,911 |
|
2.2 |
% |
|
6,986 |
|
|
(1,075 |
) |
(15.4 |
)% |
||||||||||||
Gain (loss) on foreign currency transactions | (8.7 |
)% |
|
(4,260 |
) |
1.7 |
% |
|
1,331 |
|
(5,591 |
) |
(420.1 |
)% |
(1.3 |
)% |
|
(3,675 |
) |
(0.6 |
)% |
|
(1,909 |
) |
|
(1,766 |
) |
(92.5 |
)% |
||||||||||||
Royalty income | 0.0 |
% |
|
- |
|
0.0 |
% |
|
- |
|
- |
|
0.0 |
% |
0.1 |
% |
|
508 |
|
0.0 |
% |
|
74 |
|
|
434 |
|
586.5 |
% |
||||||||||||
Other income, net | 0.6 |
% |
|
283 |
|
0.4 |
% |
|
304 |
|
(21 |
) |
(6.9 |
)% |
0.3 |
% |
|
815 |
|
0.1 |
% |
|
448 |
|
|
367 |
|
81.9 |
% |
||||||||||||
Total other income (expense), net | (4.9 |
)% |
|
(2,424 |
) |
4.3 |
% |
|
3,334 |
|
(5,758 |
) |
(172.7 |
)% |
1.0 |
% |
|
3,559 |
|
1.7 |
% |
|
5,599 |
|
|
(2,040 |
) |
(36.4 |
)% |
||||||||||||
Income (loss) before provision for income taxes | (61.9 |
)% |
|
(30,334 |
) |
18.0 |
% |
|
13,739 |
|
(44,073 |
) |
(320.8 |
)% |
(3.0 |
)% |
|
(9,052 |
) |
10.5 |
% |
|
33,696 |
|
|
(42,748 |
) |
(126.9 |
)% |
||||||||||||
Provision for income taxes | 8.0 |
% |
|
3,894 |
|
7.8 |
% |
|
5,983 |
|
2,089 |
|
34.9 |
% |
3.6 |
% |
|
11,156 |
|
3.8 |
% |
|
12,349 |
|
|
1,193 |
|
9.7 |
% |
||||||||||||
Net income (loss) | (69.9 |
)% |
|
(34,228 |
) |
10.2 |
% |
|
7,756 |
|
(41,984 |
) |
(541.3 |
)% |
(6.6 |
)% |
|
(20,208 |
) |
6.7 |
% |
|
21,347 |
|
|
(41,555 |
) |
(194.7 |
)% |
||||||||||||
Net income (loss) per share - basic |
|
(0.69 |
) |
|
0.16 |
|
(0.41 |
) |
|
0.44 |
|
||||||||||||||||||||||||||||||
Net income (loss) per share - diluted |
|
(0.69 |
) |
|
0.16 |
|
(0.41 |
) |
|
0.43 |
|
||||||||||||||||||||||||||||||
Weighted average shares outstanding - basic |
|
49,266 |
|
|
48,815 |
|
49,125 |
|
|
48,523 |
|
||||||||||||||||||||||||||||||
Weighted average shares outstanding - diluted |
|
49,266 |
|
|
49,242 |
|
49,125 |
|
|
49,427 |
|
||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||
(in 000's) | ||||||||||||||||
Unaudited | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
December 27, 2024 |
December 29, 2023 |
December 27, 2024 |
December 29, 2023 |
|||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ |
(34,228 |
) |
$ |
7,756 |
|
$ |
(20,208 |
) |
$ |
21,347 |
|
||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
Depreciation of property and equipment |
|
2,375 |
|
|
1,368 |
|
|
6,891 |
|
|
5,111 |
|
||||
Amortization of long-lived intangibles |
|
- |
|
|
(2 |
) |
|
- |
|
|
13 |
|
||||
Impairment of long-lived intangibles |
|
- |
|
|
- |
|
|
- |
|
|
154 |
|
||||
Accretion/Amortization of investments available for sale |
|
(681 |
) |
|
(329 |
) |
|
(1,091 |
) |
|
(2,501 |
) |
||||
Deferred income taxes |
|
3,543 |
|
|
3,199 |
|
|
3,590 |
|
|
3,264 |
|
||||
Change in net pension liability |
|
188 |
|
|
(190 |
) |
|
26 |
|
|
(956 |
) |
||||
Stock-based compensation expense |
|
4,669 |
|
|
182 |
|
|
27,210 |
|
|
23,516 |
|
||||
Change in asset retirement obligation |
|
(77 |
) |
|
2 |
|
|
(53 |
) |
|
(102 |
) |
||||
Loss on disposal of property and equipment |
|
26 |
|
|
32 |
|
|
1,694 |
|
|
73 |
|
||||
Provision for sales returns and bad debts |
|
(1,661 |
) |
|
(1,262 |
) |
|
286 |
|
|
663 |
|
||||
Inventory provision |
|
909 |
|
|
761 |
|
|
2,782 |
|
|
4,851 |
|
||||
Changes in working capital: | ||||||||||||||||
Accounts receivable |
|
26,196 |
|
|
17,676 |
|
|
16,493 |
|
|
(32,760 |
) |
||||
Inventories |
|
(4,038 |
) |
|
(4,386 |
) |
|
(10,000 |
) |
|
(14,361 |
) |
||||
Prepayments, deposits and other assets |
|
(3,126 |
) |
|
171 |
|
|
(15,363 |
) |
|
(3,413 |
) |
||||
Accounts payable |
|
2,106 |
|
|
2,565 |
|
|
75 |
|
|
(701 |
) |
||||
Other current liabilities |
|
4,441 |
|
|
4,426 |
|
|
3,393 |
|
|
10,396 |
|
||||
Net cash provided by operating activities |
|
642 |
|
|
31,969 |
|
|
15,725 |
|
|
14,594 |
|
||||
Cash flows from investing activities: | ||||||||||||||||
Acquisition of property and equipment |
|
(5,725 |
) |
|
(3,088 |
) |
|
(23,394 |
) |
|
(18,188 |
) |
||||
Purchase of investments available for sale |
|
(19,046 |
) |
|
1 |
|
|
(80,240 |
) |
|
(52,313 |
) |
||||
Proceeds from sale or maturity of investments available for sale |
|
5,276 |
|
|
25,489 |
|
|
44,417 |
|
|
144,848 |
|
||||
Net provided by (used in) investing activities |
|
(19,495 |
) |
|
22,402 |
|
|
(59,217 |
) |
|
74,347 |
|
||||
Cash flows from financing activities: | ||||||||||||||||
Repayment of finance lease obligations |
|
(41 |
) |
|
(40 |
) |
|
(165 |
) |
|
(161 |
) |
||||
Repurchase of employee common stock for taxes withheld |
|
(109 |
) |
|
(1 |
) |
|
(1,505 |
) |
|
(2,097 |
) |
||||
Proceeds from vested restricted stock and exercise of stock options |
|
40 |
|
|
408 |
|
|
7,394 |
|
|
9,673 |
|
||||
Net cash provided by (used in) financing activities |
|
(110 |
) |
|
367 |
|
|
5,724 |
|
|
7,415 |
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
(881 |
) |
|
868 |
|
|
(1,111 |
) |
|
202 |
|
||||
Increase (decrease) in cash and cash equivalents |
|
(19,844 |
) |
|
55,606 |
|
|
(38,879 |
) |
|
96,558 |
|
||||
Cash and cash equivalents, at beginning of the period |
|
164,003 |
|
|
127,432 |
|
|
183,038 |
|
|
86,480 |
|
||||
Cash and cash equivalents, at end of the period | $ |
144,159 |
|
$ |
183,038 |
|
$ |
144,159 |
|
$ |
183,038 |
|
||||
Reconciliation of Non-GAAP Financial Measure | ||||||||||||||||||||||||||||||||||||||||||||||
Net Income to Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||
(in 000's except for per share data) | ||||||||||||||||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||||||||
|
2022 |
|
|
Q1-23 |
|
Q2-23 |
|
Q3-23 |
|
Q4-23 |
|
|
2023 |
|
|
Q1-24 |
|
Q2-24 |
|
Q3-24 |
|
Q4-24 |
|
|
2024 |
|
2025 Outlook Range(3) |
|||||||||||||||||||
Net income (loss) - (as reported) | $ |
39,665 |
|
$ |
2,710 |
|
$ |
6,064 |
|
$ |
4,817 |
|
$ |
7,756 |
|
$ |
21,347 |
|
$ |
(3,339 |
) |
$ |
7,379 |
|
$ |
9,980 |
|
$ |
(34,228 |
) |
$ |
(20,208 |
) |
|
||||||||||||
Provision (benefit) for income taxes |
|
5,887 |
|
|
2,009 |
|
|
2,428 |
|
|
1,929 |
|
|
5,983 |
|
|
12,349 |
|
|
1,128 |
|
|
2,955 |
|
|
3,179 |
|
|
3,894 |
|
|
11,156 |
|
|
||||||||||||
Other (income) expense, net |
|
(1,750 |
) |
|
(1,919 |
) |
|
105 |
|
|
(451 |
) |
|
(3,334 |
) |
|
(5,599 |
) |
|
(70 |
) |
|
1,564 |
|
|
(7,477 |
) |
|
2,424 |
|
|
(3,559 |
) |
|
||||||||||||
Depreciation |
|
4,481 |
|
|
1,113 |
|
|
1,285 |
|
|
1,345 |
|
|
1,368 |
|
|
5,111 |
|
|
1,237 |
|
|
1,522 |
|
|
1,757 |
|
|
2,375 |
|
|
6,891 |
|
|
||||||||||||
(Gain) loss on disposal of property plant and equipment(2) |
|
65 |
|
|
- |
|
|
24 |
|
|
17 |
|
|
32 |
|
|
73 |
|
|
- |
|
|
26 |
|
|
1,642 |
|
|
26 |
|
|
1,694 |
|
|
||||||||||||
Amortization of intangible assets |
|
28 |
|
|
7 |
|
|
10 |
|
|
(2 |
) |
|
(2 |
) |
|
13 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
||||||||||||
Stock-based compensation |
|
20,371 |
|
|
6,065 |
|
|
8,423 |
|
|
8,846 |
|
|
182 |
|
|
23,516 |
|
|
6,339 |
|
|
9,042 |
|
|
7,160 |
|
|
4,669 |
|
|
27,210 |
|
|
||||||||||||
Adjusted EBITDA | $ |
68,747 |
|
$ |
9,985 |
|
$ |
18,339 |
|
$ |
16,501 |
|
$ |
11,985 |
|
$ |
56,810 |
|
$ |
5,295 |
|
$ |
22,488 |
|
$ |
16,241 |
|
$ |
(20,840 |
) |
$ |
23,184 |
|
|
||||||||||||
Adjusted EBITDA as a % of Revenue |
|
24.2 |
% |
|
13.6 |
% |
|
19.9 |
% |
|
20.6 |
% |
|
15.7 |
% |
|
17.6 |
% |
|
6.8 |
% |
|
22.7 |
% |
|
18.3 |
% |
|
(42.6 |
)% |
|
7.4 |
% |
(21)% - (5)% |
||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per share, diluted - (as reported) | $ |
0.80 |
|
$ |
0.05 |
|
$ |
0.12 |
|
$ |
0.10 |
|
$ |
0.16 |
|
$ |
0.43 |
|
$ |
(0.07 |
) |
$ |
0.15 |
|
$ |
0.20 |
|
$ |
(0.69 |
) |
$ |
(0.41 |
) |
|
||||||||||||
Provision (benefit) for income taxes |
|
0.12 |
|
|
0.04 |
|
|
0.05 |
|
|
0.04 |
|
|
0.12 |
|
|
0.25 |
|
|
0.02 |
|
|
0.06 |
|
|
0.06 |
|
|
0.08 |
|
|
0.22 |
|
|
||||||||||||
Other (income) expense, net |
|
(0.04 |
) |
|
(0.04 |
) |
|
- |
|
|
(0.01 |
) |
|
(0.07 |
) |
|
(0.11 |
) |
|
- |
|
|
0.03 |
|
|
(0.15 |
) |
|
0.05 |
|
|
(0.07 |
) |
|
||||||||||||
Depreciation |
|
0.09 |
|
|
0.02 |
|
|
0.03 |
|
|
0.03 |
|
|
0.03 |
|
|
0.10 |
|
|
0.03 |
|
|
0.03 |
|
|
0.04 |
|
|
0.05 |
|
|
0.14 |
|
|
||||||||||||
(Gain) loss on disposal of property plant and equipment |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.03 |
|
|
- |
|
|
0.03 |
|
|
||||||||||||
Amortization of intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
||||||||||||
Stock-based compensation |
|
0.41 |
|
|
0.12 |
|
|
0.17 |
|
|
0.18 |
|
|
- |
|
|
0.48 |
|
|
0.13 |
|
|
0.18 |
|
|
0.14 |
|
|
0.09 |
|
|
0.55 |
|
|
||||||||||||
Adjusted EBITDA per share, diluted(1) | $ |
1.39 |
|
$ |
0.20 |
|
$ |
0.37 |
|
$ |
0.33 |
|
$ |
0.24 |
|
$ |
1.15 |
|
$ |
0.11 |
|
$ |
0.45 |
|
$ |
0.33 |
|
$ |
(0.42 |
) |
$ |
0.47 |
|
|
||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding - Diluted |
|
49,380 |
|
|
49,500 |
|
|
49,516 |
|
|
49,370 |
|
|
49,242 |
|
|
49,427 |
|
|
48,907 |
|
|
49,811 |
|
|
49,731 |
|
|
49,266 |
|
|
49,597 |
|
50,000 |
||||||||||||
(1) Adjusted EBITDA per diluted share may not add due to rounding | ||||||||||||||||||||||||||||||||||||||||||||||
(2) The Q3-2024 non cash write-off of |
||||||||||||||||||||||||||||||||||||||||||||||
(3) Fiscal year 2025 Outlook line items are approximations | ||||||||||||||||||||||||||||||||||||||||||||||
ICL Sales by Geography | ||||||||||||||||||||||||||||||||
(in 000's) | ||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||
Fiscal Year | Three Months Ended | |||||||||||||||||||||||||||||||
ICL Sales by Region(5) |
|
2022 |
|
|
|
2023 |
|
|
|
2024 |
|
|
December 29, 2023 |
|
March 29, 2024 |
|
June 28, 2024 |
|
September 27, 2024 |
|
December 27, 2024 |
|||||||||||
$ |
20,114 |
|
$ |
22,233 |
|
$ |
25,670 |
|
$ |
5,264 |
|
$ |
6,260 |
|
$ |
6,794 |
|
$ |
6,187 |
|
$ |
6,429 |
|
|||||||||
EMEA(2) |
|
36,715 |
|
|
39,318 |
|
|
43,337 |
|
|
10,103 |
|
|
11,299 |
|
|
10,727 |
|
|
10,333 |
|
|
10,978 |
|
||||||||
APAC(3) |
|
212,883 |
|
|
257,876 |
|
|
243,536 |
|
|
59,254 |
|
|
59,592 |
|
|
81,844 |
|
|
72,581 |
|
|
29,519 |
|
||||||||
Global ICL Sales | $ |
269,712 |
|
$ |
319,427 |
|
$ |
312,543 |
|
$ |
74,621 |
|
$ |
77,151 |
|
$ |
99,365 |
|
$ |
89,101 |
|
$ |
46,926 |
|
||||||||
Global ICL Sales Growth |
|
27 |
% |
|
18 |
% |
|
(2 |
)% |
|
22 |
% |
|
9 |
% |
|
7 |
% |
|
10 |
% |
|
(37 |
)% |
||||||||
Americas ICL Sales Growth |
|
43 |
% |
|
11 |
% |
|
15 |
% |
|
(8 |
)% |
|
12 |
% |
|
14 |
% |
|
14 |
% |
|
22 |
% |
||||||||
EMEA ICL Sales Growth |
|
(2 |
)% |
|
7 |
% |
|
10 |
% |
|
18 |
% |
|
11 |
% |
|
10 |
% |
|
12 |
% |
|
9 |
% |
||||||||
APAC ICL Sales Growth |
|
32 |
% |
|
21 |
% |
|
(6 |
)% |
|
26 |
% |
|
9 |
% |
|
6 |
% |
|
9 |
% |
|
(50 |
)% |
||||||||
Global ICL Unit Growth |
|
33 |
% |
|
19 |
% |
|
(6 |
)% |
|
19 |
% |
|
2 |
% |
|
3 |
% |
|
6 |
% |
|
(39 |
)% |
||||||||
Fiscal Year |
|
Three Months Ended |
||||||||||||||||||||||||||||||
ICL Sales by Country(4)(5) |
|
2022 |
|
|
|
2023 |
|
|
|
2024 |
|
|
December 29, 2023 |
|
March 29, 2024 |
|
June 28, 2024 |
|
September 27, 2024 |
|
December 27, 2024 |
|||||||||||
$ |
147,967 |
|
$ |
185,404 |
|
$ |
160,979 |
|
$ |
40,813 |
|
$ |
38,460 |
|
$ |
63,345 |
|
$ |
51,719 |
|
$ |
7,455 |
|
|||||||||
Growth |
|
38 |
% |
|
25 |
% |
|
(13 |
)% |
|
30 |
% |
|
10 |
% |
|
3 |
% |
|
7 |
% |
|
(82 |
)% |
||||||||
$ |
32,623 |
|
$ |
36,352 |
|
$ |
41,409 |
|
$ |
9,495 |
|
$ |
10,227 |
|
$ |
9,735 |
|
$ |
10,490 |
|
$ |
10,957 |
|
|||||||||
Growth |
|
14 |
% |
|
11 |
% |
|
14 |
% |
|
16 |
% |
|
11 |
% |
|
14 |
% |
|
15 |
% |
|
15 |
% |
||||||||
$ |
17,940 |
|
$ |
19,853 |
|
$ |
21,841 |
|
$ |
4,996 |
|
$ |
6,725 |
|
$ |
3,973 |
|
$ |
5,435 |
|
$ |
5,708 |
|
|||||||||
Growth |
|
18 |
% |
|
11 |
% |
|
10 |
% |
|
39 |
% |
|
1 |
% |
|
20 |
% |
|
11 |
% |
|
14 |
% |
||||||||
$ |
15,070 |
|
$ |
17,168 |
|
$ |
20,475 |
|
$ |
4,164 |
|
$ |
5,039 |
|
$ |
5,541 |
|
$ |
4,822 |
|
$ |
5,073 |
|
|||||||||
Growth |
|
59 |
% |
|
14 |
% |
|
19 |
% |
|
(8 |
)% |
|
15 |
% |
|
25 |
% |
|
16 |
% |
|
22 |
% |
||||||||
ICL Sales Ex China | $ |
121,745 |
|
$ |
134,023 |
|
$ |
151,564 |
|
$ |
33,808 |
|
$ |
38,691 |
|
$ |
36,020 |
|
$ |
37,382 |
|
$ |
39,471 |
|
||||||||
Growth |
|
15 |
% |
|
10 |
% |
|
13 |
% |
|
14 |
% |
|
9 |
% |
|
13 |
% |
|
14 |
% |
|
17 |
% |
||||||||
Notes: | ||||||||||||||||||||||||||||||||
(1) |
||||||||||||||||||||||||||||||||
(2) EMEA includes |
||||||||||||||||||||||||||||||||
(3) APAC includes |
||||||||||||||||||||||||||||||||
(4) ICL Sales by country includes countries representing more than |
||||||||||||||||||||||||||||||||
(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 27, 2024 | Effect of Currency | Constant Currency | December 29, 2023 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||
ICL | $ |
46,926 |
$ |
136 |
|
$ |
47,062 |
$ |
74,621 |
|
$ |
(27,695 |
) |
(37.1 |
)% |
$ |
(27,559 |
) |
(36.9 |
)% |
||||||||
Cataract IOL |
|
- |
|
- |
|
|
- |
|
(156 |
) |
|
156 |
|
(100.0 |
)% |
|
156 |
|
(100.0 |
)% |
||||||||
Other |
|
2,024 |
|
(3 |
) |
|
2,021 |
|
1,808 |
|
|
216 |
|
11.9 |
% |
|
213 |
|
11.8 |
% |
||||||||
Total Sales | $ |
48,950 |
$ |
133 |
|
$ |
49,083 |
$ |
76,273 |
|
$ |
(27,323 |
) |
(35.8 |
)% |
$ |
(27,190 |
) |
(35.6 |
)% |
||||||||
Year Ended | As Reported | Constant Currency | ||||||||||||||||||||||||||
Sales | December 27, 2024 | Effect of Currency | Constant Currency | December 29, 2023 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||
ICL | $ |
312,543 |
$ |
2,651 |
|
$ |
315,194 |
$ |
319,427 |
|
$ |
(6,884 |
) |
(2.2 |
)% |
$ |
(4,233 |
) |
(1.3 |
)% |
||||||||
Cataract IOL |
|
- |
|
- |
|
|
- |
|
1,139 |
|
|
(1,139 |
) |
(100.0 |
)% |
|
(1,139 |
) |
(100.0 |
)% |
||||||||
Other |
|
1,358 |
|
108 |
|
|
1,466 |
|
1,849 |
|
|
(491 |
) |
(26.6 |
)% |
|
(383 |
) |
(20.7 |
)% |
||||||||
Total Sales | $ |
313,901 |
$ |
2,759 |
|
$ |
316,660 |
$ |
322,415 |
|
$ |
(8,514 |
) |
(2.6 |
)% |
$ |
(5,755 |
) |
(1.8 |
)% |
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250211081928/en/
Investors & Media
Brian Moore
Vice President, Investor Relations and Corporate Development
(626) 303-7902, Ext. 3023
bmoore@staar.com
Investors -
Niko Liu, CFA
Director, Investor Relations and Corporate Development -
+852-6092-5076
nliu@staar.com
Source: STAAR Surgical Company