STAAR Surgical Reports Second Quarter 2024 Results

Rhea-AI Summary

STAAR Surgical (NASDAQ: STAA) reported Q2 2024 financial results with record quarterly net sales of $99.0 million, a 7% increase from the previous year. In constant currency, sales reached $100.4 million, a 9% growth. The ICL sales grew by 7% to $99.4 million. The company achieved a gross margin of 79.2%, up from 76.6%. Net income was $7.4 million, or $0.15 per share, compared to $6.1 million, or $0.12 per share, last year. Adjusted EBITDA was $22.5 million, or $0.45 per share, up from $18.3 million, or $0.37 per share.

The company revised its fiscal 2024 outlook, now expecting net sales between $340 million and $345 million, and Adjusted EBITDA of approximately $42 million. Sales growth was notable in all key geographies, with U.S. sales up 25%, APAC up 6%, and EMEA up 10%.

Operating expenses rose to $66.5 million from $62.1 million, influenced by increased compensation and facilities costs. The company has $235.5 million in cash, cash equivalents, and investments as of June 28, 2024.

Positive

• Record Q2 2024 net sales of $99.0 million, up 7%.
• Increased fiscal 2024 net sales outlook to $340-$345 million.
• Adjusted EBITDA of $22.5 million, up from $18.3 million.
• Gross margin improved to 79.2% from 76.6%.
• Net income of $7.4 million, up from $6.1 million.
• U.S. sales up 25%, APAC up 6%, EMEA up 10%.

Negative

• Operating expenses increased to $66.5 million from $62.1 million.

Insights

Financial Analyst

STAAR Surgical's Q2 2024 results show strong performance with record quarterly net sales of $99.0 million, up 7% year-over-year. The company's core ICL business grew 7% in sales and 3% in units. Notably, gross margin improved to 79.2% from 76.6% last year.

The company's focus on enhancing surgeon confidence and practice implementation is paying off, particularly in the U.S. where sales grew 25% year-over-year. APAC and EMEA regions also showed solid growth at 6% and 10% respectively.

STAAR has raised its fiscal 2024 outlook, now expecting net sales of $340-345 million and Adjusted EBITDA of approximately $42 million. This upward revision suggests management's confidence in continued growth and market penetration.

Medical Research Analyst

STAAR's EVO ICL technology is gaining traction in the refractive surgery market, particularly for patients with -6D of myopia and above. This suggests a shift in treatment preferences for higher degrees of nearsightedness, where ICLs may offer advantages over traditional LASIK.

The company's strategy of moving down the diopter curve indicates they're expanding their addressable market to include patients with lower levels of myopia. This could significantly increase their potential patient pool and drive future growth.

The 3% unit growth in ICL sales, while positive, lags behind the 7% sales growth. This implies a higher average selling price, which could be due to a mix shift towards premium products or price increases. Further analysis of this trend would be valuable for understanding STAAR's market positioning.

Market Research Analyst

STAAR's performance suggests they're outpacing market growth in key geographies. The 25% year-over-year growth in U.S. sales is particularly impressive, indicating successful market penetration in a mature healthcare market.

The company's claim of disrupting the refractive industry appears to be supported by their financial results. However, it's important to monitor competitive responses and potential market share shifts in the coming quarters.

STAAR's strong cash position of $235.5 million provides a solid foundation for future investments in R&D and marketing. This financial flexibility could be important in maintaining their growth trajectory and fending off competition in the dynamic refractive surgery market.

Record Quarterly Net Sales of $99.0 Million; $100.4 Million in Constant Currency

Raises Fiscal 2024 Net Sales and Adjusted EBITDA Outlook

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 second quarter ended June 28, 2024.

Second Quarter 2024 Overview

• Net sales up 7% to $99.0 million and up 9% to $100.4 million in constant currency
• ICL sales up 7% to $99.4 million and units up 3%
• Gross margin at 79.2% vs. 76.6% year ago
• Net income of $7.4 million or $0.15 per share vs. net income of $6.1 million or $0.12 per share year ago
• Adjusted EBITDA of $22.5 million or $0.45 per share vs. $18.3 million or $0.37 per share year ago
• Cash, cash equivalents and investments available for sale of $235.5 million at June 28, 2024

“STAAR Surgical reported record net sales for the second quarter of 2024, including milestone sales over $100 million on a constant currency basis,” said Tom Frinzi, President and CEO of STAAR Surgical. “We are committed to enhancing surgeon confidence and practice implementation, growing the category and seizing market share throughout the business cycle. For our surgeon customers globally, our EVO ICL technology is increasingly instrumental in enhancing their offerings, market competitiveness and practice economics. As a result, our commercial momentum is accelerating – as evidenced by these latest financial results, which are due to execution against our vital few strategic priorities.”

Mr. Frinzi continued, “For the second quarter, our ICL growth exceeded the market in all key geographies. U.S. sales were $5.5 million, up 25% year over year and 10% sequentially. In APAC, we generated 6% sales growth, including 3% growth in China. Rounding out our global performance, EMEA was also strong with sales growth of 10% in the second quarter. STAAR is truly disrupting the refractive industry to benefit our surgeon customers, their patients and our shareholders. We are moving down the diopter curve and as a result are beginning to realize our near-term goal of becoming the choice for surgeons and their patients -6D of myopia and above. Given our momentum and the opportunity before us, we are raising our outlook for net sales, now to be in the range of $340 million to $345 million and Adjusted EBITDA to be approximately $42 million for fiscal 2024.”

Second Quarter 2024 Financial Results

Net sales were $99.0 million for the second quarter of 2024, up 7% compared to $92.3 million reported in the prior year quarter. The sales increase in the second quarter was driven by ICL sales growth of $6.3 million, up 7%, and unit growth of 3% as compared to the prior year period. Other Product sales were up $0.4 million as compared to the prior year period.

Gross profit margin for the second quarter of 2024 was 79.2% of net sales compared to the prior year quarter of 76.6% of net sales. Gross margin in the second quarter was favorably impacted primarily due to changes in reserves related to cataract IOLs in the prior year quarter. The Company exited its cataract IOL business in fiscal 2023.

Operating expenses for the second quarter of 2024 were $66.5 million compared to the prior year quarter of $62.1 million. General and administrative expenses were $23.6 million compared to the prior year quarter of $18.1 million. The increase in general and administrative expenses was due to increased compensation-related expenses, facilities costs and outside services. Selling and marketing expenses were $28.8 million compared to the prior year quarter of $32.3 million. The decrease in selling and marketing expenses was due to lower marketing, promotion and advertising activities. Research and development expenses were $14.1 million compared to the prior year quarter of $11.8 million. The increase in research and development expenses was due primarily to increased compensation-related expenses partially offset by lower clinical trial costs.

Operating income for the second quarter of 2024 was $11.9 million or 12.0% of net sales as compared to operating income of $8.6 million or 9.3% of net sales for the second quarter of 2023.

Net income for the second quarter of 2024 was $7.4 million or $0.15 income per share compared with net income of $6.1 million or $0.12 income per share for the prior year quarter. The increase in net income was attributable to higher sales and gross profit, partially offset by higher operating expense and loss on foreign currency transactions.

Cash, cash equivalents and investments available for sale at June 28, 2024, totaled $235.5 million, compared to $232.4 million at December 29, 2023.

Outlook

The Company raised its outlook for fiscal year 2024 net sales and Adjusted EBITDA. The Company now expects the following for fiscal year 2024:

• Net sales of $340 million to $345 million, increased from prior outlook for net sales of $335 million to $340 million.
• Adjusted EBITDA of approximately $42 million and Adjusted EBITDA per diluted share of approximately $0.80, increased from prior outlook of Adjusted EBITDA of approximately $39 million and Adjusted EBITDA per diluted share of approximately $0.75.

The outlook above contemplates EVO ICL sales growth in the Americas of 15% including 25% in the U.S. (prior outlook was 10%); EMEA sales growth of 6% (prior outlook was for sales consistent with fiscal year 2023); and APAC growth of 7%, including approximately 10% in China.

Earnings Webcast

The Company will host an earnings webcast today, Wednesday, August 7 at 4:15 p.m. Eastern / 1:15 p.m. Pacific to discuss its financial results and operational progress. To access the webcast please use the following link: https://staar-surgical-2q24-earnings.open-exchange.net/

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		June 28, 2024				December 29, 2023
Current assets:
Cash and cash equivalents		$	192,776			$	183,038
Investments available for sale			42,424				37,688
Accounts receivable trade, net			93,800				94,704
Inventories, net			39,282				35,130
Prepayments, deposits, and other current assets			15,535				14,709
Total current assets			383,817				365,269
Investments available for sale			265				11,703
Property, plant, and equipment, net			77,500				66,835
Finance lease right-of-use assets, net			109				183
Operating lease right-of-use assets, net			34,971				34,387
Goodwill			1,786				1,786
Deferred income taxes			5,078				5,190
Other assets			9,219				3,339
Total assets		$	512,745			$	488,692
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	19,059			$	13,557
Obligations under finance leases			125				165
Obligations under operating leases			4,648				4,202
Allowance for sales returns			7,225				6,174
Other current liabilities			35,113				40,938
Total current liabilities			66,170				65,036
Obligations under finance leases			-				42
Obligations under operating leases			31,499				31,425
Deferred income taxes			1,056				1,077
Asset retirement obligations			109				103
Pension liability			4,808				5,055
Total liabilities			103,642				102,738
Stockholders' equity:
Common stock			492				488
Additional paid-in capital			457,402				436,947
Accumulated other comprehensive loss			(5,463	)			(4,113	)
Accumulated deficit			(43,328	)			(47,368	)
Total stockholders' equity			409,103				385,954
Total liabilities and stockholders' equity		$	512,745			$	488,692

Consolidated Statements of Income
(in 000's except for per share data)
Unaudited
		Three Months Ended																		Year to Date
		% of Sales		June 28, 2024				% of Sales		June 30, 2023				Fav (Unfav) Amount				%		% of Sales			June 28, 2024				% of Sales		June 30, 2023				Fav (Unfav) Amount				%
Net sales		100.0%		$	99,005			100.0%		$	92,306			$	6,699			7.3%		100.0	%		$	176,361			100.0%		$	165,834			$	10,527			6.3%
Cost of sales		20.8%			20,593			23.4%			21,580				987			4.6%		20.9	%			36,914			22.6%			37,546				632			1.7%
Gross profit		79.2%			78,412			76.6%			70,726				7,686			10.9%		79.1	%			139,447			77.4%			128,288				11,159			8.7%
Selling, general and administrative expenses:
General and administrative		23.9%			23,641			19.6%			18,097				(5,544	)		(30.6)%		26.6	%			46,869			21.8%			36,195				(10,674	)		(29.5)%
Selling and marketing		29.1%			28,819			35.0%			32,277				3,458			10.7%		31.5	%			55,527			35.4%			58,631				3,104			5.3%
Research and development		14.2%			14,054			12.7%			11,755				(2,299	)		(19.6)%		15.6	%			27,434			13.3%			22,065				(5,369	)		(24.3)%
Total selling, general, and administrative expenses		67.2%			66,514			67.3%			62,129				(4,385	)		(7.1)%		73.7	%			129,830			70.5%			116,891				(12,939	)		(11.1)%
Operating income		12.0%			11,898			9.3%			8,597				3,301			38.4%		5.4	%			9,617			6.9%			11,397				(1,780	)		(15.6)%
Other income (expense):
Interest income, net		1.4%			1,422			1.9%			1,775				(353	)		(19.9)%		1.7	%			2,951			2.2%			3,597				(646	)		(18.0)%
Loss on foreign currency transactions		-3.1%			(3,049	)		-2.0%			(1,890	)			(1,159	)		(61.3)%		-3.0	%			(5,346	)		-1.1%			(1,856	)			(3,490	)		(188.0)%
Royalty income		0.0%			-			0.0%			-				-			0.0%		0.3	%			508			0.0%			-				508			0.0%
Other income, net		0.1%			63			0.0%			10				53			530.0%		0.2	%			393			0.0%			73				320			438.4%
Total other income (expense), net		-1.6%			(1,564	)		-0.1%			(105	)			(1,459	)		(1389.5)%		-0.8	%			(1,494	)		1.1%			1,814				(3,308	)		(182.4)%
Income before provision for income taxes		10.4%			10,334			9.2%			8,492				1,842			21.7%		4.6	%			8,123			8.0%			13,211				(5,088	)		(38.5)%
Provision for income taxes		3.0%			2,955			2.6%			2,428				(527	)		(21.7)%		2.3	%			4,083			2.7%			4,437				354			8.0%
Net income		7.4%			7,379			6.6%			6,064				1,315			21.7%		2.3	%			4,040			5.3%			8,774				(4,734	)		(54.0)%
Net income per share - basic					0.15						0.13													0.08						0.18
Net income per share - diluted					0.15						0.12													0.08						0.18
Weighted average shares outstanding - basic					49,127						48,418													49,018						48,333
Weighted average shares outstanding - diluted					49,811						49,516													49,529						49,524

Consolidated Statements of Cash Flows
(in 000's)
Unaudited
		Three Months Ended								Year to Date
		June 28, 2024				June 30, 2023				June 28, 2024				June 30, 2023
Cash flows from operating activities:
Net income		$	7,379			$	6,064			$	4,040			$	8,774
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation of property and equipment			1,522				1,285				2,759				2,398
Amortization of long-lived intangibles			-				164				-				171
Accretion/Amortization of investments available for sale			(166	)			(841	)			(286	)			(1,824	)
Deferred income taxes			(1	)			18				60				75
Change in net pension liability			(53	)			(614	)			(146	)			(627	)
Stock-based compensation expense			9,042				8,423				15,381				14,488
Change in asset retirement obligation			20				(107	)			20				(107	)
Loss on disposal of property and equipment			26				24				26				24
Provision for sales returns and bad debts			951				1,381				1,079				1,004
Inventory provision			378				3,016				1,024				3,630
Changes in working capital:
Accounts receivable			(29,401	)			(31,234	)			436				(32,344	)
Inventories			(869	)			(462	)			(4,871	)			(4,382	)
Prepayments, deposits and other assets			(1,600	)			1,584				(7,085	)			(2,665	)
Accounts payable			2,099				1,721				3,618				(1,447	)
Other current liabilities			260				3,272				(4,788	)			1,432
Net cash provided by (used in) operating activities			(10,413	)			(6,306	)			11,267				(11,400	)
Cash flows from investing activities:
Acquisition of property and equipment			(6,236	)			(3,014	)			(11,438	)			(5,915	)
Purchase of investments available for sale			(20,249	)			(15,157	)			(20,249	)			(42,602	)
Proceeds from sale or maturity of investments available for sale			5,817				28,343				27,206				68,622
Net provided by (used in) investing activities			(20,668	)			10,172				(4,481	)			20,105
Cash flows from financing activities:
Repayment of finance lease obligations			(42	)			(40	)			(82	)			(82	)
Repurchase of employee common stock for taxes withheld			(167	)			(135	)			(1,396	)			(1,984	)
Proceeds from vested restricted stock and exercise of stock options			372				1,477				5,697				2,007
Net cash provided by (used in) financing activities			163				1,302				4,219				(59	)
Effect of exchange rate changes on cash and cash equivalents			(330	)			(441	)			(1,267	)			(431	)
Increase (decrease) in cash and cash equivalents			(31,248	)			4,727				9,738				8,215
Cash and cash equivalents, at beginning of the period			224,024				89,968				183,038				86,480
Cash and cash equivalents, at end of the period		$	192,776			$	94,695			$	192,776			$	94,695

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				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			$	-
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				5,100
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				(2,100	)
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				5,800
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				33,000
Adjusted EBITDA		$	51,586			$	17,009			$	23,811			$	20,516			$	7,346			$	68,682			$	9,985			$	18,315			$	16,484			$	11,953			$	56,737			$	5,295			$	22,462			$	41,800
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	%			6.8	%			22.7	%			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			$	-
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				0.10
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				(0.04	)
Depreciation			0.07				0.02				0.02				0.02				0.03				0.09				0.02				0.03				0.03				0.03				0.10				0.03				0.03				0.11
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				0.63
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			$	0.80
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				49,275				49,811				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			March 31, 2023			June 30, 2023			September 29, 2023			December 29, 2023			March 29, 2024			June 28, 2024
Americas(1)		$	14,054		$	20,114		$	22,233		$	5,566		$	5,954		$	5,449		$	5,264		$	6,260		$	6,794
EMEA(2)			37,343			36,715			39,318			10,180			9,782			9,253			10,103			11,299			10,727
APAC(3)			161,508			212,883			257,876			54,879			77,376			66,367			59,254			59,592			81,844
Global ICL Sales		$	212,905		$	269,712		$	319,427		$	70,625		$	93,112		$	81,069		$	74,621		$	77,151		$	99,365
Global ICL Sales Growth			51%			27%			18%			20%			19%			13%			22%			9%			7%
Americas ICL Sales Growth			59%			43%			11%			42%			12%			5%			(8)%			12%			14%
EMEA ICL Sales Growth			45%			(2)%			7%			12%			(11)%			14%			18%			11%			10%
APAC ICL Sales Growth			51%			32%			21%			20%			26%			13%			26%			9%			6%
Global ICL Unit Growth			48%			33%			19%			20%			21%			14%			19%			2%			3%
		Fiscal Year									Three Months Ended
ICL Sales by Country(4)(5)		2021			2022			2023			March 31, 2023			June 30, 2023			September 29, 2023			December 29, 2023			March 29, 2024			June 28, 2024
China		$	107,130		$	147,967		$	185,404		$	35,042		$	61,288		$	48,262		$	40,813		$	38,460		$	63,345
Growth			50%			38%			25%			25%			33%			14%			30%			10%			3%
Japan		$	28,688		$	32,623		$	36,352		$	9,203		$	8,563		$	9,091		$	9,495		$	10,227		$	9,735
Growth			56%			14%			11%			6%			13%			12%			16%			11%			14%
South Korea		$	15,173		$	17,940		$	19,853		$	6,656		$	3,316		$	4,886		$	4,996		$	6,725		$	3,973
Growth			36%			18%			11%			19%			(15)%			1%			39%			1%			20%
United States		$	9,478		$	15,070		$	17,168		$	4,396		$	4,446		$	4,162		$	4,164		$	5,039		$	5,541
Growth			58%			59%			14%			71%			10%			6%			(8)%			15%			25%

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		June 28, 2024				Effect of Currency			Constant Currency				June 30, 2023				$ Change				% Change		$ Change				% Change
ICL		$	99,365			$	1,271		$	100,636			$	93,112			$	6,253			6.7%		$	7,524			8.1%
Cataract IOL			-				-			-				40				(40	)		(100.0)%			(40	)		(100.0)%
Other			(360	)			91			(269	)			(846	)			486			(57.4)%			577			(68.2)%
Total Sales		$	99,005			$	1,362		$	100,367			$	92,306			$	6,699			7.3%		$	8,061			8.7%
		Year to Date															As Reported						Constant Currency
Sales		June 28, 2024				Effect of Currency			Constant Currency				June 30, 2023				$ Change				% Change		$ Change				% Change
ICL		$	176,516			$	2,215		$	178,731			$	163,737			$	12,779			7.8%		$	14,994			9.2%
Cataract IOL			-				-			-				1,516				(1,516	)		(100.0)%			(1,516	)		(100.0)%
Other			(155	)			113			(42	)			581				(736	)		(126.7)%			(623	)		(107.2)%
Total Sales		$	176,361			$	2,328		$	178,689			$	165,834			$	10,527			6.3%		$	12,855			7.8%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240807862292/en/

Investors & Media

Brian Moore

Vice President, Investor Relations and Corporate Development

(626) 303-7902, Ext. 3023

bmoore@staar.com

Source: STAAR Surgical Company

FAQ

What were STAAR Surgical's net sales for Q2 2024?

STAAR Surgical reported net sales of $99.0 million for Q2 2024.

How did STAAR Surgical's ICL sales perform in Q2 2024?

ICL sales in Q2 2024 grew by 7% to $99.4 million.

What is STAAR Surgical's fiscal 2024 sales outlook?

STAAR Surgical raised its fiscal 2024 net sales outlook to be between $340 million and $345 million.

What was STAAR Surgical's Adjusted EBITDA for Q2 2024?

STAAR Surgical's Adjusted EBITDA for Q2 2024 was $22.5 million.

How did STAAR Surgical's U.S. sales perform in Q2 2024?

U.S. sales for STAAR Surgical in Q2 2024 were up 25% year over year.