STAAR Surgical Reports Third Quarter 2024 Results
STAAR Surgical reported 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%). ICL sales increased 10% to $89.1 million with unit growth of 6%. The company achieved a gross margin of 77.3% and net income of $10.0 million ($0.20 per share), up from $4.8 million ($0.10 per share) year ago. The company maintained its fiscal year 2024 outlook with projected net sales of $340-345 million and Adjusted EBITDA of approximately $42 million.
STAAR Surgical ha riportato i risultati finanziari del terzo trimestre 2024 con un incremento delle vendite nette del 10% a 88,6 milioni di dollari, grazie alla crescita in tutte le regioni: Americhe (+14%), EMEA (+12%) e APAC (+9%). Le vendite di ICL sono aumentate del 10% a 89,1 milioni di dollari, con una crescita delle unità del 6%. L'azienda ha raggiunto un margine lordo del 77,3% e un utile netto di 10,0 milioni di dollari (0,20 dollari per azione), in aumento rispetto ai 4,8 milioni di dollari (0,10 dollari per azione) dello scorso anno. L'azienda ha mantenuto le previsioni per l'anno fiscale 2024, con vendite nette previste tra 340 e 345 milioni di dollari e un EBITDA rettificato di circa 42 milioni di dollari.
STAAR Surgical reportó resultados financieros del tercer trimestre de 2024 con un aumento de ventas netas del 10% a 88.6 millones de dólares, impulsado por el crecimiento en todas las regiones: Américas (+14%), EMEA (+12%) y APAC (+9%). Las ventas de ICL aumentaron un 10% a 89.1 millones de dólares con un crecimiento de unidades del 6%. La compañía logró un margen bruto del 77.3% y un ingreso neto de 10.0 millones de dólares (0.20 dólares por acción), un aumento respecto a los 4.8 millones de dólares (0.10 dólares por acción) del año pasado. La compañía mantuvo su perspectiva para el año fiscal 2024, proyectando ventas netas de 340-345 millones de dólares y un EBITDA ajustado de aproximadamente 42 millones de dólares.
STAAR Surgical은 2024년 3분기 재무 결과를 보고하며 순매출이 10% 증가하여 8,860만 달러에 달했으며, 이는 모든 지역에서의 성장에 의해 주도되었습니다: 아메리카(+14%), EMEA(+12%), APAC(+9%). ICL 매출은 10% 증가하여 8,910만 달러를 기록했으며, 단위 성장률은 6%에 달했습니다. 이 회사는 총 이익률 77.3%와 순이익 1,000만 달러(주당 0.20 달러)를 달성했으며, 이는 작년의 480만 달러(주당 0.10 달러)에서 증가한 수치입니다. 이 회사는 2024 회계연도 전망을 유지하며, 예상 순매출을 3억 4천만 ~ 3억 4천 5백만 달러, 조정 EBITDA를 약 4천 200만 달러로 예상하고 있습니다.
STAAR Surgical a annoncé ses résultats financiers pour le troisième trimestre 2024 avec une augmentation des ventes nettes de 10% à 88,6 millions de dollars, grâce à la croissance dans toutes les régions : Amériques (+14%), EMEA (+12%) et APAC (+9%). Les ventes d'ICL ont progressé de 10% à 89,1 millions de dollars avec une croissance des unités de 6%. L'entreprise a réalisé une marge brute de 77,3% et un revenu net de 10,0 millions de dollars (0,20 dollars par action), en hausse par rapport à 4,8 millions de dollars (0,10 dollars par action) l'année dernière. L'entreprise a maintenu ses prévisions pour l'exercice 2024 avec des ventes nettes estimées entre 340 et 345 millions de dollars et un EBITDA ajusté d'environ 42 millions de dollars.
STAAR Surgical berichtete über die finanziellen Ergebnisse für das 3. Quartal 2024 mit einem Umsatzwachstum von 10% auf 88,6 Millionen Dollar, was auf das Wachstum in allen Regionen zurückzuführen ist: Amerika (+14%), EMEA (+12%) und APAC (+9%). Die ICL-Umsätze stiegen um 10% auf 89,1 Millionen Dollar mit einem Einheitenwachstum von 6%. Das Unternehmen erreichte eine Bruttomarge von 77,3% und einen Nettoertrag von 10,0 Millionen Dollar (0,20 Dollar pro Aktie), gegenüber 4,8 Millionen Dollar (0,10 Dollar pro Aktie) im Vorjahr. Das Unternehmen bestätigte seine Prognose für das Geschäftsjahr 2024 mit einem erwarteten Nettoverkaufsvolumen von 340-345 Millionen Dollar und einem bereinigten EBITDA von etwa 42 Millionen Dollar.
- Net sales increased 10% to $88.6 million
- ICL sales grew 10% to $89.1 million
- Net income doubled to $10.0 million ($0.20 per share)
- Strong regional growth: Americas +14%, EMEA +12%, APAC +9%
- Cash position improved to $236.0 million from $232.4 million in December 2023
- Gross margin declined to 77.3% from 79.2% year ago
- Operating income decreased to 6.4% of net sales from 7.8% year ago
- Operating expenses increased to $62.8 million from $57.3 million
- Reduced China growth outlook to 2% from previous 10%
- Lowered U.S. growth outlook to 20% from previous 25%
Insights
STAAR Surgical delivered mixed Q3 2024 results with some concerning signals. While
The China market slowdown is particularly concerning given its importance to STAAR's growth story. The company significantly reduced China growth outlook to
The balance sheet remains solid with
The EVO ICL platform continues showing strong market adoption, particularly in moderate myopia cases. This expansion beyond the traditional severe myopia market (
The
However, the reduced production levels impacting margins warrant monitoring, as maintaining manufacturing efficiency is important for long-term profitability in the medical device sector. The R&D investment increase to
Net Sales Up
Americas Up
Market Building Initiatives Drive EVO ICL™ Uptake and Reinforce Opportunity
Third Quarter 2024 Overview
-
Net sales of
, up$88.6 million 10% from prior year quarter -
ICL sales of
, up$89.1 million 10% from prior year quarter -
Gross margin of
77.3% as compared to79.2% year ago -
Net income of
or$10.0 million per share, up from$0.20 or$4.8 million per share year ago$0.10 -
Adjusted EBITDA of
or$16.2 million per share as compared to$0.33 or$16.5 million per share year ago$0.33 -
of cash, cash equivalents and investments available for sale as of September 27, 2024$236.0 million
“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
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
Gross profit margin for the third quarter of 2024 was
Operating expenses for the third quarter of 2024 were
Operating income for the third quarter of 2024 was
Net income for the third quarter of 2024 was
As of September 27, 2024, cash, cash equivalents and investments available for sale totaled
Outlook
The Company maintained its prior outlook for fiscal year 2024 net sales and Adjusted EBITDA.
-
Net sales of
to$340 million .$345 million -
Adjusted EBITDA of approximately
and Adjusted EBITDA per diluted share of approximately$42 million .$0.80
The outlook above contemplates EVO ICL sales growth of
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
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 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
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
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 |
|
$ |
88,590 |
|
$ |
80,308 |
|
$ |
8,282 |
|
|
|
$ |
264,951 |
|
$ |
246,142 |
|
$ |
18,809 |
|
|
||||||||||||||
Cost of sales |
|
|
20,103 |
|
|
|
16,670 |
|
|
(3,433 |
) |
(20.6)% |
|
|
57,017 |
|
|
|
54,216 |
|
|
(2,801 |
) |
(5.2)% |
||||||||||||
Gross profit |
|
|
68,487 |
|
|
|
63,638 |
|
|
4,849 |
|
|
|
|
207,934 |
|
|
|
191,926 |
|
|
16,008 |
|
|
||||||||||||
Selling, general and administrative expenses: | ||||||||||||||||||||||||||||||||||||
General and administrative |
|
|
21,685 |
|
|
|
19,266 |
|
|
(2,419 |
) |
(12.6)% |
|
|
68,554 |
|
|
|
55,461 |
|
|
(13,093 |
) |
(23.6)% |
||||||||||||
Selling and marketing |
|
|
26,623 |
|
|
|
26,607 |
|
|
(16 |
) |
(0.1)% |
|
|
82,150 |
|
|
|
85,238 |
|
|
3,088 |
|
|
||||||||||||
Research and development |
|
|
14,497 |
|
|
|
11,470 |
|
|
(3,027 |
) |
(26.4)% |
|
|
41,931 |
|
|
|
33,535 |
|
|
(8,396 |
) |
(25.0)% |
||||||||||||
Total selling, general, and administrative expenses |
|
|
62,805 |
|
|
|
57,343 |
|
|
(5,462 |
) |
(9.5)% |
|
|
192,635 |
|
|
|
174,234 |
|
|
(18,401 |
) |
(10.6)% |
||||||||||||
Operating income |
|
|
5,682 |
|
|
|
6,295 |
|
|
(613 |
) |
(9.7)% |
|
|
15,299 |
|
|
|
17,692 |
|
|
(2,393 |
) |
(13.5)% |
||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||
Interest income, net |
|
|
1,407 |
|
|
|
1,690 |
|
|
(283 |
) |
(16.7)% |
|
|
4,358 |
|
|
|
5,287 |
|
|
(929 |
) |
(17.6)% |
||||||||||||
Gain (loss) on foreign currency transactions |
|
|
5,931 |
|
- |
|
(1,384 |
) |
|
7,315 |
|
|
|
|
585 |
|
- |
|
(3,240 |
) |
|
3,825 |
|
|
||||||||||||
Royalty income |
|
|
- |
|
|
|
74 |
|
|
(74 |
) |
(100.0)% |
|
|
508 |
|
|
|
74 |
|
|
434 |
|
|
||||||||||||
Other income, net |
|
|
139 |
|
|
|
71 |
|
|
68 |
|
|
|
|
532 |
|
|
|
144 |
|
|
388 |
|
|
||||||||||||
Total other income, net |
|
|
7,477 |
|
|
|
451 |
|
|
7,026 |
|
|
|
|
5,983 |
|
|
|
2,265 |
|
|
3,718 |
|
|
||||||||||||
Income before provision for income taxes |
|
|
13,159 |
|
|
|
6,746 |
|
|
6,413 |
|
|
|
|
21,282 |
|
|
|
19,957 |
|
|
1,325 |
|
|
||||||||||||
Provision for income taxes |
|
|
3,179 |
|
|
|
1,929 |
|
|
(1,250 |
) |
(64.8)% |
|
|
7,262 |
|
|
|
6,366 |
|
|
(896 |
) |
(14.1)% |
||||||||||||
Net income |
|
|
9,980 |
|
|
|
4,817 |
|
|
5,163 |
|
|
|
|
14,020 |
|
|
|
13,591 |
|
|
429 |
|
|
||||||||||||
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 |
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 |
|||||||||||||||||||||||||||
$ |
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 |
|||||||||||||||||||||||||||
$ |
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 |
% |
|||||||||
$ |
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 |
% |
|||||||||
$ |
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 |
% |
|||||||||
$ |
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) |
||||||||||||||||||||||||||||||||||||
(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 | 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 –
Niko Liu, CFA
Director, Investor Relations and Corporate Development –
+852-6092-5076
nliu@staar.com
Source: STAAR Surgical Company
FAQ
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