STAAR Surgical Reports Second Quarter 2024 Results

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.--()--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%

 

Contacts

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

Contacts

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