STAA STAAR Surgical Company

Generates Double-Digit Sales Growth and Continuing Profitability

ICL Sales Up 22% in Fourth Quarter and 18% in Fiscal 2023

Affirms Sales Outlook for Fiscal 2024

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 fourth quarter and fiscal year ended December 29, 2023.

Fourth Quarter 2023 Overview

• Net sales up 19% to $76.3 million in the fourth quarter
• ICL sales up 22% to $74.6 million and ICL units up 19%
• Gross margin at 79.6% vs. 77.7% year ago
• Net income of $7.8 million vs. $6.8 million year ago
• Earnings per share of $0.16 vs. $0.14 per share year ago
• Cash, cash equivalents and investments available for sale ended the quarter at $232.4 million

Fiscal Year 2023 Overview

• Net sales up 13% to $322.4 million for fiscal year 2023
• ICL sales up 18% to $319.4 million and ICL units up 19%
• Gross margin at 78.4% vs. 78.5% year ago
• Net income of $21.3 million vs. $39.7 million year ago
• Earnings per share of $0.43 vs. $0.80 per share year ago

“We generated strong sales growth in the fourth quarter, consistent with our preliminary sales announcement, and profitability, driven by strength in APAC and sequential growth in EMEA,” said Tom Frinzi, President and CEO of STAAR Surgical. “For fiscal 2023, every large market delivered positive sales growth. Our ICL unit growth exceeded refractive industry growth by over 25 points for the third year in a row.1 Our 22% global ICL sales growth in the quarter included 30% growth in China and 18% in EMEA. As we enter 2024, we see encouraging end-market ICL sales trends and are affirming our fiscal 2024 net sales outlook of $335 million to $340 million.”

Mr. Frinzi continued, “With healthy margins, no debt and a record $232 million of cash, cash equivalents and investments on the balance sheet we will continue to strategically invest in our growth opportunities. We are also enhancing the surgeon experience, both in the clinical environment and in driving practice efficiency. EVO ICL is the next logical step in refractive innovation with clear differentiators in patient outcomes and patient satisfaction. We are pleased with the increasing interest our lens based technology is garnering and look forward to sharing more about our progress, partnerships and innovation investments in the coming weeks and at the ASCRS meeting in Boston.”

Fourth Quarter 2023 Financial Results

Net sales were $76.3 million for the fourth quarter of 2023, up 19% compared to $64.0 million reported in the prior year quarter. The sales increase in the fourth quarter was driven by ICL sales and unit growth of 22% and 19%, respectively, as compared to the prior year period. Other Products sales decreased 43% compared to the prior year quarter.

Gross profit margin for the fourth quarter of 2023 was 79.6% of total net sales compared to the prior year quarter of 77.7% of total net sales. Product mix favorably impacted gross margin in the fourth quarter of 2023 as compared to the prior year quarter.

Operating expenses for the fourth quarter of 2023 were $50.3 million compared to the prior year quarter of $48.8 million. General and administrative expenses were $16.9 million compared to the prior year quarter of $14.8 million. The increase in general and administrative expenses was due to increased outside services and facilities costs. Selling and marketing expenses were $22.6 million compared to the prior year quarter of $24.2 million. The decrease in selling and marketing expenses was due to decreased compensation-related expenses and marketing, promotional and advertising activities. Research and development expenses were $10.9 million compared to the prior year quarter of $9.8 million. The increase in research and development expenses was due to increased compensation-related expenses.

Operating income for the fourth quarter of 2023 was $10.4 million or 13.7% of net sales as compared to $1.0 million or 1.5% of net sales for the fourth quarter of 2022.

Net income for the fourth quarter of 2023 was $7.8 million or $0.16 per diluted share compared with net income of $6.8 million or $0.14 per diluted share for the prior year quarter. The year over year increase in net income was attributable to higher gross profit, partially offset by a higher provision for income taxes, lower other income and increased SG&A expenses.

Fiscal Year 2023 Financial Results

Net sales were $322.4 million for fiscal year 2023, up 13% compared to $284.4 million reported in the prior year. The increase in net sales was driven by ICL sales and unit growth of 18% and 19%, respectively. Other Products Sales decreased 80% compared to the prior year.

Gross profit margin for fiscal year 2023 decreased to 78.4% of total net sales compared to 78.5% of total net sales for fiscal year 2022.

Operating expenses for fiscal year 2023 were $224.6 million compared to $179.6 million in the prior year. The 25% increase in operating expense was primarily due to higher compensation-related expenses, marketing, promotional and advertising activities, outside services and facilities costs.

Operating income for fiscal year 2023 was $28.1 million or 8.8% of net sales as compared to $43.8 million or 15.4% of net sales for fiscal year 2022.

Net income for fiscal year 2023 was $21.3 million or $0.43 per diluted share compared with net income of $39.7 million or $0.80 per diluted share for the prior year. The year over year decrease in net income was due to increased SG&A expenses and provision for income taxes, partially offset by higher gross margin and other income.

Cash, cash equivalents and investments available for sale at December 29, 2023, totaled $232.4 million, compared to $225.5 million at end of the fourth quarter of 2022.

Outlook

The Company expects the following for fiscal year 2024:

• Net sales of $335 million to $340 million.
• Adjusted EBITDA of approximately $36 million and Adjusted EBITDA per diluted share of approximately $0.70.2

The outlook above contemplates EVO ICL sales growth of approximately 7% in APAC, including 10% in China; 10% growth in the Americas, including 10% in the U.S.; and EMEA sales consistent with fiscal year 2023.

Conference Call

The Company will host a conference call and webcast today, Monday, February 26 at 4:15 p.m. Eastern / 1:15 p.m. Pacific to discuss its financial results and operational progress. To access the conference call please dial 877-270-2148 for domestic participants and 412-902-6510 for international participants. No access code is required. Please ask to be joined into the STAAR Surgical Company call. The live webcast can be accessed from the ‘Investor Relations’ section of the STAAR website at www.staar.com.

A taped replay of the conference call (Access Code 6879745) will be available beginning approximately one hour after the call’s conclusion for seven days. This replay can be accessed by dialing 877-344-7529 for domestic callers and 412-317-0088 for international callers. An archived webcast will also be available at www.staar.com.

1

Global STAAR ICL unit growth exceeded refractive industry growth by an estimated 38 points (2021); 28 points (2022) and 26 points (2023). The Company estimates global refractive industry procedures increased 10% (2021); increased 5% (2022); and decreased 7% (2023) Y/Y based on Market Scope and Company data available as of January 2, 2024.

2

Adjusted EBITDA and Adjusted EBITDA per diluted share are non-GAAP financial measures. For further information on non-GAAP financial measures, please refer to the “Use of Non-GAAP Financial Measures” section of this press release. Please also refer to the tables at the end of this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure.

Use of Non-GAAP Financial Measures

To supplement the Company’s financial measures prepared in accordance with 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 2,500,000 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 December 29, 2023 December 30, 2022 Current assets: Cash and cash equivalents

$

183,038

 

$

86,480

 

Investments available for sale

 

37,688

 

 

125,159

 

Accounts receivable trade, net

 

94,704

 

 

62,447

 

Inventories, net

 

35,130

 

 

24,161

 

Prepayments, deposits, and other current assets

 

14,709

 

 

13,476

 

Total current assets

 

365,269

 

 

311,723

 

Investments available for sale

 

11,703

 

 

13,902

 

Property, plant, and equipment, net

 

66,835

 

 

50,921

 

Finance lease right-of-use assets, net

 

183

 

 

342

 

Operating lease right-of-use assets, net

 

34,387

 

 

30,270

 

Intangible assets, net

 

-

 

 

173

 

Goodwill

 

1,786

 

 

1,786

 

Deferred income taxes

 

5,190

 

 

8,744

 

Other assets

 

3,339

 

 

957

 

Total assets

$

488,692

 

$

418,818

 

  LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable

$

13,557

 

$

11,576

 

Obligations under finance leases

 

165

 

 

169

 

Obligations under operating leases

 

4,202

 

 

3,524

 

Allowance for sales returns

 

6,174

 

 

5,706

 

Other current liabilities

 

40,938

 

 

30,741

 

Total current liabilities

 

65,036

 

 

51,716

 

Obligations under finance leases

 

42

 

 

210

 

Obligations under operating leases

 

31,425

 

 

27,136

 

Deferred income taxes

 

1,077

 

 

1,489

 

Asset retirement obligations

 

103

 

 

220

 

Pension liability

 

5,055

 

 

1,935

 

Total liabilities

 

102,738

 

 

82,706

 

    Stockholders' equity: Common stock

 

488

 

 

482

 

Additional paid-in capital

 

436,947

 

 

404,189

 

Accumulated other comprehensive income (loss)

 

(4,113

)

 

156

 

Accumulated deficit

 

(47,368

)

 

(68,715

)

Total stockholders' equity

 

385,954

 

 

336,112

 

Total liabilities and stockholders' equity

$

488,692

 

$

418,818

 

  Consolidated Statements of Income (in 000's except for per share data) Unaudited     Three Months Ended Twelve Months Ended Fav (Unfav) Fav (Unfav) % of Sales December 29, 2023 % of Sales December 30, 2022 Amount % % of Sales December 29, 2023 % of Sales December 30, 2022 Amount % Net sales

100.0

%

$

76,273

100.0

%

$

64,044

 

$

12,229

 

19.1

%

100.0

%

$

322,415

 

100.0

%

$

284,391

 

$

38,024

 

13.4

%

  Cost of sales

20.4

%

 

15,548

22.3

%

 

14,259

 

 

(1,289

)

-9.0

%

21.6

%

 

69,764

 

21.5

%

 

61,008

 

 

(8,756

)

-14.4

%

  Gross profit

79.6

%

 

60,725

77.7

%

 

49,785

 

 

10,940

 

22.0

%

78.4

%

 

252,651

 

78.5

%

 

223,383

 

 

29,268

 

13.1

%

  Selling, general and administrative expenses: General and administrative

22.1

%

 

16,858

23.1

%

 

14,808

 

 

(2,050

)

-13.8

%

22.4

%

 

72,319

 

19.2

%

 

54,742

 

 

(17,577

)

-32.1

%

Selling and marketing

29.6

%

 

22,596

37.8

%

 

24,223

 

 

1,627

 

6.7

%

33.4

%

 

107,834

 

31.2

%

 

88,856

 

 

(18,978

)

-21.4

%

Research and development

14.2

%

 

10,866

15.3

%

 

9,790

 

 

(1,076

)

-11.0

%

13.8

%

 

44,401

 

12.7

%

 

35,983

 

 

(8,418

)

-23.4

%

Total selling, general, and administrative expenses

65.9

%

 

50,320

76.2

%

 

48,821

 

 

(1,499

)

-3.1

%

69.6

%

 

224,554

 

63.1

%

 

179,581

 

 

(44,973

)

-25.0

%

  Operating income

13.7

%

 

10,405

1.5

%

 

964

 

 

9,441

 

979.4

%

8.8

%

 

28,097

 

15.4

%

 

43,802

 

 

(15,705

)

-35.9

%

  Other income (expense), net: Interest income, net

2.2

%

 

1,699

2.4

%

 

1,514

 

 

185

 

12.2

%

2.2

%

 

6,986

 

0.8

%

 

2,448

 

 

4,538

 

185.4

%

Gain (loss) on foreign currency transactions

1.7

%

 

1,331

5.0

%

 

3,197

 

 

(1,866

)

-58.4

%

-0.6

%

 

(1,909

)

-0.6

%

 

(1,707

)

 

(202

)

-11.8

%

Royalty income

0.0

%

 

0

0.4

%

 

277

 

 

(277

)

-100.0

%

0.0

%

 

74

 

0.3

%

 

804

 

 

(730

)

-90.8

%

Other income, net

0.4

%

 

304

0.0

%

 

27

 

 

277

 

1025.9

%

0.1

%

 

448

 

0.1

%

 

205

 

 

243

 

118.5

%

Total other income, net

4.3

%

 

3,334

7.8

%

 

5,015

 

 

(1,681

)

-33.5

%

1.7

%

 

5,599

 

0.6

%

 

1,750

 

 

3,849

 

219.9

%

  Income before provision for income taxes

18.0

%

 

13,739

9.3

%

 

5,979

 

 

7,760

 

129.8

%

10.5

%

 

33,696

 

16.0

%

 

45,552

 

 

(11,856

)

-26.0

%

  Provision (benefit) for income taxes

7.8

%

 

5,983

-1.2

%

 

(784

)

 

(6,767

)

-863.1

%

3.8

%

 

12,349

 

2.1

%

 

5,887

 

 

(6,462

)

-109.8

%

  Net income

10.2

%

$

7,756

10.5

%

$

6,763

 

$

993

 

14.7

%

6.7

%

$

21,347

 

13.9

%

$

39,665

 

$

(18,318

)

-46.2

%

  Net income per share - basic

$

0.16

$

0.14

 

$

0.44

 

$

0.83

 

Net income per share - diluted

$

0.16

$

0.14

 

$

0.43

 

$

0.80

 

  Weighted average shares outstanding - basic

 

48,815

 

48,203

 

 

48,523

 

 

47,987

 

Weighted average shares outstanding - diluted

 

49,242

 

49,389

 

 

49,427

 

 

49,380

 

  Consolidated Statements of Cash Flows (in 000's) Unaudited Three Months Ended Twelve Months Ended December 29, 2023 December 30, 2022 December 29, 2023 December 30, 2022 Cash flows from operating activities: Net income

$

7,756

 

$

6,763

 

$

21,347

 

$

39,665

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation of property and equipment

 

1,368

 

 

1,380

 

 

5,111

 

 

4,481

 

Amortization of long-lived intangibles

 

(2

)

 

6

 

 

13

 

 

28

 

Impairment of long-lived intangibles

 

-

 

 

-

 

 

154

 

 

-

 

Accretion/Amortization of investments available for sale

 

(329

)

 

(891

)

 

(2,501

)

 

(1,198

)

Deferred income taxes

 

3,199

 

 

(2,277

)

 

3,264

 

 

(2,254

)

Change in net pension liability

 

(190

)

 

13

 

 

(956

)

 

53

 

Stock-based compensation expense

 

182

 

 

4,996

 

 

23,516

 

 

20,371

 

Change in asset retirement obligation

 

2

 

 

47

 

 

(102

)

 

47

 

Loss on disposal of property and equipment

 

32

 

 

65

 

 

73

 

 

65

 

Provision for sales returns and credit losses

 

(1,262

)

 

552

 

 

663

 

 

913

 

Inventory provision

 

761

 

 

403

 

 

4,851

 

 

2,423

 

Changes in working capital: Accounts receivable

 

17,676

 

 

(6,493

)

 

(32,760

)

 

(19,601

)

Inventories

 

(4,386

)

 

(3,820

)

 

(14,361

)

 

(7,943

)

Prepayments, deposits and other assets

 

171

 

 

(3,075

)

 

(3,413

)

 

(2,549

)

Accounts payable

 

2,565

 

 

3,639

 

 

(701

)

 

1,805

 

Other current liabilities

 

4,426

 

 

1,662

 

 

10,396

 

 

(591

)

Net cash provided by operating activities

 

31,969

 

 

2,970

 

 

14,594

 

 

35,715

 

  Cash flows from investing activities: Acquisition of property and equipment

 

(3,088

)

 

(4,025

)

 

(18,188

)

 

(18,108

)

Purchase of investments available for sale

 

1

 

 

(60,172

)

 

(52,313

)

 

(155,748

)

Proceeds from sale or maturity of investments available for sale

 

25,489

 

 

17,480

 

 

144,848

 

 

17,480

 

Net cash provided by (used in) investing activities

 

22,402

 

 

(46,717

)

 

74,347

 

 

(156,376

)

  Cash flows from financing activities: Repayment of finance lease obligations

 

(40

)

 

(41

)

 

(161

)

 

(126

)

Repurchase of employee common stock for taxes withheld

 

(1

)

 

-

 

 

(2,097

)

 

-

 

Proceeds from vested restricted stock and exercise of stock options

 

408

 

 

243

 

 

9,673

 

 

8,423

 

Net cash provided by financing activities

 

367

 

 

202

 

 

7,415

 

 

8,297

 

  Effect of exchange rate changes on cash and cash equivalents

 

868

 

 

783

 

 

202

 

 

(862

)

  Increase (decrease) in cash and cash equivalents

 

55,606

 

 

(42,762

)

 

96,558

 

 

(113,226

)

Cash and cash equivalents, at beginning of the period

 

127,432

 

 

129,242

 

 

86,480

 

 

199,706

 

Cash and cash equivalents, at end of the period

$

183,038

 

$

86,480

 

$

183,038

 

$

86,480

 

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

 

2024 Outlook(2)

Net income - (as reported)

$

27,511

 

$

9,602

 

$

13,038

 

$

10,262

 

$

6,763

 

$

39,665

 

$

2,710

 

$

6,064

 

$

4,817

 

$

7,756

 

$

21,347

 

$

0

 

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

 

 

0

 

Other (income) expense, net

 

2,035

 

 

586

 

 

1,551

 

 

1,128

 

 

(5,015

)

 

(1,750

)

 

(1,919

)

 

105

 

 

(451

)

 

(3,334

)

 

(5,599

)

 

2,000

 

Depreciation

 

3,608

 

 

994

 

 

1,030

 

 

1,077

 

 

1,380

 

 

4,481

 

 

1,113

 

 

1,285

 

 

1,345

 

 

1,368

 

 

5,111

 

 

4,000

 

Amortization of Intangible assets

 

34

 

 

8

 

 

7

 

 

7

 

 

6

 

 

28

 

 

7

 

 

10

 

 

(2

)

 

(2

)

 

13

 

 

0

 

Stock-based compensation

 

14,605

 

 

3,894

 

 

5,754

 

 

5,727

 

 

4,996

 

 

20,371

 

 

6,065

 

 

8,423

 

 

8,846

 

 

182

 

 

23,516

 

 

30,000

 

Adjusted EBITDA

$

51,586

 

$

17,009

 

$

23,811

 

$

20,516

 

$

7,346

 

$

68,682

 

$

9,985

 

$

18,315

 

$

16,484

 

$

11,953

 

$

56,737

 

$

36,000

 

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

%

 

10.5

%

  Net income 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

 

$

0.00

 

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

 

 

0.00

 

Other (income) expense, net

 

0.04

 

 

0.01

 

 

0.03

 

 

0.02

 

 

(0.10

)

 

(0.04

)

 

(0.04

)

 

-

 

 

(0.01

)

 

(0.07

)

 

(0.11

)

 

0.04

 

Depreciation

 

0.07

 

 

0.02

 

 

0.02

 

 

0.02

 

 

0.03

 

 

0.09

 

 

0.02

 

 

0.03

 

 

0.03

 

 

0.03

 

 

0.10

 

 

0.08

 

Amortization of Intangible assets

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

0.00

 

Stock-based compensation

 

0.30

 

 

0.08

 

 

0.12

 

 

0.12

 

 

0.10

 

 

0.41

 

 

0.12

 

 

0.17

 

 

0.18

 

 

-

 

 

0.48

 

 

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

 

$

0.70

 

  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

 

 

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

 

December 30, 2022 March 31, 2023 June 30, 2023 September 29, 2023 December 29, 2023   Americas(1)

$

14,054

 

$

20,114

 

$

22,233

 

$

5,703

 

$

5,566

 

$

5,954

 

$

5,449

 

$

5,264

 

  EMEA(2)

 

37,343

 

 

36,715

 

 

39,318

 

 

8,569

 

 

10,180

 

 

9,782

 

 

9,253

 

 

10,103

 

  APAC(3)

 

161,508

 

 

212,883

 

 

257,876

 

 

46,890

 

 

54,879

 

 

77,376

 

 

66,367

 

 

59,254

 

  Global ICL Sales

$

212,905

 

$

269,712

 

$

319,427

 

$

61,162

 

$

70,625

 

$

93,112

 

$

81,069

 

$

74,621

 

  Global ICL Sales Growth

 

51

%

 

27

%

 

18

%

 

15

%

 

20

%

 

19

%

 

13

%

 

22

%

  Global ICL Unit Growth

 

48

%

 

33

%

 

19

%

 

20

%

 

20

%

 

21

%

 

14

%

 

19

%

  Fiscal Year Three Months Ended ICL Sales by Country(4)(5)

 

2021

 

 

2022

 

 

2023

 

December 30, 2022 March 31, 2023 June 30, 2023 September 29, 2023 December 29, 2023   China

$

107,130

 

$

147,967

 

$

185,404

 

$

31,506

 

$

35,042

 

$

61,288

 

$

48,262

 

$

40,813

 

Growth

 

50

%

 

38

%

 

25

%

 

20

%

 

25

%

 

33

%

 

14

%

 

30

%

  Japan

$

28,688

 

$

32,623

 

$

36,352

 

$

8,179

 

$

9,203

 

$

8,563

 

$

9,091

 

$

9,495

 

Growth

 

56

%

 

14

%

 

11

%

 

6

%

 

6

%

 

13

%

 

12

%

 

16

%

  South Korea

$

15,173

 

$

17,940

 

$

19,853

 

$

3,589

 

$

6,656

 

$

3,316

 

$

4,886

 

$

4,996

 

Growth

 

36

%

 

18

%

 

11

%

 

-2

%

 

19

%

 

-15

%

 

1

%

 

39

%

  United States

$

9,478

 

$

15,070

 

$

17,168

 

$

4,536

 

$

4,396

 

$

4,446

 

$

4,162

 

$

4,164

 

Growth

 

58

%

 

59

%

 

14

%

 

94

%

 

71

%

 

10

%

 

6

%

 

-8

%

      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 December 29, 2023 Effect of Currency Constant Currency December 30, 2022 $ Change % Change $ Change % Change ICL

$

74,621

 

$

(205

)

$

74,416

 

$

61,162

$

13,459

 

22.0

%

$

13,254

 

21.7

%

  Cataract IOL

 

(156

)

 

26

 

 

(130

)

 

1,998

 

(2,154

)

-107.8

%

 

(2,128

)

-106.5

%

Other

 

1,808

 

 

21

 

 

1,829

 

 

884

 

924

 

104.5

%

 

945

 

106.9

%

Other Products

 

1,652

 

 

47

 

 

1,699

 

 

2,882

 

(1,230

)

-42.7

%

 

(1,183

)

-41.0

%

  Total Sales

$

76,273

 

$

(158

)

$

76,115

 

$

64,044

$

12,229

 

19.1

%

$

12,071

 

18.8

%

  Twelve Months Ended As Reported Constant Currency Sales December 29, 2023 Effect of Currency Constant Currency December 30, 2022 $ Change % Change $ Change % Change ICL

$

319,427

 

$

1,799

 

$

321,226

 

$

269,712

$

49,715

 

18.4

%

$

51,514

 

19.1

%

  Cataract IOL

 

1,139

 

 

198

 

 

1,337

 

 

9,638

 

(8,499

)

-88.2

%

 

(8,301

)

-86.1

%

Other

 

1,849

 

 

125

 

 

1,974

 

 

5,041

 

(3,192

)

-63.3

%

 

(3,067

)

-60.8

%

Other Products

 

2,988

 

 

323

 

 

3,311

 

 

14,679

 

(11,691

)

-79.6

%

 

(11,368

)

-77.4

%

  Total Sales

$

322,415

 

$

2,122

 

$

324,537

 

$

284,391

$

38,024

 

13.4

%

$

40,146

 

14.1

%

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240226968455/en/

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