CORRECTING and REPLACING STAAR Surgical Reports Third Quarter 2024 Results
Net Sales Up 10% to
Americas Up 14%, EMEA Up 12% and APAC Up 9%
Market Building Initiatives Drive EVO ICL™ Uptake and Reinforce Opportunity
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241030604379/en/
The updated release reads:
STAAR SURGICAL REPORTS THIRD QUARTER 2024 RESULTS
Net Sales Up 10% to
Americas Up 14%, EMEA Up 12% and APAC Up 9%
Market Building Initiatives Drive EVO ICL™ Uptake and Reinforce Opportunity
Third Quarter 2024 Overview
-
Net sales of
$88.6 million , up 10% from prior year quarter -
ICL sales of
$89.1 million , up 10% from prior year quarter - Gross margin of 77.3% as compared to 79.2% year ago
-
Net income of
$10.0 million or$0.20 per share, up from$4.8 million or$0.10 per share year ago -
Adjusted EBITDA of
$16.2 million or$0.33 per share as compared to$16.5 million or$0.33 per share year ago -
$236.0 million of cash, cash equivalents and investments available for sale as ofSeptember 27, 2024
“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
Third Quarter 2024 Financial Results
Net sales were
Gross profit margin for the third quarter of 2024 was 77.3% of net sales as compared to the prior year quarter of 79.2% of net sales. Gross margin in the third quarter was lower primarily due to reduced unit production that resulted in less absorption of fixed overhead.
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
Outlook
The Company maintained its prior outlook for fiscal year 2024 net sales and Adjusted EBITDA.
-
Net sales of
$340 million to$345 million . -
Adjusted EBITDA of approximately
$42 million and Adjusted EBITDA per diluted share of approximately$0.80 .
The outlook above contemplates EVO ICL sales growth of 17% in the
Earnings Webcast
The Company will host an earnings webcast today,
The live webcast, earnings webcast presentation and an archived version of the webcast can be accessed from the investor relations section of the STAAR website at www.staar.com.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, 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
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,
Consolidated Balance Sheets | ||||||||
(in 000's) | ||||||||
Unaudited | ||||||||
ASSETS |
|
|
||||||
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 |
|
||
|
|
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 |
|
2024 |
|
% of Sales |
|
2023 |
|
Fav (Unfav) Amount |
|
% |
|
% of Sales |
|
2024 |
|
% of Sales |
|
2023 |
|
Fav (Unfav) Amount |
|
% |
||||||||||||||
Net sales |
100.0% |
$ |
88,590 |
100.0% |
$ |
80,308 |
|
$ |
8,282 |
|
10.3% |
100.0% |
$ |
264,951 |
100.0% |
$ |
246,142 |
|
$ |
18,809 |
|
7.6% |
||||||||||||||
Cost of sales |
22.7% |
|
20,103 |
|
20.8% |
|
16,670 |
|
|
(3,433 |
) |
(20.6)% |
21.5% |
|
57,017 |
|
22.0% |
|
54,216 |
|
|
(2,801 |
) |
(5.2)% |
||||||||||||
Gross profit |
77.3% |
|
68,487 |
|
79.2% |
|
63,638 |
|
|
4,849 |
|
7.6% |
78.5% |
|
207,934 |
|
78.0% |
|
191,926 |
|
|
16,008 |
|
8.3% |
||||||||||||
Selling, general and administrative expenses: | ||||||||||||||||||||||||||||||||||||
General and administrative |
24.4% |
|
21,685 |
|
24.0% |
|
19,266 |
|
|
(2,419 |
) |
(12.6)% |
25.9% |
|
68,554 |
|
22.6% |
|
55,461 |
|
|
(13,093 |
) |
(23.6)% |
||||||||||||
Selling and marketing |
30.1% |
|
26,623 |
|
33.1% |
|
26,607 |
|
|
(16 |
) |
(0.1)% |
31.0% |
|
82,150 |
|
34.6% |
|
85,238 |
|
|
3,088 |
|
3.6% |
||||||||||||
Research and development |
16.4% |
|
14,497 |
|
14.3% |
|
11,470 |
|
|
(3,027 |
) |
(26.4)% |
15.8% |
|
41,931 |
|
13.6% |
|
33,535 |
|
|
(8,396 |
) |
(25.0)% |
||||||||||||
Total selling, general, and administrative expenses |
70.9% |
|
62,805 |
|
71.4% |
|
57,343 |
|
|
(5,462 |
) |
(9.5)% |
72.7% |
|
192,635 |
|
70.8% |
|
174,234 |
|
|
(18,401 |
) |
(10.6)% |
||||||||||||
Operating income |
6.4% |
|
5,682 |
|
7.8% |
|
6,295 |
|
|
(613 |
) |
(9.7)% |
5.8% |
|
15,299 |
|
7.2% |
|
17,692 |
|
|
(2,393 |
) |
(13.5)% |
||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||
Interest income, net |
1.6% |
|
1,407 |
|
2.1% |
|
1,690 |
|
|
(283 |
) |
(16.7)% |
1.6% |
|
4,358 |
|
2.1% |
|
5,287 |
|
|
(929 |
) |
(17.6)% |
||||||||||||
Gain (loss) on foreign currency transactions |
6.7% |
|
5,931 |
|
-1.7% |
|
(1,384 |
) |
|
7,315 |
|
528.5% |
0.2% |
|
585 |
|
-1.3% |
|
(3,240 |
) |
|
3,825 |
|
118.1% |
||||||||||||
Royalty income |
0.0% |
|
- |
|
0.1% |
|
74 |
|
|
(74 |
) |
(100.0)% |
0.2% |
|
508 |
|
0.0% |
|
74 |
|
|
434 |
|
586.5% |
||||||||||||
Other income, net |
0.2% |
|
139 |
|
0.1% |
|
71 |
|
|
68 |
|
95.8% |
0.2% |
|
532 |
|
0.1% |
|
144 |
|
|
388 |
|
269.4% |
||||||||||||
Total other income, net |
8.5% |
|
7,477 |
|
0.6% |
|
451 |
|
|
7,026 |
|
1557.9% |
2.2% |
|
5,983 |
|
0.9% |
|
2,265 |
|
|
3,718 |
|
164.2% |
||||||||||||
Income before provision for income taxes |
14.9% |
|
13,159 |
|
8.4% |
|
6,746 |
|
|
6,413 |
|
95.1% |
8.0% |
|
21,282 |
|
8.1% |
|
19,957 |
|
|
1,325 |
|
6.6% |
||||||||||||
Provision for income taxes |
3.6% |
|
3,179 |
|
2.4% |
|
1,929 |
|
|
(1,250 |
) |
(64.8)% |
2.7% |
|
7,262 |
|
2.6% |
|
6,366 |
|
|
(896 |
) |
(14.1)% |
||||||||||||
Net income |
11.3% |
|
9,980 |
|
6.0% |
|
4,817 |
|
|
5,163 |
|
107.2% |
5.3% |
|
14,020 |
|
5.5% |
|
13,591 |
|
|
429 |
|
3.2% |
||||||||||||
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 | |||||||||||||||
2024 |
2023 |
2024 |
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 |
2023 |
2023 |
2023 |
2024 |
2024 |
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 |
2023 |
2023 |
2023 |
2024 |
2024 |
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% 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 |
2024 |
Effect of Currency |
Constant Currency |
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 |
2024 |
Effect of Currency |
Constant Currency |
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
Vice President, Investor Relations and Corporate Development
626-303-7902, Ext. 3023
bmoore@staar.com
Investors –
Director, Investor Relations and Corporate Development –
+852-6092-5076
nliu@staar.com
Source: