STAAR Surgical Reports Fourth Quarter and Fiscal Year 2023 Results
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
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
Fourth Quarter 2023 Financial Results
Net sales were
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
Operating income for the fourth quarter of 2023 was
Net income for the fourth quarter of 2023 was
Fiscal Year 2023 Financial Results
Net sales were
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
Operating income for fiscal year 2023 was
Net income for fiscal year 2023 was
Cash, cash equivalents and investments available for sale at
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
Conference Call
The Company will host a conference call and webcast today,
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 |
|
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
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 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
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 |
$ |
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 |
|
||
|
|
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 |
|
% of Sales |
|
Amount | % | % of Sales |
|
% of Sales |
|
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 | |||||||||||||||
|
|
|
|
|||||||||||||
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 |
|
|
|
|
|
|
||||||||||||||||||
|
$ |
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 |
|
|
|
|
|
|
||||||||||||||||||
|
$ |
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 |
% |
||||||||
|
$ |
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 |
% |
||||||||
|
$ |
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 |
% |
||||||||
|
$ |
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)
|
||||||||||||||||||||||||||||||||
(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 |
|
Effect of Currency | Constant Currency |
|
$ 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 |
|
Effect of Currency | Constant Currency |
|
$ 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
Vice President, Investor Relations and Corporate Development
(626) 303-7902, Ext. 3023
bmoore@staar.com
Source: