Record ICL Sales of $93.1 Million Up 19%
Y/Y
STAAR Surgical Company (NASDAQ: STAA), a leading developer,
manufacturer and marketer of implantable lenses for the eye, today
reported financial results for the second quarter ended June 30,
2023.
Second Quarter 2023
Overview
- Net Sales of $92.3 Million Up 14% includes a $0.7 Million sales
reduction related to Other Products
- Record ICL Sales of $93.1 Million Up 19% Y/Y and Up 20% Y/Y in
Constant Currency
- ICL Units Up 21% Y/Y
- Gross Margin at 76.6% vs. 78.8% in the Prior Year Quarter
- Net Income of $0.12 per Share vs. $0.26 per Share in the Prior
Year Quarter
- Cash, Cash Equivalents and Investments Available for Sale Ended
the Quarter at $209.5 Million
- Accounting adjustments related to Other Products resulted in
Adjusted Net Sales of $93.0 Million; Adjusted Gross Profit Margin
of 79.8% and Adjusted Net Income for ICL of $0.19 per Share.
“Record second quarter global ICL sales of $93.1 million up 19%,
were driven by strength in our APAC region which generated 26% ICL
sales growth,” said Tom Frinzi, President and CEO of STAAR
Surgical. “The peak implant season for our proprietary family of
EVO ICL lenses in China, the largest market for refractive
procedures in the world, had a strong start in June, during which I
had the pleasure of working with our team on the ground for several
days. In APAC geographies, EVO has a strong market position and a
long runway for growth. In the nascent U.S. market, ICL growth
exceeded industry trends and although below our expectations we
remain confident this market will achieve the growth levels we have
seen in our other target markets. In the U.S. ICL sales were up 10%
in the second quarter as compared to refractive industry procedures
which were down 15%.1 We have taken a number of steps and
implemented initiatives that we expect will accelerate EVO adoption
in the U.S. as we exit 2023 and beyond.”
Mr. Frinzi continued, “Given increased conservatism related to
the global environment, and a revised near-term outlook for U.S.
growth, we are updating our fiscal 2023 ICL sales outlook to a
range of approximately $320 million to $325 million. At the
mid-point of the range, our outlook represents approximately 20%
growth over fiscal 2022 ICL sales of approximately $270 million.
The actions we are taking, and the feedback from our customers and
their happy EVO patients, make us confident that we will continue
to build upon our position as the fastest growing company within
the refractive industry in our target markets.”
Financial Overview – Q2
2023
During the quarter, the Company recorded various accounting
adjustments related to its Other Products, specifically its
non-core Cataract IOL business which the Company had previously
announced it will no longer support after fiscal 2023. These
adjustments included a $0.7 million reduction in net sales related
to sales return reserve of certain IOL products; $2.8 million in
inventory reserves related to IOL products; $0.2 million impairment
of intangible assets; and a $0.4 million tax benefit; in each case
related to Other Products. Please refer to the reconciliation of
GAAP to Non-GAAP in the Financial Metrics Excluding Other Product
Cataract IOL Adjustments table for the impact on various financial
measures.
Net sales were $92.3 million for the second quarter of 2023, up
14% compared to $81.1 million reported in the prior year quarter.
The sales increase in the second quarter was driven by ICL sales
growth of 19% and ICL unit growth of 21%, both as compared to the
prior year period. In addition to the markets noted above, ICL
units in EMEA markets were down 23% (with European markets up 6%,
Latin America markets up 19%, and Middle East markets down 67%),
primarily due to an inability to ship ICLs into one country as a
result of changes in product labeling requirements. Other Product
sales for the second quarter of 2023 were ($0.8) million compared
to $3.2 million in the prior year quarter, reflecting a $2.5
million reduction in Cataract IOL sales and a $1.5 million decrease
in other product sales due to decreased sales of cataract injector
parts and sales return reserves related to Cataract IOLs. Adjusted
Net Sales which reflects an adjustment for the $0.7 million
reduction related to sales return reserve for Other Products was
$93.0 million for the second quarter.
Gross profit margin for the second quarter of 2023 was 76.6%
compared to the prior year quarter of 78.8%. Factors impacting
gross margin in the second quarter of 2023, as compared to the
prior year quarter include inventory reserves related to the Other
Products Cataract IOL business. Adjusted Gross Profit Margin which
reflects an adjustment for the $2.8 million in inventory reserves
related to Other Products was 79.8% for the second quarter.
Operating expenses for the second quarter of 2023 were $62.1
million compared to the prior year quarter of $46.9 million.
General and administrative expenses were $18.1 million compared to
the prior year quarter of $14.0 million. The increase in general
and administrative expenses was due to increased compensation
related expenses, outside services and facilities costs. Selling
and marketing expenses were $32.3 million compared to the prior
year quarter of $24.2 million. The increase in selling and
marketing expenses is due to increased advertising and promotional
activities, compensation related expenses, trade shows and sales
meetings. Research and development expenses were $11.8 million
compared to the prior year quarter of $8.6 million. The increase in
research and development expenses is due to increased compensation
related expenses and clinical trial expenses related to U.S.
post-approval studies. Adjusted Operating expenses which reflects
an adjustment for the $0.2 million impairment of intangible assets
related to Other Products was $62.0 million.
Net income for the second quarter of 2023 was $6.1 million or
$0.12 per diluted share compared with net income of $13.0 million
or $0.26 per diluted share for the prior year quarter. The year
over year decrease in net income is attributable to higher
operating expenses partially offset by higher gross profit and
interest income. Adjusted Net Income for the second quarter of 2023
was $19.7 million or $0.40 per diluted share compared to $20.7
million or $0.42 per diluted share for the prior year quarter. This
includes $3.3 million reduction in net income or $(0.07) per
diluted share resulting in Adjusted Net Income for ICL of $9.4
million or $0.19 per diluted share for the second quarter.
Cash, cash equivalents, and investments available for sale at
June 30, 2023, totaled $209.5 million, compared to $225.5 million
at end of the fourth quarter of 2022.
1 Refractive Surgery Council, RSC Quarterly Statistical Program,
Q2 2023 Report, U.S. refractive procedure volumes down 14.9% Y/Y in
Q2 2023 and down 9.1% sequentially from Q1 2023.
Conference Call
The Company will host a conference call and webcast today,
Wednesday, August 2 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to
discuss its financial results and operational progress. To access
the conference call (Conference ID 99981426), please dial
888-259-6580 for domestic participants and 206-962-3782 for
international participants. 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 (Replay Code 981426) will
be available beginning approximately one hour after the call’s
conclusion for seven days. This replay can be accessed by dialing
877-674-7070 for domestic callers and 416-764-8692 for
international callers. An archived webcast will also be available
at www.staar.com.
Use of Non-GAAP Financial
Measures
This press release includes supplemental Non-GAAP financial
information, which STAAR believes investors will find helpful in
understanding its operating performance. Non-GAAP financial
measures are in addition to, not a substitute for, or superior to,
measures of financial performance prepared in accordance with
GAAP.
“Adjusted Net Income” and “Adjusted Net Income for ICL” exclude
the following items that are included in “Net Income” as calculated
in accordance with U.S. generally accepted accounting principles
(“GAAP”): Cataract IOL sales return reserve, Cataract IOL inventory
reserve, Cataract IOL intangible impairment, income tax benefit on
Cataract IOL Adjusted Net Income also excludes gain or loss on
foreign currency transactions, stock-based compensation expenses,
and valuation allowance adjustments (if any). Management believes
that “Adjusted Net Income” and “Adjusted Net Income for ICL” are
useful to investors in gauging the outcome of the key drivers of
the business performance: the ability to increase sales revenue and
our ability to increase profit margin by improving the mix of high
value products while reducing the costs over which management has
control.
Management has excluded accounting adjustments related to
exiting the Company’s non-core Cataract IOL business. These
accounting adjustments include sales returns reserve, excess
inventory reserves, an impairment charge related to cataract IOLs
and the associated tax benefit of these adjustments. The Company
has excluded these items in order to focus on its core ICL business
as the Company will continue tapering the manufacturing of cataract
IOLs, though it will continue to support these products through the
end of 2023, as supplies permit. Management believes that
disclosing Adjusted Net Income and Adjusted Net Income for ICL
excluding these accounting adjustments is useful to investors in
gauging the performance of its core ICL business.
For the reasons referenced above in connection with calculating
Adjusted Net Income and Adjusted Net Income for ICL, management
also supplements the Company’s GAAP consolidated financial
statements and GAAP financial measures with other Non-GAAP
financial measures, comprising of Adjusted Net Sales, Adjusted Cost
of Sales, Adjusted Gross Profit Margin, Adjusted Operating
Expenses, Adjusted Income Tax Provision, which in each case exclude
the impact of any accounting adjustments related to the exiting of
the Company’s non-core Cataract IOL business. The Company believes
that these Non-GAAP financial measures provide additional insight
into the ongoing financial results of its business which investors
find useful to gauge the performance of its core ICL business.
Management has also excluded from the calculation of Adjusted
Net Income gains and losses on foreign currency transactions
because of the significant fluctuations that can result from period
to period as a result of market driven factors. Stock-based
compensation expenses consist of expenses for stock options and
restricted stock under the Financial Accounting Standards Board’s
Accounting Standards Codification (ASC) 718. Valuation allowance
adjustments can occur from time to time based on forecasted changes
in operating results until all net operating loss carryforwards are
fully utilized. In calculating Adjusted Net Income, STAAR excludes
stock-based compensation expenses and valuation allowance
adjustments (if any) because they are non-cash expenses and because
of the considerable judgment involved in calculating their values.
In addition, these expenses tend to be driven by fluctuations in
the price of our stock and not by the same factors that generally
affect our other business expenses.
The Company also uses Constant Currency as a Non-GAAP financial
measure to exclude the effects of currency fluctuations on net
sales. 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.
Because changes in currency are outside of the control of the
Company and its managers, management finds this Non-GAAP measure
useful in determining the long-term progress of its initiatives and
determining whether its managers are achieving their performance
goals. The Company believes that the Non-GAAP constant-currency
sales results measures provided in this press release are similarly
useful to investors to give insight on long term trends in the
Company's performance without the external effect of changes in
relative currency values. The table provided in this press release
shows sales results calculated in accordance with GAAP, the effect
of currency, and the resulting Non-GAAP measure expressed in
constant currency.
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 2,000,000 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 (including sales), plans,
strategies, and objectives of management for 2023 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 quarter and fiscal year 2023. Important factors
that could cause actual results to differ materially from those
indicated by such forward-looking statements include risks and
uncertainties related to the COVID-19 pandemic and related public
health measures, as well as the factors set forth in the Company’s
Annual Report on Form 10-K for the year ended December 30, 2022
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 the
COVID-19 pandemic on markets; the discretion of regulatory agencies
to approve or reject existing, new or improved products, or to
require additional actions before approval, or to take enforcement
action; international trade disputes; 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
June 30, 2023 December 30, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
94,695
$
86,480
Investments available for
sale
97,312
125,159
Accounts receivable trade,
net
94,442
62,447
Inventories, net
25,482
24,161
Prepayments, deposits, and other
current assets
16,072
13,476
Total current assets
328,003
311,723
Investments available for
sale
17,525
13,902
Property, plant, and equipment,
net
55,924
50,921
Finance lease right-of-use
assets, net
257
342
Operating lease right-of-use
assets, net
31,530
30,270
Intangible assets, net
-
173
Goodwill
1,786
1,786
Deferred income taxes
4,672
4,824
Other assets
954
957
Total assets
$
440,651
$
414,898
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
11,441
$
11,576
Obligations under finance
leases
162
169
Obligations under operating
leases
4,013
3,524
Allowance for sales returns
6,653
5,706
Other current liabilities
31,925
30,741
Total current liabilities
54,194
51,716
Obligations under finance
leases
125
210
Obligations under operating
leases
28,189
27,136
Deferred income taxes
1,295
1,489
Asset retirement obligations
101
220
Pension liability
3,050
1,935
Total liabilities
86,954
82,706
Stockholders' equity:
Common stock
485
482
Additional paid-in capital
419,594
404,189
Accumulated other comprehensive
income (loss)
(2,521
)
156
Accumulated deficit
(63,861
)
(72,635
)
Total stockholders' equity
353,697
332,192
Total liabilities and
stockholders' equity
$
440,651
$
414,898
Consolidated Statements of Income (In 000's except for
per share data) Unaudited Three Months
Ended Six Months Ended % of June 30, 2023
% of July 1, 2022 Fav (Unfav) % of
June 30, 2023 % of July 1, 2022 Fav
(Unfav) Sales Sales Amount %
Sales Sales Amount % Net sales
100.0
%
$
92,306
100.0
%
$
81,101
$
11,205
13.8
%
100.0
%
$
165,834
100.0
%
$
144,301
$
21,533
14.9
%
Cost of sales
23.4
%
21,580
21.2
%
17,229
(4,351
)
-25.3
%
22.6
%
37,546
21.6
%
31,165
(6,381
)
-20.5
%
Gross profit
76.6
%
70,726
78.8
%
63,872
6,854
10.7
%
77.4
%
128,288
78.4
%
113,136
15,152
13.4
%
Selling, general and administrative expenses: General and
administrative
19.6
%
18,097
17.2
%
13,983
(4,114
)
-29.4
%
21.8
%
36,195
18.0
%
25,923
(10,272
)
-39.6
%
Selling and marketing
35.0
%
32,277
29.9
%
24,233
(8,044
)
-33.2
%
35.4
%
58,631
28.8
%
41,503
(17,128
)
-41.3
%
Research and development
12.7
%
11,755
10.7
%
8,636
(3,119
)
-36.1
%
13.3
%
22,065
11.4
%
16,577
(5,488
)
-33.1
%
Total selling, general, and administrative expenses
67.3
%
62,129
57.8
%
46,852
(15,277
)
-32.6
%
70.5
%
116,891
58.2
%
84,003
(32,888
)
-39.2
%
Operating income
9.3
%
8,597
21.0
%
17,020
(8,423
)
-49.5
%
6.9
%
11,397
20.2
%
29,133
(17,736
)
-60.9
%
Other income (expense), net: Interest income, net
1.9
%
1,775
0.1
%
43
1,732
4027.9
%
2.2
%
3,597
0.0
%
37
3,560
9621.6
%
Loss on foreign currency transactions
-2.0
%
(1,890
)
-2.3
%
(1,860
)
(30
)
-1.6
%
-1.1
%
(1,856
)
-1.9
%
(2,775
)
919
33.1
%
Royalty income
0.0
%
0
0.2
%
177
(177
)
-100.0
%
0.0
%
0
0.3
%
450
(450
)
-100.0
%
Other income, net
0.0
%
10
0.1
%
89
(79
)
-88.8
%
0.0
%
73
0.1
%
151
(78
)
-51.7
%
Total other income (expense), net
-0.1
%
(105
)
-1.9
%
(1,551
)
1,446
93.2
%
1.1
%
1,814
-1.5
%
(2,137
)
3,951
184.9
%
Income before provision for income taxes
9.2
%
8,492
19.1
%
15,469
(6,977
)
-45.1
%
8.0
%
13,211
18.7
%
26,996
(13,785
)
-51.1
%
Provision for income taxes
2.6
%
2,428
3.0
%
2,431
3
0.1
%
2.7
%
4,437
3.0
%
4,356
(81
)
-1.9
%
Net income
6.6
%
$
6,064
16.1
%
$
13,038
$
(6,974
)
-53.5
%
5.3
%
$
8,774
15.7
%
$
22,640
$
(13,866
)
-61.2
%
Net income per share - basic
$
0.13
$
0.27
$
0.18
$
0.47
Net income per share - diluted
$
0.12
$
0.26
$
0.18
$
0.46
Weighted average shares outstanding - basic
48,418
47,889
48,333
47,822
Weighted average shares outstanding - diluted
49,516
49,223
49,524
49,264
Consolidated Statements of Cash Flows (in 000's)
Unaudited Three Months Ended Six Months Ended
June 30, 2023 July 1, 2022 June 30, 2023
July 1, 2022 Cash flows from operating activities:
Net income
$
6,064
$
13,038
$
8,774
$
22,640
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: Depreciation of property and equipment
1,285
1,030
2,398
2,024
Amortization of long-lived intangibles
164
7
171
15
Accretion/Amortization of investments available for sale
(841
)
-
(1,824
)
-
Deferred income taxes
18
-
75
-
Change in net pension liability
(614
)
11
(627
)
52
Stock-based compensation expense
8,423
5,754
14,488
9,648
Change in asset retirement obligation
(107
)
-
(107
)
-
Loss on disposal of property and equipment
24
-
24
-
Provision for sales returns and bad debts
1,381
994
1,004
800
Inventory provision
3,016
994
3,630
1,428
Changes in working capital: Accounts receivable
(31,234
)
(16,210
)
(32,344
)
(20,137
)
Inventories
(462
)
(342
)
(4,382
)
(1,825
)
Prepayments, deposits and other current assets
1,584
2,245
(2,665
)
(2,260
)
Accounts payable
1,721
575
(1,447
)
3,243
Other current liabilities
3,272
5,150
1,432
(6,992
)
Net cash provided by (used in) operating activities
(6,306
)
13,246
(11,400
)
8,636
Cash flows from investing activities: Acquisition of
property and equipment
(3,014
)
(5,271
)
(5,915
)
(7,810
)
Purchase of investments available for sale
(15,157
)
-
(42,602
)
-
Proceeds from sale or maturity of investments available for sale
28,343
-
68,622
-
Net cash provided by (used in) investing activities
10,172
(5,271
)
20,105
(7,810
)
Cash flows from financing activities: Repayment of finance
lease obligations
(40
)
(27
)
(82
)
(45
)
Repurchase of employee common stock for taxes withheld
(135
)
-
(1,984
)
-
Proceeds from vested restricted stock and exercise of stock options
1,477
2,234
2,007
3,146
Net cash provided by (used in) financing activities
1,302
2,207
(59
)
3,101
Effect of exchange rate changes on cash and cash equivalents
(441
)
(759
)
(431
)
(1,143
)
Increase in cash and cash equivalents
4,727
9,423
8,215
2,784
Cash and cash equivalents, at beginning of the period
89,968
193,067
86,480
199,706
Cash and cash equivalents, at end of the period
$
94,695
$
202,490
$
94,695
$
202,490
Reconciliation of Non-GAAP Financial Measure Financial
Metrics Excluding Other Product Cataract IOL Adjustments (in
000's) Unaudited Three Months Ended Six
Months Ended % of Sales June 30, 2023 % of
Sales July 1, 2022 Fav (Unfav) % of Sales
June 30, 2023 % of Sales July 1, 2022 Fav
(Unfav) Amount % Amount % Net
sales: Net sales, GAAP
100.0
%
$
92,306
100.0
%
$
81,101
$
11,205
13.8
%
100.0
%
$
165,834
100.0
%
$
144,301
$
21,533
14.9
%
Add: Cataract IOL sales return reserve
742
-
742
742
-
742
Adjusted Net sales, Non-GAAP
100.0
%
$
93,048
100.0
%
$
81,101
$
11,947
14.7
%
100.0
%
$
166,576
100.0
%
$
144,301
$
22,275
15.4
%
Cost of sales: Cost of sales, GAAP
23.4
%
$
21,580
21.2
%
$
17,229
$
(4,351
)
-25.3
%
22.6
%
$
37,546
21.6
%
$
31,165
$
(6,381
)
-20.5
%
Less: Cataract IOL inventory reserve
(2,800
)
-
2,800
(2,800
)
-
2,800
Adjusted Cost of sales, Non-GAAP
20.2
%
$
18,780
21.2
%
$
17,229
$
(1,551
)
-9.0
%
20.9
%
$
34,746
21.6
%
$
31,165
$
(3,581
)
-11.5
%
Gross profit and gross profit margin: Gross profit
and gross profit margin, GAAP
76.6
%
$
70,726
78.8
%
$
63,872
$
6,854
10.7
%
77.4
%
$
128,288
78.4
%
$
113,136
$
15,152
13.4
%
Add: Cataract IOL sales return reserve
742
-
742
742
-
742
Add: Cataract IOL inventory reserve
2,800
-
2,800
2,800
-
2,800
Adjusted Gross profit and gross profit margin, Non-GAAP
79.8
%
$
74,268
78.8
%
$
63,872
$
10,396
16.3
%
79.1
%
$
131,830
78.4
%
$
113,136
$
18,694
16.5
%
Operating expenses: Operating expenses, GAAP
67.3
%
$
62,129
57.8
%
$
46,852
$
(15,277
)
-32.6
%
70.5
%
$
116,891
58.2
%
$
84,003
$
(32,888
)
-39.2
%
Less: Cataract IOL intangible impairment
(154
)
-
154
(154
)
-
154
Adjusted Operating expenses, Non-GAAP
66.6
%
$
61,975
57.8
%
$
46,852
$
(15,123
)
-32.3
%
70.1
%
$
116,737
58.2
%
$
84,003
$
(32,734
)
-39.0
%
Provision for income taxes: Provision for income
taxes, GAAP
2.6
%
$
2,428
3.0
%
$
2,431
$
3
0.1
%
2.7
%
$
4,437
3.0
%
$
4,356
$
(81
)
-1.9
%
Add: Income tax benefit on Cataract IOL
405
-
(405
)
405
-
(405
)
Adjusted Provision for income taxes, Non-GAAP
3.0
%
$
2,833
3.0
%
$
2,431
$
(402
)
-16.5
%
2.9
%
$
4,842
3.0
%
$
4,356
$
(486
)
-11.2
%
Reconciliation of Non-GAAP Financial Measure Adjusted Net
Income and Net Income Per Share (in 000's)
Unaudited Three Months Ended Six Months Ended
June 30, 2023 July 1, 2022 June 30, 2023
July 1, 2022 Net income (as reported)
$
6,064
$
13,038
$
8,774
$
22,640
Less Cataract IOL sales return reserve
742
-
742
-
Cataract IOL inventory reserve
2,800
-
2,800
-
Cataract IOL intangible impairment
154
-
154
-
Income tax benefit on Cataract IOL
(405
)
-
(405
)
-
Adjusted net income for ICL
9,355
13,038
12,065
22,640
Less: Foreign currency impact
1,890
1,860
1,856
2,775
Stock-based compensation expense
8,423
5,754
14,488
9,648
Net income (adjusted)
$
19,668
$
20,652
$
28,409
$
35,063
Net income per share, basic (as reported)
$
0.13
$
0.27
$
0.18
$
0.47
Cataract IOL sales return reserve
0.02
-
0.02
-
Cataract IOL inventory reserve
0.06
-
0.06
-
Cataract IOL intangible impairment
-
-
-
-
Income tax benefit on Cataract IOL
(0.01
)
-
(0.01
)
-
Adjusted net income for ICL per share, basic
0.19
0.27
0.25
0.47
Foreign currency impact
0.04
0.04
0.04
0.06
Stock-based compensation expense
0.17
0.12
0.30
0.20
Net income per share, basic (adjusted)
$
0.41
$
0.43
$
0.59
$
0.73
Net income per share, diluted (as reported)
$
0.12
$
0.26
$
0.18
$
0.46
Cataract IOL sales return reserve
0.01
-
0.01
-
Cataract IOL inventory reserve
0.06
-
0.06
-
Cataract IOL intangible impairment
-
-
-
-
Income tax benefit on Cataract IOL
(0.01
)
-
(0.01
)
-
Adjusted net income for ICL per share, diluted
0.19
0.26
0.24
0.46
Foreign currency impact
0.04
0.04
0.04
0.06
Stock-based compensation expense
0.17
0.12
0.29
0.19
Net income per share, diluted (adjusted)
$
0.40
$
0.42
$
0.57
$
0.71
Weighted average shares outstanding - Basic
48,418
47,889
48,333
47,822
Weighted average shares outstanding - Diluted
49,516
49,223
49,524
49,264
Note: Net income per share (adjusted), basic and diluted,
may not add due to rounding
STAAR Surgical Company
Reconciliation of Non-GAAP Financial Measure Constant
Currency Sales (in 000's) Unaudited
Three Months Ended June 30, 2023 Effect of
Constant July 1, 2022 As Reported Constant
Currency Sales Currency Currency $
Change % Change $ Change % Change ICL
$
93,112
$
390
$
93,502
$
77,922
$
15,190
19.5
%
$
15,580
20.0
%
Cataract IOL
40
2
42
2,547
(2,507
)
-98.4
%
(2,505
)
-98.4
%
Other
(846
)
(15
)
(861
)
632
(1,478
)
-233.9
%
(1,493
)
-236.2
%
Other Products
(806
)
(13
)
(819
)
3,179
(3,985
)
-125.4
%
(3,998
)
-125.8
%
Total Sales
$
92,306
$
377
$
92,683
$
81,101
$
11,205
13.8
%
$
11,582
14.3
%
Six Months Ended June 30, 2023 Effect
of Constant July 1, 2022 As Reported
Constant Currency Sales Currency
Currency $ Change % Change $ Change
% Change ICL
$
163,737
$
2,116
$
165,853
$
136,597
$
27,140
19.9
%
$
29,256
21.4
%
Cataract IOL
1,516
159
1,675
5,449
(3,933
)
-72.2
%
(3,774
)
-69.3
%
Other
581
112
693
2,255
(1,674
)
-74.2
%
(1,562
)
-69.3
%
Other Products
2,097
271
2,368
7,704
(5,607
)
-72.8
%
(5,336
)
-69.3
%
Total Sales
$
165,834
$
2,387
$
168,221
$
144,301
$
21,533
14.9
%
$
23,920
16.6
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230802056490/en/
Investors and Media Brian Moore Vice President, Investor,
Media Relations and Corporate Development (626) 303-7902, Ext. 3023
bmoore@staar.com
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