STAAR Surgical Reports First Quarter 2025 Results
China ICL Procedure Trends Improving
Tariff Mitigation Activities Implemented
Cost Controls and Restructuring Initiated to Reduce SG&A Run Rate
Earnings Call and Webcast Today at 5:15 p.m. Eastern
First Quarter 2025 Financial Overview
-
Net sales of
down$42.6 million 45% Y/Y due to planned reduction of channel inventory inChina -
Net Sales Excluding China of
up$42.2 million 9% Y/Y reflecting growth in all key markets -
Gross margin at
65.8% vs.78.9% year ago due to intentional reduction inU.S. production volumes and readiness for manufacturing inSwitzerland -
Net loss of
or$(54.2) million per share vs.$(1.10) or$(3.3) million per share year ago$(0.07) -
Adjusted EBITDA1 loss of
or$(26.4) million per share vs. earnings of$(0.53) or$5.3 million per share year ago$0.11
“STAAR’s first quarter sales were in line with expectations, but we can and will do better,” said STAAR Surgical CEO, Stephen C. Farrell. “Our results do not reflect the earnings power of our business or the strength of our brand. We are making progress working through transitory challenges in our
Mr. Farrell continued, “In addition, we have made excellent progress on our cost controls and restructuring activities to better align our expenses with our sales. As a result, we are confident that we will resume growth in revenue and Adjusted EBITDA for the full second half of the year. STAAR has outstanding technology, a consistent history of market share gains, a large addressable market supported by the expanding incidence of myopia, a strong balance sheet, and a demonstrated ability to drive profitability and cash flow. We are rapidly turning the corner, and our long-term prospects are excellent.”
First Quarter 2025 Highlights
-
Distributor Inventory in
China – The Company’s distributors inChina have continued to consume channel inventory to support EVO ICL procedural demand and are on track to reduce excess distributor inventory to contracted levels by the end of the second quarter. The Company is actively working with its distributors to better forecast forward demand so that purchases by distributors more closely align with in-market procedure volume and to maintain adequate inventory to meet patient demand without creating excess inventory in the channel.
-
Tariff Mitigation – In order to mitigate the potential impact of tariffs on exports to
China , the Company negotiated and implemented consignment agreements with its two distributors inChina and delivered consigned inventory in advance of the implementation of tariffs. The Company believes it now has sufficient levels of product in country to meet most of its demand through the beginning of 2026, and it is taking steps to ramp up manufacturing capabilities at itsSwitzerland site to further mitigate potential long-term impacts ofChina tariffs.
-
Cost Controls – The Company is meaningfully cutting costs and is undertaking restructuring activities to reduce its SG&A run rate. For fiscal 2024, the Company recorded SG&A expenses of
, which were planned to grow in 2025 due to commitments to investments in human capital and facilities. The Company has identified spend reductions related to facilities, marketing, and staff that are expected to reduce the annualized SG&A run rate significantly below fiscal 2024 to approximately$252.2 million as the Company exits fiscal 2025. The majority of the restructuring activities are focused on$225 million U.S. operations. The Company is also assessing other areas of potential savings, but those incremental savings may be redeployed to fund strategic investments to drive future growth.
-
Regulatory Approvals – The Company received EVO/EVO+ ICL approval from the Taiwan FDA during the first quarter. In April, the Company received approval in
Brazil for the expansion of its EVO/EVO+ ICL labeling to include spherical power down to -0.5 diopters from -6.0 diopters previously. The Company is pursuing labeling changes in other key markets around the globe and believes that this approval further evidences the growing clinical support for EVO ICL at lower diopter levels. Finally, the Company continues to believe it will receive mid-year approval for its EVO+ (V5) lenses inChina .
"We are proud of the great team effort to rapidly ship additional inventory into
First Quarter 2025 Financial Results
Net sales were
Gross profit margin for the first quarter of 2025 was
Total SG&A expenses for the first quarter of 2025 were
In the first quarter of 2025, the Company also incurred
Cash, cash equivalents and investments available for sale at March 28, 2025, totaled
Mr. Foust concluded, “We believe there is a significant opportunity for STAAR to continue to drive adoption of our EVO ICLs. The global myopia epidemic is increasing, and patients are looking for safe and effective long-term vision correction solutions. Our proprietary Collamer® material provides a sustainable competitive advantage in refractive vision correction, and patients and surgeons are increasingly turning to EVO ICL as they look to get rid of their glasses and contact lenses. We also believe in the potential of Collamer for use in other therapeutic applications, especially within the eye.”
Outlook
The Company announced that it is withdrawing the financial outlook previously provided on February 11, 2025.
“Global economic uncertainty and evolving tariff policy make it more challenging to forecast. As a result, despite confidence in our recent efforts to mitigate tariff exposure and our optimism regarding both short-term and long-term business trends, we are withdrawing the Company’s previous financial outlook,” concluded Mr. Farrell.
Earnings Conference Call and Webcast
The Company will host an earnings conference call and webcast today, Wednesday, May 7 at 5:15 p.m. Eastern / 2:15 p.m. Pacific to discuss its financial results and operational progress. To access the webcast please use the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=VN5Skdjp
In addition to live questions, participants may submit questions by email to ir@staar.com
1 Adjusted EBITDA and Adjusted EBITDA per 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 and for restructuring, impairment and related charges. 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 believes that restructuring, impairment and related charges are not indicative of the underlying operating expense profile for the Company. These charges, which include costs related to severance, reduction in force and consulting expenses, impairment expenses on leasehold improvements and machinery and equipment, impairment on real property right-of use assets, and impairment of internally developed software, are anticipated to be completed within a finite period of time and can vary significantly in any specific period. The Company believes that excluding restructuring, impairment and related charges from Adjusted EBITDA allows investors to more consistently analyze period-to-period financial performance of its core business operations and better assess the Company’s current and future continuing operations.
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 (loss) and net income (loss) per diluted share, the most directly comparable GAAP financial measure, as well as supplemental financial information with net sales expressed in constant currency.
About STAAR Surgical
STAAR Surgical (NASDAQ: STAA) is the global leader in implantable phakic intraocular lenses, a vision correction solution that reduces or eliminates the need for glasses or contact lenses. Since 1982, STAAR has been dedicated solely to ophthalmic surgery, and for 30 years, STAAR has been designing, developing, manufacturing, and marketing advanced Implantable Collamer® Lenses (ICLs), using its proprietary biocompatible Collamer material. STAAR ICL’s are clinically-proven to deliver safe long-term vision correction without removing corneal tissue or the eye’s natural crystalline lens. Its EVO ICL™ product line provides visual freedom through a quick, minimally invasive procedure. STAAR has sold more than 3 million ICLs in over 75 countries. Headquartered in
We intend to use our website as a means of disclosing material non-public information about the Company and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the ‘Investor Relations’ sections at investors.staar.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the Email Alerts section at investors.staar.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that are not statements of historical fact are forward-looking statements, including statements about any of the following: financial projections and forecasts; plans, strategies, and objectives of management for 2025 and beyond or prospects for achieving such plans; expectations for sales, revenue, margin, earnings, expenses, and cost controls; estimates regarding procedural demand, inventory levels, and tariff impacts; expectations regarding regulatory approvals, uses of Collamer, manufacturing and production; use of cash and cash flows; and any statements of assumptions underlying any of the foregoing, including those relating to expected or future financial performance or results. These forward-looking statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to: our ability to continue our growth and profitability trajectory; our reliance on independent distributors in international markets; a slowdown or disruption to the Chinese economy; global economic conditions; disruptions in our supply chain; fluctuations in foreign currency exchange rates; international trade disputes (including involving tariffs) and substantial dependence on demand from
We intend to use our website as a means of disclosing material non-public information about the Company and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the ‘Investor Relations’ sections at investors.staar.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the Email Alerts section at investors.staar.com.
Consolidated Balance Sheets | ||||||||
(in 000's) | ||||||||
Unaudited | ||||||||
ASSETS | March 28, 2025 | December 27, 2024 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ |
173,114 |
|
$ |
144,159 |
|
||
Investments available for sale |
|
49,647 |
|
|
86,335 |
|
||
Accounts receivable trade, net |
|
39,949 |
|
|
77,897 |
|
||
Inventories, net |
|
48,143 |
|
|
43,305 |
|
||
Prepayments, deposits, and other current assets |
|
15,645 |
|
|
16,244 |
|
||
Total current assets |
|
326,498 |
|
|
367,940 |
|
||
Property, plant, and equipment, net |
|
74,957 |
|
|
84,889 |
|
||
Finance lease right-of-use assets, net |
|
- |
|
|
37 |
|
||
Operating lease right-of-use assets, net |
|
31,047 |
|
|
36,850 |
|
||
Goodwill |
|
1,786 |
|
|
1,786 |
|
||
Deferred income taxes |
|
4,002 |
|
|
788 |
|
||
Other assets |
|
19,074 |
|
|
17,234 |
|
||
Total assets | $ |
457,364 |
|
$ |
509,524 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ |
11,465 |
|
$ |
16,704 |
|
||
Obligations under finance leases |
|
- |
|
|
42 |
|
||
Obligations under operating leases |
|
3,560 |
|
|
3,894 |
|
||
Allowance for sales returns |
|
5,644 |
|
|
6,579 |
|
||
Other current liabilities |
|
47,687 |
|
|
43,087 |
|
||
Total current liabilities |
|
68,356 |
|
|
70,306 |
|
||
Obligations under operating leases |
|
33,118 |
|
|
34,807 |
|
||
Deferred income taxes |
|
- |
|
|
297 |
|
||
Asset retirement obligations |
|
43 |
|
|
42 |
|
||
Pension liability |
|
5,875 |
|
|
6,737 |
|
||
Total liabilities |
|
107,392 |
|
|
112,189 |
|
||
Stockholders' equity: | ||||||||
Common stock |
|
495 |
|
|
493 |
|
||
Additional paid-in capital |
|
476,868 |
|
|
471,449 |
|
||
Accumulated other comprehensive loss |
|
(5,604 |
) |
|
(7,031 |
) |
||
Accumulated deficit |
|
(121,787 |
) |
|
(67,576 |
) |
||
Total stockholders' equity |
|
349,972 |
|
|
397,335 |
|
||
Total liabilities and stockholders' equity | $ |
457,364 |
|
$ |
509,524 |
|
Consolidated Statements of Operations | |||||||||||||||||||||
(in 000's except for per share data) | |||||||||||||||||||||
Unaudited | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
% of Sales | March 28, 2025 | % of Sales | March 29, 2024 | Fav (Unfav) Amount | % | ||||||||||||||||
Net sales | 100.0 |
% |
$ |
42,589 |
|
100.0 |
% |
$ |
77,356 |
|
$ |
(34,767 |
) |
(44.9 |
)% |
||||||
Cost of sales | 34.2 |
% |
|
14,584 |
|
21.1 |
% |
|
16,321 |
|
|
1,737 |
|
10.6 |
% |
||||||
Gross profit | 65.8 |
% |
|
28,005 |
|
78.9 |
% |
|
61,035 |
|
|
(33,030 |
) |
(54.1 |
)% |
||||||
Selling, general and administrative expenses: | |||||||||||||||||||||
General and administrative | 57.4 |
% |
|
24,458 |
|
30.0 |
% |
|
23,228 |
|
|
(1,230 |
) |
(5.3 |
)% |
||||||
Selling and marketing | 57.8 |
% |
|
24,621 |
|
34.5 |
% |
|
26,708 |
|
|
2,087 |
|
7.8 |
% |
||||||
Research and development | 32.1 |
% |
|
13,663 |
|
17.3 |
% |
|
13,380 |
|
|
(283 |
) |
(2.1 |
)% |
||||||
Total selling, general, and administrative expenses | 147.3 |
% |
|
62,742 |
|
81.8 |
% |
|
63,316 |
|
|
574 |
|
0.9 |
% |
||||||
Restructuring, impairment and related charges | 53.2 |
% |
|
22,664 |
|
0.0 |
% |
|
- |
|
|
(22,664 |
) |
0.0 |
% |
||||||
Total operating expenses | 200.5 |
% |
|
85,406 |
|
81.8 |
% |
|
63,316 |
|
|
(22,090 |
) |
(34.9 |
)% |
||||||
Operating loss | (134.7 |
)% |
|
(57,401 |
) |
(2.9 |
)% |
|
(2,281 |
) |
|
(55,120 |
) |
(2416.5 |
)% |
||||||
Other income (expense): | |||||||||||||||||||||
Interest income, net | 3.2 |
% |
|
1,366 |
|
2.0 |
% |
|
1,529 |
|
|
(163 |
) |
(10.7 |
)% |
||||||
Gain (loss) on foreign currency transactions | 3.3 |
% |
|
1,418 |
|
(3.0 |
)% |
|
(2,297 |
) |
|
3,715 |
|
161.7 |
% |
||||||
Royalty income | 0.0 |
% |
|
- |
|
0.7 |
% |
|
508 |
|
|
(508 |
) |
(100.0 |
)% |
||||||
Other income, net | 0.3 |
% |
|
131 |
|
0.4 |
% |
|
330 |
|
|
(199 |
) |
(60.3 |
)% |
||||||
Total other income, net | 6.8 |
% |
|
2,915 |
|
0.1 |
% |
|
70 |
|
|
2,845 |
|
4064.3 |
% |
||||||
Loss before provision for income taxes | (127.9 |
)% |
|
(54,486 |
) |
(2.8 |
)% |
|
(2,211 |
) |
|
(52,275 |
) |
(2364.3 |
)% |
||||||
Provision (benefit) for income taxes | (0.6 |
)% |
|
(275 |
) |
1.5 |
% |
|
1,128 |
|
|
1,403 |
|
124.4 |
% |
||||||
Net loss | (127.3 |
)% |
|
(54,211 |
) |
(4.3 |
)% |
|
(3,339 |
) |
|
(50,872 |
) |
(1523.6 |
)% |
||||||
Net loss per share - basic |
|
(1.10 |
) |
|
(0.07 |
) |
|||||||||||||||
Net loss per share - diluted |
|
(1.10 |
) |
|
(0.07 |
) |
|||||||||||||||
Weighted average shares outstanding - basic |
|
49,344 |
|
|
48,907 |
|
|||||||||||||||
Weighted average shares outstanding - diluted |
|
49,344 |
|
|
48,907 |
|
Consolidated Statements of Cash Flows | ||||||||
(in 000's) | ||||||||
Unaudited | ||||||||
Quarter Ended | ||||||||
March 28, 2025 | March 29, 2024 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ |
(54,211 |
) |
$ |
(3,339 |
) |
||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation of property and equipment |
|
2,337 |
|
|
1,237 |
|
||
Impairment of fixed assets and operating leases |
|
13,216 |
|
|
- |
|
||
Accretion/Amortization of investments available for sale |
|
(129 |
) |
|
(120 |
) |
||
Deferred income taxes |
|
(1,029 |
) |
|
61 |
|
||
Change in net pension liability |
|
(2,457 |
) |
|
(93 |
) |
||
Stock-based compensation expense |
|
6,015 |
|
|
6,339 |
|
||
Provision for sales returns and bad debts |
|
(910 |
) |
|
128 |
|
||
Inventory provision |
|
2,031 |
|
|
646 |
|
||
Changes in working capital: | ||||||||
Accounts receivable |
|
38,170 |
|
|
29,837 |
|
||
Inventories |
|
(6,304 |
) |
|
(4,002 |
) |
||
Prepayments, deposits and other assets |
|
(1,809 |
) |
|
(5,485 |
) |
||
Accounts payable |
|
(5,961 |
) |
|
1,519 |
|
||
Other current liabilities |
|
5,307 |
|
|
(5,048 |
) |
||
Net cash provided by (used in) operating activities |
|
(5,734 |
) |
|
21,680 |
|
||
Cash flows from investing activities: | ||||||||
Acquisition of property and equipment |
|
(1,468 |
) |
|
(5,202 |
) |
||
Purchase of investments available for sale |
|
(14,691 |
) |
|
- |
|
||
Proceeds from sale or maturity of investments available for sale |
|
51,510 |
|
|
21,389 |
|
||
Net provided by investing activities |
|
35,351 |
|
|
16,187 |
|
||
Cash flows from financing activities: | ||||||||
Repayment of finance lease obligations |
|
(42 |
) |
|
(40 |
) |
||
Repurchase of employee common stock for taxes withheld |
|
(1,283 |
) |
|
(1,229 |
) |
||
Proceeds from vested restricted stock and exercise of stock options |
|
377 |
|
|
5,325 |
|
||
Net cash provided by (used in) financing activities |
|
(948 |
) |
|
4,056 |
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
286 |
|
|
(937 |
) |
||
Increase in cash and cash equivalents |
|
28,955 |
|
|
40,986 |
|
||
Cash and cash equivalents, at beginning of the period |
|
144,159 |
|
|
183,038 |
|
||
Cash and cash equivalents, at end of the period | $ |
173,114 |
|
$ |
224,024 |
|
Reconciliation of Non-GAAP Financial Measure | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Income to Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||
(in 000's except for per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||||||||||
|
2022 |
|
Q1-23 | Q2-23 | Q3-23 | Q4-23 |
|
2023 |
|
Q1-24 | Q2-24 | Q3-24 | Q4-24 |
|
2024 |
|
Q1-25 | |||||||||||||||||||||||||||||||
Net income (loss) - (as reported) | $ |
39,665 |
|
$ |
2,710 |
|
$ |
6,064 |
|
$ |
4,817 |
|
$ |
7,756 |
|
$ |
21,347 |
|
$ |
(3,339 |
) |
$ |
7,379 |
|
$ |
9,980 |
|
$ |
(34,228 |
) |
$ |
(20,208 |
) |
$ |
(54,211 |
) |
||||||||||||
Provision (benefit) for income taxes |
|
5,887 |
|
|
2,009 |
|
|
2,428 |
|
|
1,929 |
|
|
5,983 |
|
|
12,349 |
|
|
1,128 |
|
|
2,955 |
|
|
3,179 |
|
|
3,894 |
|
|
11,156 |
|
|
(275 |
) |
||||||||||||
Other (income) expense, net |
|
(1,750 |
) |
|
(1,919 |
) |
|
105 |
|
|
(451 |
) |
|
(3,334 |
) |
|
(5,599 |
) |
|
(70 |
) |
|
1,564 |
|
|
(7,477 |
) |
|
2,424 |
|
|
(3,559 |
) |
|
(2,915 |
) |
||||||||||||
Depreciation |
|
4,481 |
|
|
1,113 |
|
|
1,285 |
|
|
1,345 |
|
|
1,368 |
|
|
5,111 |
|
|
1,237 |
|
|
1,522 |
|
|
1,757 |
|
|
2,375 |
|
|
6,891 |
|
|
2,337 |
|
||||||||||||
(Gain) loss on disposal of property plant and equipment(2) |
|
65 |
|
|
- |
|
|
24 |
|
|
17 |
|
|
32 |
|
|
73 |
|
|
- |
|
|
26 |
|
|
1,642 |
|
|
26 |
|
|
1,694 |
|
|
- |
|
||||||||||||
Restructuring, impairment and related charges(3) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
22,664 |
|
||||||||||||
Amortization of intangible assets |
|
28 |
|
|
7 |
|
|
10 |
|
|
(2 |
) |
|
(2 |
) |
|
13 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||||||||
Stock-based compensation |
|
20,371 |
|
|
6,065 |
|
|
8,423 |
|
|
8,846 |
|
|
182 |
|
|
23,516 |
|
|
6,339 |
|
|
9,042 |
|
|
7,160 |
|
|
4,669 |
|
|
27,210 |
|
|
6,015 |
|
||||||||||||
Adjusted EBITDA | $ |
68,747 |
|
$ |
9,985 |
|
$ |
18,339 |
|
$ |
16,501 |
|
$ |
11,985 |
|
$ |
56,810 |
|
$ |
5,295 |
|
$ |
22,488 |
|
$ |
16,241 |
|
$ |
(20,840 |
) |
$ |
23,184 |
|
$ |
(26,385 |
) |
||||||||||||
Adjusted EBITDA as a % of Revenue |
|
24.2 |
% |
|
13.6 |
% |
|
19.9 |
% |
|
20.6 |
% |
|
15.7 |
% |
|
17.6 |
% |
|
6.8 |
% |
|
22.7 |
% |
|
18.3 |
% |
|
(42.6 |
)% |
|
7.4 |
% |
|
(62.0 |
)% |
||||||||||||
Net income (loss) per share, diluted - (as reported) | $ |
0.80 |
|
$ |
0.05 |
|
$ |
0.12 |
|
$ |
0.10 |
|
$ |
0.16 |
|
$ |
0.43 |
|
$ |
(0.07 |
) |
$ |
0.15 |
|
$ |
0.20 |
|
$ |
(0.69 |
) |
$ |
(0.41 |
) |
$ |
(1.10 |
) |
||||||||||||
Provision (benefit) for income taxes |
|
0.12 |
|
|
0.04 |
|
|
0.05 |
|
|
0.04 |
|
|
0.12 |
|
|
0.25 |
|
|
0.02 |
|
|
0.06 |
|
|
0.06 |
|
|
0.08 |
|
|
0.22 |
|
|
(0.01 |
) |
||||||||||||
Other (income) expense, net |
|
(0.04 |
) |
|
(0.04 |
) |
|
- |
|
|
(0.01 |
) |
|
(0.07 |
) |
|
(0.11 |
) |
|
- |
|
|
0.03 |
|
|
(0.15 |
) |
|
0.05 |
|
|
(0.07 |
) |
|
(0.06 |
) |
||||||||||||
Depreciation |
|
0.09 |
|
|
0.02 |
|
|
0.03 |
|
|
0.03 |
|
|
0.03 |
|
|
0.10 |
|
|
0.03 |
|
|
0.03 |
|
|
0.04 |
|
|
0.05 |
|
|
0.14 |
|
|
0.05 |
|
||||||||||||
(Gain) loss on disposal of property plant and equipment |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.03 |
|
|
- |
|
|
0.03 |
|
|
- |
|
||||||||||||
Restructuring, impairment and related charges |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
0.46 |
|
||||||||||||
Amortization of intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||||||||||
Stock-based compensation |
|
0.41 |
|
|
0.12 |
|
|
0.17 |
|
|
0.18 |
|
|
- |
|
|
0.48 |
|
|
0.13 |
|
|
0.18 |
|
|
0.14 |
|
|
0.09 |
|
|
0.55 |
|
|
0.12 |
|
||||||||||||
Adjusted EBITDA per share, diluted(1) | $ |
1.39 |
|
$ |
0.20 |
|
$ |
0.37 |
|
$ |
0.33 |
|
$ |
0.24 |
|
$ |
1.15 |
|
$ |
0.11 |
|
$ |
0.45 |
|
$ |
0.33 |
|
$ |
(0.42 |
) |
$ |
0.47 |
|
$ |
(0.53 |
) |
||||||||||||
Weighted average shares outstanding - Diluted |
|
49,380 |
|
|
49,500 |
|
|
49,516 |
|
|
49,370 |
|
|
49,242 |
|
|
49,427 |
|
|
48,907 |
|
|
49,811 |
|
|
49,731 |
|
|
49,266 |
|
|
49,597 |
|
|
49,344 |
|
||||||||||||
(1) Adjusted EBITDA per diluted share may not add due to rounding | ||||||||||||||||||||||||||||||||||||||||||||||||
(2) The Q3-2024 non cash write-off of |
||||||||||||||||||||||||||||||||||||||||||||||||
(3) This was related to severance, consulting expenses and impairment on operating leases, machinery and equipment, leasehold improvements and internally developed software |
Sales by Geography | ||||||||||||||||||||||||
(in 000's) | ||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||
Fiscal Year | Three Months Ended | |||||||||||||||||||||||
Sales by Region |
|
2022 |
|
2023 |
|
2024 |
March 29, 2024 | June 28, 2024 | September 27, 2024 | December 27, 2024 | March 28, 2025 | |||||||||||||
$ |
19,798 |
$ |
22,315 |
$ |
25,229 |
$ |
6,157 |
$ |
6,656 |
$ |
6,029 |
$ |
6,387 |
$ |
6,739 |
|||||||||
EMEA(2) |
|
40,733 |
|
39,488 |
|
44,073 |
|
11,202 |
|
10,235 |
|
9,760 |
|
12,876 |
|
12,331 |
||||||||
APAC(3) |
|
223,860 |
|
260,612 |
|
244,599 |
|
59,997 |
|
82,114 |
|
72,801 |
|
29,687 |
|
23,519 |
||||||||
Global Sales | $ |
284,391 |
$ |
322,415 |
$ |
313,901 |
$ |
77,356 |
$ |
99,005 |
$ |
88,590 |
$ |
48,950 |
$ |
42,589 |
||||||||
Global Sales Growth |
|
|
|
|
|
(3)% |
|
|
|
|
|
|
|
(36)% |
|
(45)% |
||||||||
Americas Sales Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
EMEA Sales Growth |
|
(2)% |
|
(3)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
APAC Sales Growth |
|
|
|
|
|
(6)% |
|
|
|
|
|
|
|
(50)% |
|
(61)% |
||||||||
Global ICL Unit Growth |
|
|
|
|
|
(6)% |
|
|
|
|
|
|
|
(39)% |
|
(48)% |
||||||||
Fiscal Year | Three Months Ended | |||||||||||||||||||||||
Sales by Country(4) |
|
2022 |
|
2023 |
|
2024 |
March 29, 2024 | June 28, 2024 | September 27, 2024 | December 27, 2024 | March 28, 2025 | |||||||||||||
$ |
148,167 |
$ |
185,554 |
$ |
161,321 |
$ |
38,549 |
$ |
63,395 |
$ |
51,830 |
$ |
7,547 |
$ |
389 |
|||||||||
Growth |
|
|
|
|
|
(13)% |
|
|
|
|
|
|
|
(82)% |
|
(99)% |
||||||||
$ |
43,093 |
$ |
38,472 |
$ |
41,836 |
$ |
10,456 |
$ |
9,885 |
$ |
10,534 |
$ |
10,961 |
$ |
11,391 |
|||||||||
Growth |
|
|
|
(11)% |
|
|
|
(4)% |
|
|
|
|
|
|
|
|
||||||||
$ |
17,948 |
$ |
19,861 |
$ |
21,853 |
$ |
6,727 |
$ |
3,976 |
$ |
5,435 |
$ |
5,715 |
$ |
7,334 |
|||||||||
Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
$ |
14,679 |
$ |
17,221 |
$ |
19,896 |
$ |
4,935 |
$ |
5,399 |
$ |
4,681 |
$ |
4,881 |
$ |
5,459 |
|||||||||
Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Global Sales Ex China | $ |
136,224 |
$ |
136,861 |
$ |
152,580 |
$ |
38,807 |
$ |
35,610 |
$ |
36,760 |
$ |
41,403 |
$ |
42,200 |
||||||||
Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Notes: | ||||||||||||||||||||||||
(1) |
||||||||||||||||||||||||
(2) EMEA includes |
||||||||||||||||||||||||
(3) APAC includes |
||||||||||||||||||||||||
(4) Sales by country includes countries representing more than |
Reconciliation of Non-GAAP Financial Measure | |||||||||||||||||||||||||||
Constant Currency Sales | |||||||||||||||||||||||||||
(in 000's) | |||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||
Quarter Ended | As Reported | Constant Currency | |||||||||||||||||||||||||
Sales | March 28, 2025 | Effect of Currency | Constant Currency | March 29, 2024 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
ICL | $ |
41,498 |
$ |
592 |
|
$ |
42,090 |
$ |
77,151 |
$ |
(35,653 |
) |
(46.2 |
)% |
$ |
(35,061 |
) |
(45.4 |
)% |
||||||||
Other |
|
1,091 |
|
(86 |
) |
|
1,005 |
|
205 |
|
886 |
|
432.2 |
% |
|
800 |
|
390.2 |
% |
||||||||
Total Sales | $ |
42,589 |
$ |
506 |
|
$ |
43,095 |
$ |
77,356 |
$ |
(34,767 |
) |
(44.9 |
)% |
$ |
(34,261 |
) |
(44.3 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250507209157/en/
Investors & Media
Brian Moore
Vice President, Investor Relations and Corporate Development
(626) 303-7902, Ext. 3023
bmoore@staar.com
Investors -
Niko Liu, CFA
Director, Investor Relations and Corporate Development -
+852-6092-5076
nliu@staar.com
Source: STAAR Surgical Company