STAAR Surgical Reports Fourth Quarter and Fiscal Year 2023 Results

STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of the EVO family of Implantable Collamer Lenses (EVO ICL) for myopia, astigmatism and presbyopia, today reported financial results for the fourth quarter and fiscal year ended December 29, 2023.

Fourth Quarter 2023 Overview

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

Fiscal Year 2023 Overview

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

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

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

Fourth Quarter 2023 Financial Results

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

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

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

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

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

Fiscal Year 2023 Financial Results

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

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

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

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

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

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

Outlook

The Company expects the following for fiscal year 2024:

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

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

Conference Call

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

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

1		Global STAAR ICL unit growth exceeded refractive industry growth by an estimated 38 points (2021); 28 points (2022) and 26 points (2023). The Company estimates global refractive industry procedures increased 10% (2021); increased 5% (2022); and decreased 7% (2023) Y/Y based on Market Scope and Company data available as of January 2, 2024.
2		Adjusted EBITDA and Adjusted EBITDA per diluted share are non-GAAP financial measures. For further information on non-GAAP financial measures, please refer to the “Use of Non-GAAP Financial Measures” section of this press release. Please also refer to the tables at the end of this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure.

Use of Non-GAAP Financial Measures

To supplement the Company’s financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables include certain non-GAAP financial measures, including Adjusted EBITDA. Management uses these non-GAAP financial measures in its evaluation of Company operating performance and believes investors will find them useful in evaluating the Company’s operating performance, including cash flow generation, and in analyzing period-to-period financial performance of core business operations and underlying business trends. Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

EBITDA is a non-GAAP financial measure, which is calculated by adding interest income and expense, net; provision for income taxes; and depreciation and amortization to net income. In calculating Adjusted EBITDA and Adjusted EBITDA per diluted share, the Company further adjusts for stock-based compensation expense. As stock-based compensation is a non-cash expense that can vary significantly based on the timing, size and nature of awards granted, the Company believes that the exclusion of stock-based compensation expense can assist investors in comparisons of Company operating results with other peer companies because (i) the amount of such expense in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including inducement grants in connection with hiring. Additionally, the Company believes that excluding stock-based compensation from Adjusted EBITDA and Adjusted EBITDA per diluted share assists management and investors in making meaningful comparisons between the Company’s operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future.

The Company also presents certain financial information on a constant currency basis, which is intended to exclude the effects of foreign currency fluctuations. The Company conducts a significant part of its activities outside the U.S. It receives sales revenue and pays expenses principally in U.S. dollars, Swiss francs, Japanese yen and euros. The exchange rates between dollars and non-U.S. currencies can fluctuate greatly and can have a significant effect on the Company’s results when reported in U.S. dollars. In order to compare the Company's performance from period to period without the effect of currency, the Company will apply the same average exchange rate applicable in the prior period, or the “constant currency” rate to sales or expenses in the current period as well.

In the tables provided below, the Company has included a reconciliation of Adjusted EBITDA and Adjusted EBITDA per diluted share to net income and net income per diluted share, the most directly comparable GAAP financial measure, as well as supplemental financial information with net sales expressed in constant currency. The Company has also provided a reconciliation of forward-looking Adjusted EBITDA and Adjusted EBITDA per diluted share to net income and net income per diluted share. This represents forward-looking information, and actual results may vary. Please see the risks and assumptions referred to in the Safe Harbor section of this press release.

About STAAR Surgical

STAAR, which has been dedicated solely to ophthalmic surgery for over 40 years, designs, develops, manufactures and markets implantable lenses for the eye. These lenses are intended to provide visual freedom for patients, lessening or eliminating the reliance on glasses or contact lenses. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAAR’s lens used in refractive surgery is called an Implantable Collamer Lens or “ICL,” which includes the EVO ICL product line. More than 2,500,000 ICLs have been sold to date and STAAR markets these lenses in over 75 countries. To learn more about the ICL go to: EVOICL.com. Headquartered in Lake Forest, CA, the company operates manufacturing and packaging facilities in Aliso Viejo, CA, Monrovia, CA and Nidau, Switzerland. For more information, please visit the Company’s website at www.staar.com.

Safe Harbor

All statements that are not statements of historical fact are forward-looking statements, including statements about any of the following: any financial projections, anticipated financial results, estimates and outlook (including as to net sales, Adjusted EBITDA, and Adjusted EBITDA per diluted share), plans, strategies, and objectives of management for 2024 and beyond or prospects for achieving such plans, expectations for sales, revenue, margin, expenses or earnings, and any statements of assumptions underlying any of the foregoing, including those relating to financial performance in the upcoming quarter, fiscal year 2024 and beyond. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties related to global economic conditions, as well as the factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 29, 2023 under the caption “Risk Factors,” which is on file with the Securities and Exchange Commission and available in the “Investor Information” section of the company’s website under the heading “SEC Filings.” We disclaim any intention or obligation to update or revise any financial projections or forward-looking statement due to new information or events. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include the following: global economic conditions; the impact of COVID-19; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before or after approval, or to take enforcement action; international conflicts, trade disputes and substantial dependence on demand from Asia; and the willingness of surgeons and patients to adopt a new or improved product and procedure.

We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the ‘Investor Relations’ sections. Accordingly, investors should monitor such portions of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts.

Consolidated Balance Sheets
(in 000's)
Unaudited
ASSETS		December 29, 2023				December 30, 2022
Current assets:
Cash and cash equivalents		$	183,038			$	86,480
Investments available for sale			37,688				125,159
Accounts receivable trade, net			94,704				62,447
Inventories, net			35,130				24,161
Prepayments, deposits, and other current assets			14,709				13,476
Total current assets			365,269				311,723
Investments available for sale			11,703				13,902
Property, plant, and equipment, net			66,835				50,921
Finance lease right-of-use assets, net			183				342
Operating lease right-of-use assets, net			34,387				30,270
Intangible assets, net			-				173
Goodwill			1,786				1,786
Deferred income taxes			5,190				8,744
Other assets			3,339				957
Total assets		$	488,692			$	418,818
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	13,557			$	11,576
Obligations under finance leases			165				169
Obligations under operating leases			4,202				3,524
Allowance for sales returns			6,174				5,706
Other current liabilities			40,938				30,741
Total current liabilities			65,036				51,716
Obligations under finance leases			42				210
Obligations under operating leases			31,425				27,136
Deferred income taxes			1,077				1,489
Asset retirement obligations			103				220
Pension liability			5,055				1,935
Total liabilities			102,738				82,706
Stockholders' equity:
Common stock			488				482
Additional paid-in capital			436,947				404,189
Accumulated other comprehensive income (loss)			(4,113	)			156
Accumulated deficit			(47,368	)			(68,715	)
Total stockholders' equity			385,954				336,112
Total liabilities and stockholders' equity		$	488,692			$	418,818

Consolidated Statements of Income
(in 000's except for per share data)
Unaudited
		Three Months Ended																				Twelve Months Ended
															Fav (Unfav)																					Fav (Unfav)
		% of Sales			December 29, 2023			% of Sales			December 30, 2022				Amount				%			% of Sales			December 29, 2023				% of Sales			December 30, 2022				Amount				%
Net sales		100.0	%		$	76,273		100.0	%		$	64,044			$	12,229			19.1	%		100.0	%		$	322,415			100.0	%		$	284,391			$	38,024			13.4	%
Cost of sales		20.4	%			15,548		22.3	%			14,259				(1,289	)		-9.0	%		21.6	%			69,764			21.5	%			61,008				(8,756	)		-14.4	%
Gross profit		79.6	%			60,725		77.7	%			49,785				10,940			22.0	%		78.4	%			252,651			78.5	%			223,383				29,268			13.1	%
Selling, general and administrative expenses:
General and administrative		22.1	%			16,858		23.1	%			14,808				(2,050	)		-13.8	%		22.4	%			72,319			19.2	%			54,742				(17,577	)		-32.1	%
Selling and marketing		29.6	%			22,596		37.8	%			24,223				1,627			6.7	%		33.4	%			107,834			31.2	%			88,856				(18,978	)		-21.4	%
Research and development		14.2	%			10,866		15.3	%			9,790				(1,076	)		-11.0	%		13.8	%			44,401			12.7	%			35,983				(8,418	)		-23.4	%
Total selling, general, and administrative expenses		65.9	%			50,320		76.2	%			48,821				(1,499	)		-3.1	%		69.6	%			224,554			63.1	%			179,581				(44,973	)		-25.0	%
Operating income		13.7	%			10,405		1.5	%			964				9,441			979.4	%		8.8	%			28,097			15.4	%			43,802				(15,705	)		-35.9	%
Other income (expense), net:
Interest income, net		2.2	%			1,699		2.4	%			1,514				185			12.2	%		2.2	%			6,986			0.8	%			2,448				4,538			185.4	%
Gain (loss) on foreign currency transactions		1.7	%			1,331		5.0	%			3,197				(1,866	)		-58.4	%		-0.6	%			(1,909	)		-0.6	%			(1,707	)			(202	)		-11.8	%
Royalty income		0.0	%			0		0.4	%			277				(277	)		-100.0	%		0.0	%			74			0.3	%			804				(730	)		-90.8	%
Other income, net		0.4	%			304		0.0	%			27				277			1025.9	%		0.1	%			448			0.1	%			205				243			118.5	%
Total other income, net		4.3	%			3,334		7.8	%			5,015				(1,681	)		-33.5	%		1.7	%			5,599			0.6	%			1,750				3,849			219.9	%
Income before provision for income taxes		18.0	%			13,739		9.3	%			5,979				7,760			129.8	%		10.5	%			33,696			16.0	%			45,552				(11,856	)		-26.0	%
Provision (benefit) for income taxes		7.8	%			5,983		-1.2	%			(784	)			(6,767	)		-863.1	%		3.8	%			12,349			2.1	%			5,887				(6,462	)		-109.8	%
Net income		10.2	%		$	7,756		10.5	%		$	6,763			$	993			14.7	%		6.7	%		$	21,347			13.9	%		$	39,665			$	(18,318	)		-46.2	%
Net income per share - basic					$	0.16					$	0.14													$	0.44						$	0.83
Net income per share - diluted					$	0.16					$	0.14													$	0.43						$	0.80
Weighted average shares outstanding - basic						48,815						48,203														48,523							47,987
Weighted average shares outstanding - diluted						49,242						49,389														49,427							49,380

Consolidated Statements of Cash Flows
(in 000's)
Unaudited
		Three Months Ended								Twelve Months Ended
		December 29, 2023				December 30, 2022				December 29, 2023				December 30, 2022
Cash flows from operating activities:
Net income		$	7,756			$	6,763			$	21,347			$	39,665
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation of property and equipment			1,368				1,380				5,111				4,481
Amortization of long-lived intangibles			(2	)			6				13				28
Impairment of long-lived intangibles			-				-				154				-
Accretion/Amortization of investments available for sale			(329	)			(891	)			(2,501	)			(1,198	)
Deferred income taxes			3,199				(2,277	)			3,264				(2,254	)
Change in net pension liability			(190	)			13				(956	)			53
Stock-based compensation expense			182				4,996				23,516				20,371
Change in asset retirement obligation			2				47				(102	)			47
Loss on disposal of property and equipment			32				65				73				65
Provision for sales returns and credit losses			(1,262	)			552				663				913
Inventory provision			761				403				4,851				2,423
Changes in working capital:
Accounts receivable			17,676				(6,493	)			(32,760	)			(19,601	)
Inventories			(4,386	)			(3,820	)			(14,361	)			(7,943	)
Prepayments, deposits and other assets			171				(3,075	)			(3,413	)			(2,549	)
Accounts payable			2,565				3,639				(701	)			1,805
Other current liabilities			4,426				1,662				10,396				(591	)
Net cash provided by operating activities			31,969				2,970				14,594				35,715
Cash flows from investing activities:
Acquisition of property and equipment			(3,088	)			(4,025	)			(18,188	)			(18,108	)
Purchase of investments available for sale			1				(60,172	)			(52,313	)			(155,748	)
Proceeds from sale or maturity of investments available for sale			25,489				17,480				144,848				17,480
Net cash provided by (used in) investing activities			22,402				(46,717	)			74,347				(156,376	)
Cash flows from financing activities:
Repayment of finance lease obligations			(40	)			(41	)			(161	)			(126	)
Repurchase of employee common stock for taxes withheld			(1	)			-				(2,097	)			-
Proceeds from vested restricted stock and exercise of stock options			408				243				9,673				8,423
Net cash provided by financing activities			367				202				7,415				8,297
Effect of exchange rate changes on cash and cash equivalents			868				783				202				(862	)
Increase (decrease) in cash and cash equivalents			55,606				(42,762	)			96,558				(113,226	)
Cash and cash equivalents, at beginning of the period			127,432				129,242				86,480				199,706
Cash and cash equivalents, at end of the period		$	183,038			$	86,480			$	183,038			$	86,480

Reconciliation of Non-GAAP Financial Measure
Net Income to Adjusted EBITDA
(in 000's except for per share data)
Unaudited
			2021			Q1-22				Q2-22				Q3-22				Q4-22					2022			Q1-23				Q2-23				Q3-23				Q4-23					2023			2024 Outlook(2)
Net income - (as reported)		$	27,511			$	9,602			$	13,038			$	10,262			$	6,763			$	39,665			$	2,710			$	6,064			$	4,817			$	7,756			$	21,347			$	0
Provision (benefit) for income taxes			3,793				1,925				2,431				2,315				(784	)			5,887				2,009				2,428				1,929				5,983				12,349				0
Other (income) expense, net			2,035				586				1,551				1,128				(5,015	)			(1,750	)			(1,919	)			105				(451	)			(3,334	)			(5,599	)			2,000
Depreciation			3,608				994				1,030				1,077				1,380				4,481				1,113				1,285				1,345				1,368				5,111				4,000
Amortization of Intangible assets			34				8				7				7				6				28				7				10				(2	)			(2	)			13				0
Stock-based compensation			14,605				3,894				5,754				5,727				4,996				20,371				6,065				8,423				8,846				182				23,516				30,000
Adjusted EBITDA		$	51,586			$	17,009			$	23,811			$	20,516			$	7,346			$	68,682			$	9,985			$	18,315			$	16,484			$	11,953			$	56,737			$	36,000
Adjusted EBITDA as a % of Revenue			22.4	%			26.9	%			29.4	%			27.0	%			11.5	%			24.2	%			13.6	%			19.8	%			20.5	%			15.7	%			17.6	%			10.5	%
Net income per share, diluted- (as reported)		$	0.56			$	0.19			$	0.26			$	0.21			$	0.14			$	0.80			$	0.05			$	0.12			$	0.10			$	0.16			$	0.43			$	0.00
Provision (benefit) for income taxes			0.08				0.04				0.05				0.05				(0.02	)			0.12				0.04				0.05				0.04				0.12				0.25				0.00
Other (income) expense, net			0.04				0.01				0.03				0.02				(0.10	)			(0.04	)			(0.04	)			-				(0.01	)			(0.07	)			(0.11	)			0.04
Depreciation			0.07				0.02				0.02				0.02				0.03				0.09				0.02				0.03				0.03				0.03				0.10				0.08
Amortization of Intangible assets			-				-				-				-				-				-				-				-				-				-				-				0.00
Stock-based compensation			0.30				0.08				0.12				0.12				0.10				0.41				0.12				0.17				0.18				-				0.48				0.58
Adjusted EBITDA per share, diluted(1)		$	1.04			$	0.35			$	0.48			$	0.41			$	0.15			$	1.39			$	0.20			$	0.37			$	0.33			$	0.24			$	1.15			$	0.70
Weighted average shares outstanding - Diluted			49,456				49,288				49,223				49,549				49,389				49,380				49,500				49,516				49,370				49,242				49,427				52,000
(1) Adjusted EBITDA per diluted share may not add due to rounding
(2) 2024 Adjusted EBITDA Outlook line items are all approximations and assumes breakeven Net Income

ICL Sales by Geography
(in 000's)
Unaudited
		Fiscal Year												Three Months Ended
ICL Sales by Region(5)			2021				2022				2023			December 30, 2022				March 31, 2023				June 30, 2023				September 29, 2023				December 29, 2023
Americas(1)		$	14,054			$	20,114			$	22,233			$	5,703			$	5,566			$	5,954			$	5,449			$	5,264
EMEA(2)			37,343				36,715				39,318				8,569				10,180				9,782				9,253				10,103
APAC(3)			161,508				212,883				257,876				46,890				54,879				77,376				66,367				59,254
Global ICL Sales		$	212,905			$	269,712			$	319,427			$	61,162			$	70,625			$	93,112			$	81,069			$	74,621
Global ICL Sales Growth			51	%			27	%			18	%			15	%			20	%			19	%			13	%			22	%
Global ICL Unit Growth			48	%			33	%			19	%			20	%			20	%			21	%			14	%			19	%
		Fiscal Year												Three Months Ended
ICL Sales by Country(4)(5)			2021				2022				2023			December 30, 2022				March 31, 2023				June 30, 2023				September 29, 2023				December 29, 2023
China		$	107,130			$	147,967			$	185,404			$	31,506			$	35,042			$	61,288			$	48,262			$	40,813
Growth			50	%			38	%			25	%			20	%			25	%			33	%			14	%			30	%
Japan		$	28,688			$	32,623			$	36,352			$	8,179			$	9,203			$	8,563			$	9,091			$	9,495
Growth			56	%			14	%			11	%			6	%			6	%			13	%			12	%			16	%
South Korea		$	15,173			$	17,940			$	19,853			$	3,589			$	6,656			$	3,316			$	4,886			$	4,996
Growth			36	%			18	%			11	%			-2	%			19	%			-15	%			1	%			39	%
United States		$	9,478			$	15,070			$	17,168			$	4,536			$	4,396			$	4,446			$	4,162			$	4,164
Growth			58	%			59	%			14	%			94	%			71	%			10	%			6	%			-8	%
Notes:
(1) Americas includes the United States, Canada and Latin American countries
(2) EMEA includes Spain, Germany, United Kingdom, European, Middle East and Africa Distributors
(3) APAC includes China, Japan, South Korea, India and the rest of Asia Pacific distributors
(4) ICL Sales by country includes countries representing more than 5% of total ICL sales in the most recently completed fiscal year
(5) ICL sales do not include IOL, injector or other sales.

Reconciliation of Non-GAAP Financial Measure
Constant Currency Sales
(in 000's)
Unaudited
		Three Months Ended															As Reported							Constant Currency
Sales		December 29, 2023				Effect of Currency				Constant Currency				December 30, 2022			$ Change				% Change			$ Change				% Change
ICL		$	74,621			$	(205	)		$	74,416			$	61,162		$	13,459			22.0	%		$	13,254			21.7	%
Cataract IOL			(156	)			26				(130	)			1,998			(2,154	)		-107.8	%			(2,128	)		-106.5	%
Other			1,808				21				1,829				884			924			104.5	%			945			106.9	%
Other Products			1,652				47				1,699				2,882			(1,230	)		-42.7	%			(1,183	)		-41.0	%
Total Sales		$	76,273			$	(158	)		$	76,115			$	64,044		$	12,229			19.1	%		$	12,071			18.8	%
		Twelve Months Ended															As Reported							Constant Currency
Sales		December 29, 2023				Effect of Currency				Constant Currency				December 30, 2022			$ Change				% Change			$ Change				% Change
ICL		$	319,427			$	1,799			$	321,226			$	269,712		$	49,715			18.4	%		$	51,514			19.1	%
Cataract IOL			1,139				198				1,337				9,638			(8,499	)		-88.2	%			(8,301	)		-86.1	%
Other			1,849				125				1,974				5,041			(3,192	)		-63.3	%			(3,067	)		-60.8	%
Other Products			2,988				323				3,311				14,679			(11,691	)		-79.6	%			(11,368	)		-77.4	%
Total Sales		$	322,415			$	2,122			$	324,537			$	284,391		$	38,024			13.4	%		$	40,146			14.1	%

 

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

The Staar Surgical Stock at the time of publication of the news with a raise of +3,49 % to 31,74USD on Nasdaq stock exchange (26. Februar 2024, 21:50 Uhr).