STAAR Surgical Reports 15% Fourth Quarter Revenue Growth and 13% Full Year 2013
"We had a successful fourth quarter and a strong finish to 2013. Revenues grew 15% year over year and 22% on a constant currency basis. Sales of our Visian ICL reached record levels with 31% growth in dollars and 29% growth in units. We generated revenue growth of 27% or greater in all of our three regions as we continue to grow market share globally. Among our accomplishments in 2013 was consistent revenue growth that exceeded our original expectations at the beginning of year. Sales for the year reached
"Customer adoption of CentraFLOW® technology has been a key driver to our growth in 2013 and we are expecting approval in
"We have been informed our meeting with the
"Our investment in consumer awareness and digital marketing programs is paying off and having a positive impact on the growth of ICLs in certain key markets. U.S. ICL revenue grew 33% in the fourth quarter while according to Market Scope, laser refractive procedures declined 1% in the quarter while non-laser procedures grew 20%. We believe our growth is due in part to initiatives such as a new website, www.staarmd.com and the Visian ICL "
The Company sells injectors to a third party to be used in preloaded IOLs, some of which are sold back to the Company for sale to end customers. During the fourth quarter, the Company determined that a more appropriate accounting for these injectors would be to reduce the cost of goods sold, rather than the previous accounting treatment as revenue. Therefore, the fourth quarter injector sales of
Gross profit margin for the quarter was 68.5% compared to 67.8% in the fourth quarter of 2012. Sales of low margin IOL injectors to a third party manufacturer and the manufacturing of the silicone preloaded IOLs in the U.S. combined to limit our gross margin expansion during the quarter.
Operating expenses for the fourth quarter of 2013 were
Income taxes resulted in a benefit of
The net loss for the fourth quarter of 2013, calculated in accordance with GAAP, was
Cash and cash equivalents at
Recent Visian Implantable Collamer® Lens (ICL) Highlights.
- Sales grew 31% globally during the fourth quarter, representing an increase in 11 of the 12 key markets.
- Procedures grew globally 29% in the fourth quarter, with unit growth in 10 of the 12 key markets.
- Expected regulatory approval of Company's Visian ICL with CentraFLOW technology within days for Japanese market.
- 67% of all ICL units shipped in December included CentraFLOW technology.
- In the over 60 markets where the TICL is available, fourth quarter sales of TICL represented 47% of total ICL revenue and 38% of the units. TICL sales grew 22% during the quarter globally while the ICL grew 39%.
- For the full fiscal year, ICL total sales increased in 11 of the Company's 12 key markets, reflecting a 26% increase. Units increased in all 12 markets, reflecting a 22% increase for the year.
Quarterly Regional ICL Updates
- In the fourth quarter, Visian ICL revenues grew by 27% while units increased 24% and average selling price increased 3% driven by the premium on the CentraFLOW technology.
- Revenues in
Europe increased 24% in revenue due to gains from the CentraFLOW technology.France grew 68% in sales and 67% in units.Italy grew 51% in sales and 32% in units.Spain grew 15% in sales and 12% in units.
- The
Middle East , where the Visian ICL with CentraFLOW was introduced earlier this year and a new targeted website was launched, grew 17% in revenues. Latin America grew 59% in revenue and 69% in unit sales, as the ICL with CentraFLOW inArgentina was launched.
- APAC grew 34% in revenue while units increased 31% and average selling price increased 2%.
- Strong growth was seen in the top two ICL markets:
Korea and China.Korea grew sales 42% and units increased 29%. This was the first full quarter of the CentraFLOW launch in Korea.- China ICL revenues increased 75% while units increased 81% due to the lower refractive comparable in
China during Q4 2012.
- ICL sales in
Japan , the only key market not to see revenue growth in the quarter, declined 7% in yen. Significant declines in theJapan refractive market during 2013 have been reported. India grew 13% in revenue driven by a 15% increase in selling price due to the launch of the CentraFLOW technology.
- NA increased revenues by 36% while units increased 39%.
- Sales in the U.S. grew 33% while units grew 37%, reflecting the impact of increased digital marketing media and consumer awareness results while refractive procedures have been reported as flat to slightly down.
Quarterly Intraocular Lens (IOL) Highlights
- Fourth quarter IOL sales were
$6.6 million , a slight decline from$6.8 in the fourth quarter of 2012. Sequentially, IOL sales increased$1.3 million from the third quarter of 2013. - The foreign exchange impact was
$983,000 . In constant currency, sales were$7.6 million and represented a 12% increase from the prior year. - While sales in
Japan , the Company's largest market, declined by 4% as reported for the quarter, sales in local currency increased by 26%. IOL unit sales increased by 17% during the quarter. - The Company ended the year with approximately
$400,000 in backorders of its preloaded acrylic for Europe. IOL sales in EMEA increased by 27% and 23% in units during the quarter. - For the full fiscal year, IOL sales declined 7% as reported, but increased 5% in constant currency. IOL sales in
Japan declined 1% as reported but increased by 24% in local currency. Units increased by 16% for the full year. IOL sales in EMEA increased 23% for the year as units increased 16%.
Project Comet Update
During the quarter, the Company continued to make progress toward completing the manufacturing consolidation project by mid-2014. At the end of the fourth quarter the Company had approximately 17,100 ICLs in finished goods inventory, compared to approximately 11,400 ICLs in inventory held in both
Full Year 2013 Financial Highlights
- Total net sales in 2013 increased 13% to
$72.2 million from$63.8 million in 2012. Foreign currency changes unfavorably impacted net sales by$3.8 million in 2013 compared to$62,000 in 2012. This included an unfavorable currency impact of$3.2 million in IOL sales,$443,000 in Other sales and$145,000 in ICL sales. - Including the
$476,000 received for IOL injector sales, full year revenues would have been approximately$72.7 million . - ICL sales totaled
$44.1 million , 26% above sales of$35.1 million reported in 2012. - IOL sales totaled
$24.2 million , a 7% decline from$26 million in 2012. IOL sales in constant currency increased 5% to$27.4 million for the full year period. - Gross profit margin for the full fiscal year was 69.7% compared to 69.4 % in the fourth quarter of 2012. Gross margin continues to be negatively impacted by the value of the yen and the increase in sales of low margin IOL injectors.
- Increased IOL injector sales sold at low margins to the Company's KS-IOL lens supplier which they sell to end customers reduced gross margin by 140 bps.
- Manufacturing of the preloaded silicone IOL in the U.S. sourced by
Japan now has a higher cost due to the weaker value of the yen as compared to 2012. This factor accounted for a loss of 120 bps. - Without the impact of these two factors, gross margin for the full year would have been approximately 72.3%, representing a 290 bps improvement over 2012 and above the Company's gross margin expansion target for the year.
- Operating expenses were
$49.6 million , a 9% increase over 2012 expenses of$45.5 million . Constant currency had a$2.1 million favorable impact on expenses. - Key investment spending totaled more than
$6 million including:$2.2 million for the manufacturing consolidation project, approximately$3.5 million for fixed asset additions and$442,000 for the transition to a direct distribution model inSpain . - Income taxes decreased
$528,000 and the new medical device tax was$203,000 . - Net income on a GAAP basis was
$397,711 or$0.01 per diluted share as compared to a loss of$1.8 million or$0.05 per diluted share in 2012. - The non-GAAP adjusted net income increased to
$7.5 million or$0.19 per diluted share compared to$4.8 million or$0.13 per diluted share in 2012.
2014 Metrics
Looking ahead, the Company offered the following annual key metrics that management will focus on achieving during 2014 and upon which it will report and update each quarter:
- Revenue growth of 8% to 10%
- ICL revenue growth of 20%
- Gross Margin expansion of 300 bps, 72.7% for the full year
- Profitable on a GAAP basis for the full year
- Successfully complete manufacturing consolidation project by mid-year
Conference Call
The Company will host a conference call and webcast today
A taped replay of the conference call will also be available beginning approximately one hour after the call's conclusion and will be available for seven days. This replay can be accessed by dialing 888-286-8010 for domestic callers and 617-801-6888 for international callers, both using passcode 45739769. 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.
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 our results when reported in U.S. dollars. When preparing its financial statements in conformance with GAAP, the Company translates foreign currency sales and expenses denominated in Japanese yen to dollars at the weighted average of exchange rates in effect during the period. As a result, the Company's reported performance may be significantly affected by currency fluctuations. 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 below shows sales results calculated in accordance with GAAP, the effect of currency, and the resulting non-GAAP measure expressed in constant currency.
"Adjusted Net Income" excludes the following items that are included in "Net Income" as calculated in accordance with U.S. generally accepted accounting principles ("GAAP"): manufacturing consolidation expenses,
Management believes that "Adjusted Net Income" is 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.
We have excluded manufacturing consolidation and
We have excluded gains and losses on foreign currency transactions and the fair value adjustment of warrants 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
We have provided below a detailed reconciliation table, which is useful to investors in providing the context to understand our Adjusted Net Income and how it differs from Net Income calculated in accordance with GAAP.
About
STAAR, which has been dedicated solely to ophthalmic surgery for over 25 years, designs, develops, manufactures and markets implantable lenses for the eye and delivery systems therefor. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAAR's lens used in refractive surgery as an alternative to LASIK is called an Implantable Collamer® Lens or "ICL." A lens used to replace the natural lens after cataract surgery is called an intraocular lens or "IOL." Over 400,000 Visian ICLs have been implanted to date; to learn more about the ICL go to: www.visianinfo.com. STAAR has approximately 300 full time employees and markets lenses in over 60 countries. Headquartered in
Collamer® is the registered trademark for STAAR's proprietary biocompatible collagen copolymer lens material
Safe Harbor
All statements in this press release that are not statements of historical fact are forward-looking statements, including statements about any of the following: any projections of earnings, revenue, sales, profit margins, cash, effective tax rate or any other financial items; the plans, strategies, and objectives of management for future operations or prospects for achieving such plans; metrics for 2013 and 2014; statements regarding new or improved products, including but not limited to, expectations for success of new or improved products in the U.S. or international markets or government approval of new or improved products; future economic conditions or size of market opportunities; expected IOL backorder position; expected costs of
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: our limited capital resources and limited access to financing; the negative effect of unstable global economic conditions on sales of products, especially products such as the ICL used in non-reimbursed elective procedures; the challenge of managing our foreign subsidiaries; backlog or supply delays as we prepare for our manufacturing facility consolidation; the risk of unfavorable changes in currency exchange rate; the discretion of regulatory agencies to approve or reject new or improved products, or to require additional actions before approval (including but not limited to determinations by the
CONTACT: |
Investors |
Media |
EVC Group |
EVC Group |
|
Doug Sherk, 415-652-9100 |
Nicole Kruse |
|
Leigh Salvo, 415-568-9348 |
212-850-6025 |
STAAR Surgical Company |
||||
Condensed Consolidated Balance Sheets |
||||
(in 000's) |
||||
Unaudited |
||||
January 3, |
December 28, |
|||
ASSETS |
2014 |
2012 |
||
Current assets: |
||||
Cash and cash equivalents |
$ 22,954 |
$ 21,675 |
||
Accounts receivable trade, net |
10,731 |
8,543 |
||
Inventories, net |
12,514 |
11,673 |
||
Prepaids, deposits, and other current assets |
3,503 |
2,183 |
||
Deferred income taxes |
373 |
— |
||
Total current assets |
50,075 |
44,074 |
||
Property, plant, and equipment, net |
7,405 |
5,439 |
||
Intangible assets, net |
1,380 |
2,142 |
||
Goodwill |
1,786 |
1,786 |
||
Deferred income taxes |
626 |
187 |
||
Other assets |
659 |
1,131 |
||
Total assets |
$ 61,931 |
$ 54,759 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Current liabilities: |
||||
Line of credit |
$ 4,750 |
$ 5,850 |
||
Accounts payable |
6,301 |
5,129 |
||
Deferred income taxes |
739 |
439 |
||
Obligations under capital leases |
288 |
829 |
||
Other current liabilities |
6,334 |
5,702 |
||
Total current liabilities |
18,412 |
17,949 |
||
Obligations under capital leases |
141 |
488 |
||
Deferred income taxes |
1,654 |
885 |
||
Asset retirement obligations |
157 |
707 |
||
Pension liability |
2,715 |
2,988 |
||
Total liabilities |
23,079 |
23,017 |
||
Stockholders' equity: |
||||
Common stock |
379 |
364 |
||
Additional paid-in capital |
170,246 |
162,251 |
||
Accumulated other comprehensive income |
282 |
1,580 |
||
Accumulated deficit |
(132,055) |
(132,453) |
||
Total stockholders' equity |
38,852 |
31,742 |
||
Total liabilities and stockholders' equity |
$ 61,931 |
$ 54,759 |
STAAR Surgical Company |
||||||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||||||
(In 000's except for per share data) |
||||||||||||||||||||
Unaudited |
||||||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||||||
% of |
January 3, |
% of |
December 28, |
Fav (Unfav) |
% of |
January 3, |
% of |
December 28, |
Fav (Unfav) |
|||||||||||
Sales |
2014 |
Sales |
2012 |
Amount |
% |
Sales |
2014 |
Sales |
2012 |
Amount |
% |
|||||||||
Net sales |
100.0% |
$ 18,944 |
100.0% |
$ 16,466 |
$ 2,478 |
15.0% |
100.0% |
$ 72,215 |
100.0% |
$ 63,783 |
$ 8,432 |
13.2% |
||||||||
Cost of sales |
31.5% |
5,968 |
32.2% |
5,298 |
(670) |
-12.6% |
30.3% |
21,906 |
30.6% |
19,492 |
(2,414) |
-12.4% |
||||||||
Gross profit |
68.5% |
12,976 |
67.8% |
11,168 |
1,808 |
16.2% |
69.7% |
50,309 |
69.4% |
44,291 |
6,018 |
13.6% |
||||||||
Selling, general and administrative expenses: |
||||||||||||||||||||
General and administrative |
24.0% |
4,546 |
25.5% |
4,207 |
(339) |
-8.1% |
22.8% |
16,568 |
23.8% |
15,150 |
(1,418) |
-9.4% |
||||||||
Marketing and selling |
39.2% |
7,417 |
34.9% |
5,744 |
(1,673) |
-29.1% |
33.1% |
23,888 |
33.4% |
21,281 |
(2,607) |
-12.3% |
||||||||
Research and development |
10.4% |
1,972 |
11.0% |
1,804 |
(168) |
-9.3% |
9.3% |
6,708 |
10.1% |
6,444 |
(264) |
-4.1% |
||||||||
Medical device tax |
0.3% |
54 |
0.0% |
- |
(54) |
-100.0% |
0.3% |
203 |
0.0% |
- |
(203) |
-100.0% |
||||||||
Selling, general, and administrative expenses |
73.9% |
13,989 |
71.4% |
11,755 |
(2,234) |
-19.0% |
65.5% |
47,367 |
67.3% |
42,875 |
(4,492) |
-10.5% |
||||||||
Other general and administrative expenses |
1.3% |
238 |
4.0% |
656 |
418 |
63.7% |
3.1% |
2,242 |
4.1% |
2,636 |
394 |
14.9% |
||||||||
Total selling, general and administrative expenses |
75.2% |
14,227 |
75.4% |
12,411 |
(1,816) |
-14.6% |
68.6% |
49,609 |
71.4% |
45,511 |
(4,098) |
-9.0% |
||||||||
Operating income (loss) |
-6.7% |
(1,251) |
-7.6% |
(1,243) |
(8) |
— |
1.1% |
700 |
-2.0% |
(1,220) |
1,920 |
-157.4% |
||||||||
Other income (expense): |
||||||||||||||||||||
Interest income |
0.2% |
36 |
0.3% |
45 |
(9) |
-20.0% |
0.1% |
59 |
0.1% |
59 |
- |
0.0% |
||||||||
Interest expense |
-0.2% |
(36) |
-0.4% |
(64) |
28 |
43.8% |
-0.2% |
(170) |
-0.5% |
(291) |
121 |
41.6% |
||||||||
Gain on foreign currency transactions |
0.4% |
77 |
0.6% |
102 |
(25) |
-24.5% |
0.1% |
39 |
0.2% |
111 |
(72) |
— |
||||||||
Other income, net |
0.7% |
126 |
1.3% |
212 |
(86) |
-40.6% |
0.7% |
486 |
1.3% |
822 |
(336) |
-40.9% |
||||||||
Total other income, net |
1.0% |
203 |
1.9% |
295 |
(92) |
-31.2% |
0.7% |
414 |
1.1% |
701 |
(287) |
-40.9% |
||||||||
Income before provision (benefit) for income taxes |
-5.7% |
(1,048) |
-5.7% |
(948) |
(100) |
10.5% |
1.8% |
1,114 |
-0.9% |
(519) |
1,633 |
-314.6% |
||||||||
Provision (benefit) for income taxes |
-0.9% |
(172) |
2.8% |
466 |
638 |
— |
1.0% |
716 |
2.0% |
1,244 |
528 |
42.4% |
||||||||
Net income (loss) |
-4.8% |
$ (876) |
-8.5% |
$ (1,414) |
$ 538 |
— |
0.8% |
$ 398 |
-2.9% |
$ (1,763) |
$ 2,161 |
— |
||||||||
Net income (loss) per share - basic |
$ (0.02) |
$ (0.04) |
$ 0.01 |
$ (0.05) |
||||||||||||||||
Net income (loss) per share - diluted |
$ (0.02) |
$ (0.04) |
$ 0.01 |
$ (0.05) |
||||||||||||||||
Weighted average shares outstanding - basic |
37,111 |
36,394 |
36,706 |
36,253 |
||||||||||||||||
Weighted average shares outstanding - diluted |
37,111 |
36,394 |
38,607 |
36,253 |
STAAR Surgical Company |
|||||
Condensed Consolidated Statements of Cash Flows |
|||||
(in 000's) |
|||||
Unaudited |
|||||
Year Ended |
|||||
January 3, |
December 28, |
||||
2014 |
2012 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ 398 |
$ (1,763) |
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|||||
Depreciation of property and equipment |
1,711 |
1,309 |
|||
Amortization of intangibles |
440 |
652 |
|||
Deferred income taxes |
104 |
143 |
|||
Fair value adjustment of warrant |
(27) |
(335) |
|||
Loss on disposal of property and equipment |
200 |
131 |
|||
Stock-based compensation expense |
4,489 |
3,208 |
|||
Change in net pension liability |
162 |
205 |
|||
Accretion of asset retirement obligation |
10 |
16 |
|||
Provision for sales returns and bad debt expense |
263 |
77 |
|||
Changes in working capital: |
|||||
Accounts receivable |
(2,938) |
224 |
|||
Inventories |
(1,603) |
(1,020) |
|||
Prepaids, deposits and other current assets |
(1,066) |
(298) |
|||
Accounts payable |
407 |
1,014 |
|||
Other current liabilities |
802 |
(346) |
|||
Net cash provided by operating activities |
3,352 |
3,217 |
|||
Cash flows from investing activities: |
|||||
Acquisition of property and equipment |
(3,448) |
(2,271) |
|||
Decrease in other assets |
- |
(4) |
|||
Release of restricted cash |
- |
129 |
|||
Net cash used in investing activities |
(3,448) |
(2,146) |
|||
Cash flows from financing activities: |
|||||
Borrowings under line of credit |
- |
3,510 |
|||
Repayment of capital lease obligations |
(842) |
(741) |
|||
Proceeds from exercise of stock options |
3,290 |
1,514 |
|||
Net cash provided by financing activities |
2,448 |
4,283 |
|||
Effect of exchange rate changes on cash and cash equivalents |
(1,073) |
(261) |
|||
Increase in cash and cash equivalents |
1,279 |
5,093 |
|||
Cash and cash equivalents, at beginning of the period |
21,675 |
16,582 |
|||
Cash and cash equivalents, at end of the period |
$ 22,954 |
$ 21,675 |
STAAR Surgical Company |
|||||||||||||
Global Sales |
|||||||||||||
(in 000's) |
|||||||||||||
Unaudited |
|||||||||||||
Three Months Ended |
Year Ended |
||||||||||||
January 3, |
December 28, |
% Change |
January 3, |
December 28, |
% Change |
||||||||
Geographic Sales |
2014 |
2012 |
Fav (Unfav) |
2014 |
2012 |
Fav (Unfav) |
|||||||
United States |
18.3% |
$ 3,463 |
18.2% |
$ 2,999 |
15.5% |
17.8% |
$ 12,851 |
19.5% |
$ 12,427 |
3.4% |
|||
Japan |
22.4% |
4,239 |
27.4% |
4,505 |
-5.9% |
24.5% |
17,666 |
26.2% |
16,692 |
5.8% |
|||
China |
10.8% |
2,043 |
10.4% |
1,714 |
19.2% |
11.9% |
8,618 |
13.2% |
8,406 |
2.5% |
|||
Korea |
10.0% |
1,893 |
8.1% |
1,334 |
41.9% |
10.7% |
7,743 |
10.5% |
6,713 |
15.3% |
|||
Spain |
7.4% |
1,401 |
7.4% |
1,219 |
14.9% |
6.7% |
4,867 |
4.8% |
3,069 |
58.6% |
|||
Other |
31.1% |
5,905 |
28.5% |
4,695 |
25.8% |
28.3% |
20,470 |
25.8% |
16,476 |
24.2% |
|||
Total International Sales |
81.7% |
15,481 |
81.8% |
13,467 |
15.0% |
82.2% |
59,364 |
80.5% |
51,356 |
15.6% |
|||
Total Sales |
100.0% |
$ 18,944 |
100.0% |
$ 16,466 |
15.0% |
100.0% |
$ 72,215 |
100.0% |
$ 63,783 |
13.2% |
|||
Product Sales |
|||||||||||||
Core products |
|||||||||||||
ICLs |
60.8% |
$ 11,512 |
53.2% |
$ 8,758 |
31.4% |
61.1% |
$ 44,128 |
55.0% |
$ 35,080 |
25.8% |
|||
IOLs |
34.9% |
6,620 |
41.2% |
6,786 |
-2.4% |
33.4% |
24,153 |
40.7% |
25,971 |
-7.0% |
|||
Total core products |
95.7% |
18,132 |
94.4% |
15,544 |
16.6% |
94.6% |
68,281 |
95.7% |
61,051 |
11.8% |
|||
Non-core products |
|||||||||||||
Other |
4.3% |
812 |
5.6% |
922 |
-11.9% |
5.4% |
3,934 |
4.3% |
2,732 |
44.0% |
|||
Total Sales |
100.0% |
$ 18,944 |
100.0% |
$ 16,466 |
15.0% |
100.0% |
$ 72,215 |
100.0% |
$ 63,783 |
13.2% |
STAAR Surgical Company |
||||||
Reconciliation of Non-GAAP Financial Measure |
||||||
(in 000's) |
||||||
Unaudited |
Three Months Ended |
Year Ended |
||||
January 3, |
December 28, |
January 3, |
December 28, |
|||
2014 |
2012 |
2014 |
2012 |
|||
Net income (loss) - (as reported) |
$ (876) |
$ (1,414) |
$ 398 |
$ (1,763) |
||
Less: |
||||||
Manufacturing consolidation expenses |
238 |
656 |
2,242 |
$ 2,636 |
||
Spain distribution transition cost |
- |
582 |
442 |
$ 1,151 |
||
Foreign currency impact |
(77) |
(102) |
(39) |
$ (111) |
||
Fair value adjustment of warrants |
- |
(118) |
(27) |
$ (335) |
||
Stock-based compensation expense |
1,565 |
891 |
4,489 |
$ 3,208 |
||
Net income - (adjusted) |
$ 850 |
$ 495 |
$ 7,505 |
$ 4,786 |
||
Net income (loss) per share, basic - (as reported) |
$ (0.02) |
$ (0.04) |
$ 0.01 |
$ (0.05) |
||
Manufacturing consolidation expenses |
$ 0.01 |
$ 0.02 |
$ 0.06 |
$ 0.07 |
||
Spain distribution transition cost |
$ - |
$ 0.02 |
$ 0.01 |
$ 0.03 |
||
Foreign currency impact |
$ (0.00) |
$ (0.00) |
$ (0.00) |
$ (0.00) |
||
Fair value adjustment of warrants |
$ - |
$ (0.00) |
$ (0.00) |
$ (0.01) |
||
Stock-based compensation expense |
$ 0.04 |
$ 0.02 |
$ 0.12 |
$ 0.09 |
||
Net income per share, basic - (adjusted) |
$ 0.02 |
$ 0.01 |
$ 0.20 |
$ 0.13 |
||
Net income (loss) per share, diluted - (as reported) |
$ (0.02) |
$ (0.04) |
$ 0.01 |
$ (0.05) |
||
Manufacturing consolidation expenses |
$ 0.01 |
$ 0.02 |
$ 0.06 |
$ 0.07 |
||
Spain distribution transition cost |
$ - |
$ 0.02 |
$ 0.01 |
$ 0.03 |
||
Foreign currency impact |
$ (0.00) |
$ (0.00) |
$ (0.00) |
$ (0.00) |
||
Fair value adjustment of warrants |
$ - |
$ (0.00) |
$ (0.00) |
$ (0.01) |
||
Stock-based compensation expense |
$ 0.04 |
$ 0.02 |
$ 0.12 |
$ 0.09 |
||
Net income per share, diluted - (adjusted) |
$ 0.02 |
$ 0.01 |
$ 0.19 |
$ 0.13 |
||
Weighted average shares outstanding - Basic |
37,111 |
36,394 |
36,706 |
36,253 |
||
Weighted average shares outstanding - Diluted |
37,111 |
36,394 |
38,607 |
36,253 |
||
Note: Net income per share (adjusted), basic and diluted, may not add up due to rounding |
STAAR Surgical Company |
|||||||||||
Reconciliation of Non-GAAP Financial Measure |
|||||||||||
Constant Currency Sales |
|||||||||||
(in 000's) |
|||||||||||
Unaudited |
|||||||||||
Three Months Ended |
|||||||||||
GAAP Sales |
|||||||||||
January 3, |
Effect of |
Constant |
December 28, |
As Reported |
Constant Currency |
||||||
2014 |
Currency |
Currency |
2012 |
$ Change |
% Change |
$ Change |
% Change |
||||
ICL |
$ 11,512 |
$ 35 |
$ 11,547 |
$ 8,758 |
$ 2,754 |
31% |
$ 2,789 |
32% |
|||
IOL |
6,620 |
983 |
7,603 |
6,786 |
(166) |
-2% |
817 |
12% |
|||
Other |
812 |
80 |
892 |
922 |
(110) |
-12% |
(30) |
-3% |
|||
Total Sales |
$ 18,944 |
$ 1,098 |
$ 20,042 |
$ 16,466 |
$ 2,478 |
15% |
$ 3,576 |
22% |
|||
Year Ended |
|||||||||||
GAAP Sales |
|||||||||||
January 3, |
Effect of |
Constant |
December 28, |
As Reported |
Constant Currency |
||||||
2014 |
Currency |
Currency |
2012 |
$ Change |
% Change |
$ Change |
% Change |
||||
ICL |
$ 44,128 |
$ 145 |
$ 44,273 |
$ 35,080 |
$ 9,048 |
26% |
$ 9,193 |
26% |
|||
IOL |
24,153 |
3,233 |
27,386 |
25,971 |
(1,818) |
-7% |
1,415 |
5% |
|||
Other |
3,934 |
443 |
4,377 |
2,732 |
1,202 |
44% |
1,645 |
60% |
|||
Total Sales |
$ 72,215 |
$ 3,821 |
$ 76,036 |
$ 63,783 |
$ 8,432 |
13% |
$ 12,253 |
19% |
SOURCE