MONROVIA, Calif., March 2, 2016 /PRNewswire/ -- STAAR Surgical
Company (NASDAQ: STAA), a leading developer, manufacturer and
marketer of implantable lenses and delivery systems for the eye,
today reported financial results for the fourth quarter and full
year ended January 1, 2016.
Fourth Quarter 2015 Overview
- Record Quarterly Net Sales of $20.9 Million Up 26% from the Prior Year Quarter
and Up 27% on a Constant Currency Basis
- Worldwide Implantable Collamer® Lens ("ICL")
Revenue Up 57% and Units Up 60% vs. Prior Year Quarter:
- Europe Middle East Africa (EMEA) ICL Revenue Up 19% and Units
Up 16%
- Asia Pacific (APAC) ICL
Revenue Up 118% and Units Up 118%
- North America (NA) ICL Revenue
Up 5% and Units Down 4%
- Worldwide Intraocular Lens ("IOL") Revenue Down 11% and Units
Down 14% vs. Prior Year Quarter
- Gross Margin Improved from 56.7% to 70.3% of Sales Primarily
Attributable to Favorable Mix, Price Increase and Manufacturing
Performance Improvement
- On-Going FDA Remediation Effort for the Quarter On-Track and
On-Budget
- Fourth Quarter Net Loss of $0.02
per Share vs. Prior Year Quarter Net Loss of $0.07 per Share.
Full Year 2015 Overview
- Record Full Year Net Sales of $77.1 Million Up 3% from Prior Year and Up 6% on
a Constant Currency Basis
- Worldwide ICL Revenue Up 17% and Units Up 18% vs. Prior Year:
- Europe Middle East Africa (EMEA) ICL Revenue up 11% and Units
Up 21%
- Asia Pacific (APAC) ICL
Revenue Up 25% and Units Up 18%
- North America (NA) ICL Revenue
Up 8% and Units Up 6%
- Worldwide IOL Revenue Down 18% and Units Down 11% vs. Prior
Year
- Gross Margin Improved from 65.1% to 68.4% of Sales Primarily
Attributable to Favorable Mix and Manufacturing Performance
Efficiencies
- On-Going FDA Remediation Effort for the Year On-Track and
On-Budget
- Full Year Net Loss of $0.17 per
Share vs. Prior Year Net Loss of $0.22 per Share.
"Our record fourth quarter and full year net sales were due to
the continuing growth of our ICL business. The majority of
APAC and EMEA ICL markets performed very well closing out the year
with good momentum. The success of the CentraFLOW® ICL in
approved markets spurred the growth with both the Spheric and Toric
versions of the lens growing double digits. We now have
approximately 200,000 implants of this lens and the clinical data
is testament to its potential as a primary and premium lens choice
for refractive surgeons. Our ICL lenses are intended to provide
visual freedom for patients, lessening or eliminating the reliance
on glasses or contact lenses. In 2016, we will be focusing
aggressively on a number of key strategic priorities to advance the
ICL as an Evolution in Visual Freedom™ for patients
globally," said Caren Mason,
President and CEO. "We are beginning the second year of our
commitment to build a foundation for consistent growth. Our
leading imperative remains our work in FDA remediation and quality
system overhaul while we build a strong Culture of Quality
for STAAR. Our other imperatives include ICL market building,
global key accounts focus, clinical validation and regulatory
rebirth, innovation in products, materials and delivery systems and
continuing infrastructure and systems renovation. The
investment in these imperatives will remain significant and will
outpace revenue and gross margin expansion in the near term.
One-time charges, such as the recently announced stock plan
acceleration expense, need also to be considered. An
aggressive and transformative three year cycle is essential for
STAAR to capture its market position as a clinically proven product
provider with global quality and regulatory compliance that is at
the forefront of refractive procedure offerings," added Ms.
Mason.
Financial Overview
Net sales were $20.9 million for
the fourth quarter of 2016, up 26% compared to $16.6 million reported in the prior year. On a
constant currency basis, fourth quarter net sales increased 27%
compared to the prior period.
The sales increase was driven by strong ICL unit sales in APAC
and EMEA with units growing 118% and 16%, respectively and a price
increase on ICL's in most markets that averaged 6%. These
increases were partially offset by lower IOL unit sales and foreign
currency changes due to the strengthening U.S. dollar against the
euro and the yen.
For the fourth quarter of 2015, the gross profit margin
increased 13.6 points to 70.3% compared to the prior year period of
56.7%. An increased mix of higher margin ICL units, higher
average selling prices exclusive of currency impacts, and lower
unit and other costs improved gross margin by approximately 14.5
points which was partially offset by a decrease of approximately
one point due to the impact of the weaker euro on average selling
prices.
Operating expenses for the quarter increased 12% to $14.7 million from $13.1
million in the prior year period due to costs related to
quality system improvements of $600,000, increased selling costs in Germany of $500,000 as a result of the conversion to a
direct sales force in that market, and higher headcount costs of
$500,000. General and
administrative expense was $4.9
million and $600,000 higher
than the prior year due to bonuses and stock-based compensation,
partially offset by lower recruiting and consulting costs.
Marketing and selling expense was $5.9
million and $200,000 higher
than the prior year due to the costs of direct selling in
Germany, partially offset by
optimization of North American selling and promotional costs.
Research and development expense, which includes remediation and
other FDA expenses, was $4.0 million
and approximately $700,000 higher
than the prior year due to increased validation and project-related
spending, partially offset by lower remediation expenses.
Remediation expense for the year was on budget.
The net loss for the fourth quarter of 2015 was $0.8 million or $0.02 per share, compared with a net loss of
$2.5 million or $0.07 per share for the prior year period.
Adjusted net income for the fourth quarter of 2015 was
$537,000 or $0.01 on a per diluted share basis, compared with
an adjusted net loss of $1.2 million
or $0.03 per diluted share for the
prior year period. The reconciliation between GAAP and
non-GAAP financial information is provided in the financial tables
included with this release.
The GAAP net loss for the fiscal year ending January 1, 2016 was $6.5
million or $0.17 per share,
compared to a net loss of $8.4
million or $0.22 per share for
the prior year. Adjusted net income for the full year was
$1.7 million or $0.04 per diluted share versus adjusted net
income of $779,000 or $0.02 per diluted share for the prior year.
Cash and cash equivalents at January 1,
2016 totaled $13.4 million,
compared to $16.1 million at the end
of the third quarter of 2015 and $13.0
million at year-end 2014. The Company used $2.7 million in cash during the fourth quarter of
2015, which includes $1.8 million
used in operating activities and $0.8
million for purchases of property and equipment.
Conference Call
The Company will host a conference call and webcast on
Wednesday, March 2 at 4:30 p.m. Eastern / 1:30
p.m. Pacific to discuss its financial results. To access the
conference call (Conference ID 34287402), please dial 855-765-5684
for domestic participants and 262-912-6252 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 will also be available
beginning approximately one hour after the call's conclusion for
seven days. This replay can be accessed by dialing
855-859-2056 for domestic callers and 404-537-3406 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. 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. When preparing its financial statements in conformity with
U.S. generally accepted accounting principals ("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 (or Loss)" excludes the following items
that are included in "Net Income (or Loss)" as calculated in
accordance with GAAP: manufacturing consolidation expenses, gain or
loss on foreign currency transactions, stock-based compensation
expenses, and FDA panel and remediation expenses.
Management believes that "Adjusted Net Income (or Loss)" 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.
Management has excluded manufacturing consolidation expenses and
FDA panel and remediation expenses because these are non-recurring
expenses and their inclusion may mask underlying trends in our
business performance.
Management has also excluded 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. In calculating "Adjusted Net Income (or Loss)" STAAR
excludes these expenses because they are non-cash expenses and
because of the complexity and 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 has provided below a detailed reconciliation table,
which is useful to investors in providing the context to understand
STAAR Surgical's non-GAAP information and how it differs from
GAAP.
About STAAR Surgical
STAAR, which has been dedicated solely to ophthalmic surgery for
over 30 years, designs, develops, manufactures and markets
implantable lenses for the eye with companion delivery systems.
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". More than 550,000 Visian ICLs have been implanted
to date. To learn more about the ICL go to:
www.visianinfo.com. STAAR has approximately 300 employees and
markets lenses in over 60 countries. Headquartered in
Monrovia, CA, the company operates
manufacturing facilities in Aliso Viejo,
CA and Monrovia, CA.
For more information, please visit the Company's website at
www.staar.com.
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 financial projections;
the plans, strategies, and objectives of management for future
operations or prospects for achieving such plans, expectations for
sales, building a foundation for consistent growth, investment
imperatives remaining significantly outpacing revenue and gross
margin expansion and operating cash flow improving expectations for
new products or support for product growth, and any statements of
assumptions underlying any of the foregoing. Important
additional factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
are set forth in the Company's Annual Report on Form 10-K for the
year ended January 2, 2015, 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."
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; changes in currency exchange rates; the discretion of
regulatory agencies to approve or reject existing, new or improved
products, or to require additional actions before approval
(including but not limited to FDA requirements regarding the Visian
Toric ICL and/or actions related to the FDA Warning Letter and Form
FDA-483s), or to take enforcement action; research and development
efforts may not be successful or may be delayed in delivering
products for launch or may exceed anticipated costs; the purchasing
patterns of our distributors carrying inventory in the market; the
willingness of surgeons and patients to adopt a new or improved
product and procedure; and patterns of Visian ICL use that have
typically limited our penetration of the refractive procedure
market. The Visian Toric ICL and the Visian ICL with
CentraFLOW are not yet approved for sale in the United States.
CONTACT:
|
Investors
|
Media
|
|
EVC Group
|
EVC Group
|
|
Brian Moore,
310-579-6199
|
Dave Schemelia,
646-445-4800
|
|
Doug Sherk,
415-652-9100
|
|
STAAR Surgical
Company
|
Consolidated
Balance Sheets
|
(in
000's)
|
Unaudited
|
|
|
|
|
|
|
|
January
1,
|
|
January
2,
|
ASSETS
|
|
2016
|
|
2015
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 13,402
|
|
$ 13,013
|
Accounts receivable
trade, net
|
|
15,675
|
|
11,054
|
Inventories,
net
|
|
15,921
|
|
15,717
|
Prepayments,
deposits, and other current assets
|
|
3,636
|
|
4,517
|
Deferred income
taxes
|
|
439
|
|
596
|
Total
current assets
|
|
49,073
|
|
44,897
|
Property, plant, and
equipment, net
|
|
10,095
|
|
10,066
|
Intangible assets,
net
|
|
666
|
|
870
|
Goodwill
|
|
1,786
|
|
1,786
|
Deferred income
taxes
|
|
717
|
|
695
|
Other
assets
|
|
617
|
|
597
|
Total
assets
|
|
$ 62,954
|
|
$ 58,911
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Line of
credit
|
|
$ 4,159
|
|
$ 4,150
|
Accounts
payable
|
|
6,691
|
|
6,620
|
Deferred income
taxes
|
|
370
|
|
301
|
Obligations under
capital leases
|
|
362
|
|
399
|
Other current
liabilities
|
|
6,305
|
|
4,901
|
Total
current liabilities
|
|
17,887
|
|
16,371
|
Obligations under
capital leases
|
|
204
|
|
468
|
Deferred income
taxes
|
|
1,888
|
|
1,704
|
Asset retirement
obligations
|
|
156
|
|
115
|
Pension
liability
|
|
3,886
|
|
3,079
|
Deferred
rent
|
|
87
|
|
75
|
Total
liabilities
|
|
24,108
|
|
21,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
|
399
|
|
384
|
Additional paid-in
capital
|
|
187,007
|
|
178,232
|
Accumulated other
comprehensive loss
|
|
(1,580)
|
|
(1,070)
|
Accumulated
deficit
|
|
(146,980)
|
|
(140,447)
|
Total
stockholders' equity
|
|
38,846
|
|
37,099
|
Total
liabilities and stockholders' equity
|
|
$ 62,954
|
|
$ 58,911
|
STAAR Surgical
Company
|
Consolidated
Statements of Operations
|
(In 000's except
for per share data)
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
%
of
|
January
1,
|
|
%
of
|
January
2,
|
|
Fav
(Unfav)
|
|
%
of
|
January
1,
|
|
%
of
|
January
2,
|
|
Fav
(Unfav)
|
|
|
Sales
|
2016
|
|
Sales
|
2015
|
|
Amount
|
|
%
|
|
Sales
|
2016
|
|
Sales
|
2015
|
|
Amount
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
100.0%
|
$ 20,858
|
|
100.0%
|
$ 16,573
|
|
$ 4,285
|
|
25.9%
|
|
100.0%
|
$ 77,123
|
|
100.0%
|
$ 74,987
|
|
$ 2,136
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
29.7%
|
6,194
|
|
43.3%
|
7,170
|
|
976
|
|
13.6%
|
|
31.6%
|
24,400
|
|
34.9%
|
26,164
|
|
1,764
|
|
6.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
70.3%
|
14,664
|
|
56.7%
|
9,403
|
|
5,261
|
|
56.0%
|
|
68.4%
|
52,723
|
|
65.1%
|
48,823
|
|
3,900
|
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
23.3%
|
4,856
|
|
25.4%
|
4,211
|
|
(645)
|
|
-15.3%
|
|
25.4%
|
19,604
|
|
24.3%
|
18,287
|
|
(1,317)
|
|
-7.2%
|
Marketing and
selling
|
|
28.3%
|
5,911
|
|
34.3%
|
5,689
|
|
(222)
|
|
-3.9%
|
|
30.7%
|
23,695
|
|
34.5%
|
25,879
|
|
2,184
|
|
8.4%
|
Research and
development
|
|
19.0%
|
3,961
|
|
19.6%
|
3,245
|
|
(716)
|
|
-22.1%
|
|
19.1%
|
14,761
|
|
16.5%
|
12,363
|
|
(2,398)
|
|
-19.4%
|
Other general
and administrative expenses
|
|
0.0%
|
-
|
|
0.0%
|
-
|
|
-
|
|
|
|
0.0%
|
-
|
|
0.4%
|
321
|
|
321
|
|
100.0%
|
Total selling, general, and administrative expenses
|
|
70.6%
|
14,728
|
|
79.3%
|
13,145
|
|
(1,583)
|
|
-12.0%
|
|
75.3%
|
58,060
|
|
75.7%
|
56,850
|
|
(1,210)
|
|
-2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
-0.3%
|
(64)
|
|
-22.6%
|
(3,742)
|
|
3,678
|
|
-98.3%
|
|
-6.9%
|
(5,337)
|
|
-10.7%
|
(8,027)
|
|
2,690
|
|
-33.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
0.0%
|
0
|
|
0.1%
|
25
|
|
(25)
|
|
-100.0%
|
|
0.1%
|
50
|
|
0.1%
|
51
|
|
(1)
|
|
-2.0%
|
Interest
expense
|
|
-0.1%
|
(31)
|
|
-0.3%
|
(52)
|
|
21
|
|
40.4%
|
|
-0.2%
|
(128)
|
|
-0.1%
|
(154)
|
|
26
|
|
16.9%
|
Loss on
foreign currency transactions
|
|
-1.2%
|
(257)
|
|
-1.2%
|
(200)
|
|
(57)
|
|
28.5%
|
|
-1.2%
|
(949)
|
|
-1.2%
|
(896)
|
|
(53)
|
|
-5.9%
|
Royalty
income
|
|
1.7%
|
365
|
|
0.3%
|
55
|
|
310
|
|
563.6%
|
|
1.0%
|
740
|
|
0.5%
|
355
|
|
385
|
|
-108.5%
|
Other income,
net
|
|
-0.2%
|
(43)
|
|
-0.1%
|
(11)
|
|
(32)
|
|
290.9%
|
|
0.0%
|
19
|
|
0.0%
|
26
|
|
(7)
|
|
-26.9%
|
Total other income (expense), net
|
|
0.2%
|
34
|
|
-1.2%
|
(183)
|
|
217
|
|
-118.6%
|
|
-0.3%
|
(268)
|
|
-0.8%
|
(618)
|
|
350
|
|
-56.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision
(benefit) for income taxes
|
|
-0.1%
|
(30)
|
|
-23.7%
|
(3,925)
|
|
3,895
|
|
-99.2%
|
|
-7.3%
|
(5,605)
|
|
-11.5%
|
(8,645)
|
|
3,040
|
|
-35.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
3.9%
|
814
|
|
-8.4%
|
(1,387)
|
|
(2,201)
|
|
158.7%
|
|
1.2%
|
928
|
|
-0.3%
|
(253)
|
|
(1,181)
|
|
466.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
-4.0%
|
$ (844)
|
|
-15.4%
|
$ (2,538)
|
|
$ 1,694
|
|
-66.7%
|
|
-8.5%
|
$ (6,533)
|
|
-11.2%
|
$ (8,392)
|
|
$ 1,859
|
|
-22.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted
|
|
|
$ (0.02)
|
|
|
$ (0.07)
|
|
|
|
|
|
|
$ (0.17)
|
|
|
$ (0.22)
|
|
|
|
|
Weighted average
shares outstanding - basic and diluted
|
|
|
39,763
|
|
|
38,413
|
|
|
|
|
|
|
39,260
|
|
|
38,091
|
|
|
|
|
STAAR Surgical
Company
|
Consolidated
Statements of Cash Flows
|
(in
000's)
|
Unaudited
|
|
|
|
Year
Ended
|
|
|
|
January
1,
|
|
January
2,
|
|
|
|
2016
|
|
2015
|
Cash flows from
operating activities:
|
|
|
|
|
Net
loss
|
|
$ (6,533)
|
|
$ (8,392)
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation of
property and equipment
|
|
2,196
|
|
2,078
|
|
Amortization of
intangibles
|
|
205
|
|
382
|
|
Deferred income
taxes
|
|
473
|
|
(841)
|
|
Stock-based
compensation expense
|
|
3,304
|
|
4,663
|
|
Change in net pension
liability
|
|
190
|
|
194
|
|
Accretion of asset
retirement obligation
|
|
-
|
|
3
|
|
Other
|
|
288
|
|
182
|
Changes
in working capital:
|
|
|
|
|
|
Accounts
receivable
|
|
(4,895)
|
|
(934)
|
|
Inventories
|
|
327
|
|
(3,943)
|
|
Prepayments, deposits
and other current assets
|
|
856
|
|
(1,062)
|
|
Accounts
payable
|
|
14
|
|
972
|
|
Other current
liabilities
|
|
1,413
|
|
(1,253)
|
|
Net cash used in
operating activities
|
|
(2,162)
|
|
(7,951)
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Acquisition of
property and equipment
|
|
(2,043)
|
|
(4,054)
|
|
Net cash used in
investing activities
|
|
(2,043)
|
|
(4,054)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Repayment of capital
lease lines of credit
|
|
(391)
|
|
(490)
|
|
Proceeds from
exercise of stock options
|
|
2,170
|
|
3,022
|
|
Proceeds from
exercise of warrants
|
|
2,800
|
|
-
|
|
Net cash provided by
financing activities
|
|
4,579
|
|
2,532
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
15
|
|
(468)
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents
|
|
389
|
|
(9,941)
|
Cash and cash
equivalents, at beginning of the period
|
|
13,013
|
|
22,954
|
Cash and cash
equivalents, at end of the period
|
|
$ 13,402
|
|
$ 13,013
|
STAAR Surgical
Company
|
Global
Sales
|
(in
000's)
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
January
1,
|
|
January
2,
|
|
%
Change
|
|
|
January
1,
|
|
January
2,
|
|
%
Change
|
Geographic
Sales
|
|
2016
|
|
2015
|
|
Fav
(Unfav)
|
|
|
2016
|
|
2015
|
|
Fav
(Unfav)
|
United
States
|
11.7%
|
$ 2,441
|
14.7%
|
$ 2,441
|
|
0.0%
|
|
14.1%
|
$ 10,904
|
14.8%
|
$ 11,117
|
|
-1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Japan
|
21.4%
|
4,466
|
28.7%
|
4,757
|
|
-6.1%
|
|
22.0%
|
16,982
|
25.5%
|
19,107
|
|
-11.1%
|
China
|
18.1%
|
3,778
|
10.2%
|
1,696
|
|
122.7%
|
|
16.3%
|
12,571
|
12.5%
|
9,370
|
|
34.2%
|
Korea
|
13.2%
|
2,758
|
5.4%
|
891
|
|
209.5%
|
|
10.5%
|
8,061
|
8.8%
|
6,563
|
|
22.8%
|
Spain
|
7.3%
|
1,515
|
7.8%
|
1,292
|
|
17.3%
|
|
7.3%
|
5,617
|
7.4%
|
5,562
|
|
1.0%
|
Other
|
28.3%
|
5,900
|
33.2%
|
5,496
|
|
7.3%
|
|
29.8%
|
22,988
|
31.0%
|
23,268
|
|
-1.2%
|
Total
International Sales
|
88.3%
|
18,417
|
85.3%
|
14,132
|
|
30.3%
|
|
85.9%
|
66,219
|
85.2%
|
63,870
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales
|
100.0%
|
$ 20,858
|
100.0%
|
$ 16,573
|
|
25.9%
|
|
100.0%
|
$ 77,123
|
100.0%
|
$ 74,987
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ICLs
|
67.8%
|
$ 14,148
|
54.3%
|
$ 8,994
|
|
57.3%
|
|
66.8%
|
$ 51,543
|
58.7%
|
$ 44,047
|
|
17.0%
|
IOLs
|
23.5%
|
4,905
|
33.4%
|
5,532
|
|
-11.3%
|
|
25.7%
|
19,857
|
32.5%
|
24,336
|
|
-18.3%
|
Total core
products
|
91.3%
|
19,053
|
87.7%
|
14,526
|
|
31.2%
|
|
92.6%
|
71,400
|
91.2%
|
68,383
|
|
4.4%
|
Non-core
products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
8.7%
|
1,805
|
12.4%
|
2,047
|
|
-12.0%
|
|
7.4%
|
5,723
|
8.8%
|
6,604
|
|
-13.4%
|
Total Sales
|
100.0%
|
$ 20,858
|
100.0%
|
$ 16,573
|
|
25.9%
|
|
100.0%
|
$ 77,123
|
100.0%
|
$ 74,987
|
|
2.8%
|
STAAR Surgical
Company
|
Reconciliation of
Non-GAAP Financial Measure
|
(in
000's)
|
Unaudited
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
January
1,
|
January
2,
|
|
January
1,
|
January
2,
|
|
|
2016
|
2015
|
|
2016
|
2015
|
Net loss - (as
reported)
|
|
$ (844)
|
$ (2,538)
|
|
$ (6,533)
|
$ (8,392)
|
Less:
|
|
|
|
|
|
|
Foreign
currency impact
|
|
257
|
200
|
|
949
|
896
|
Stock-based
compensation expense
|
|
557
|
(73)
|
|
3,304
|
4,663
|
Manufacturing
consolidation expenses
|
|
-
|
-
|
|
-
|
321
|
FDA
panel/remediation expense
|
|
567
|
1,187
|
|
3,933
|
3,291
|
Net income (loss) -
(adjusted)
|
|
$ 537
|
$ (1,224)
|
|
$ 1,653
|
$ 779
|
|
|
|
|
|
|
|
Net income (loss) per
share, basic - (as reported)
|
|
$ (0.02)
|
$ (0.07)
|
|
$ (0.17)
|
$ (0.22)
|
Foreign
currency impact
|
|
0.01
|
0.01
|
|
0.02
|
0.02
|
Stock-based
compensation expense
|
|
0.01
|
(0.00)
|
|
0.08
|
0.12
|
Manufacturing
consolidation expenses
|
|
-
|
-
|
|
-
|
0.01
|
FDA
panel/remediation expense
|
|
0.01
|
0.03
|
|
0.10
|
0.09
|
Net income (loss) per
share, basic - (adjusted)
|
|
$ 0.01
|
$ (0.03)
|
|
$ 0.04
|
$ 0.02
|
|
|
|
|
|
|
|
Net income (loss) per
share, diluted - (as reported)
|
|
$ (0.02)
|
$ (0.07)
|
|
$ (0.16)
|
$ (0.21)
|
Foreign
currency impact
|
|
0.01
|
0.01
|
|
0.02
|
0.02
|
Stock-based
compensation expense
|
|
0.01
|
(0.00)
|
|
0.08
|
0.12
|
Manufacturing
consolidation expenses
|
|
-
|
-
|
|
-
|
0.01
|
FDA
panel/remediation expense
|
|
0.01
|
0.03
|
|
0.10
|
0.08
|
Net income (loss) per
share, diluted - (adjusted)
|
|
$ 0.01
|
$ (0.03)
|
|
$ 0.04
|
$ 0.02
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - Basic
|
|
39,763
|
38,413
|
|
39,260
|
38,091
|
Weighted average
shares outstanding - Diluted
|
|
40,559
|
38,413
|
|
40,451
|
40,220
|
|
|
|
|
|
|
|
Note: Net
income (loss) 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
|
|
GAAP
Sales
|
|
|
|
|
|
|
|
|
|
|
|
January
1,
|
Effect
of
|
Constant
|
|
January
2,
|
|
As
Reported
|
|
Constant
Currency
|
|
2016
|
Currency
|
Currency
|
|
2015
|
|
$
Change
|
%
Change
|
|
$
Change
|
%
Change
|
ICL
|
$ 14,148
|
$ 16
|
$ 14,164
|
|
$ 8,994
|
|
$ 5,154
|
57.3%
|
|
$ 5,170
|
57.5%
|
IOL
|
4,905
|
74
|
4,979
|
|
5,532
|
|
(627)
|
-11.3%
|
|
(553)
|
-10.0%
|
Other
|
1,805
|
64
|
1,869
|
|
2,047
|
|
(242)
|
-11.9%
|
|
(178)
|
-8.7%
|
Total
Sales
|
$ 20,858
|
$ 154
|
$ 21,012
|
|
$ 16,573
|
|
$ 4,285
|
25.9%
|
|
$ 4,439
|
26.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
GAAP
Sales
|
|
|
|
|
|
|
|
|
|
|
|
January
1,
|
Effect
of
|
Constant
|
|
January
2,
|
|
As
Reported
|
|
Constant
Currency
|
|
2016
|
Currency
|
Currency
|
|
2015
|
|
$
Change
|
%
Change
|
|
$
Change
|
%
Change
|
ICL
|
$ 51,543
|
$ 235
|
$ 51,778
|
|
$ 44,047
|
|
$ 7,497
|
17.1%
|
|
$ 7,732
|
17.6%
|
IOL
|
19,857
|
1,590
|
21,447
|
|
24,336
|
|
(4,479)
|
-18.4%
|
|
(2,889)
|
-11.9%
|
Other
|
5,723
|
604
|
6,327
|
|
6,604
|
|
(882)
|
-13.4%
|
|
(278)
|
-4.2%
|
Total
Sales
|
$ 77,123
|
$ 2,429
|
$ 79,552
|
|
$ 74,987
|
|
$ 2,136
|
2.8%
|
|
$ 4,565
|
6.1%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/staar-surgical-reports-fourth-quarter-and-full-year-2015-results-300229808.html
SOURCE STAAR Surgical Company