MONROVIA, Calif., March 2, 2017 /PRNewswire/ -- STAAR Surgical
Company (NASDAQ: STAA), a leading developer, manufacturer and
marketer of implantable lenses and companion delivery systems for
the eye today reported financial results for the fourth quarter
ended December 30, 2016.
Fourth Quarter 2016 Overview
- Record Quarterly Net Sales of $22.1
Million Up 6% from the Prior Year Quarter
- Record Quarter for ICL Sales Up 11% and Units Up 10% from the
Prior Year Quarter
- IOL Sales Flat and Units Up 5% from the Prior Year Quarter
- Gross Margin Improved to 71.7% of Sales from 70.3% of Sales in
the Prior Year Quarter
- On-Going FDA Remediation Effort Finished the Quarter On-Track
and On-Budget
- Fourth Quarter Breakeven per Share; Adjusted Net Income of
$0.02 per Share
- Cash and Equivalents Ended the Quarter at $14.0 Million.
Full Year 2016 Overview
- Record Full Year Net Sales of $82.4
Million Up 7% from Prior Year
- ICL Sales Up 15% and Units Up 11% vs. Prior Year
- IOL Sales Down 1% and Units Down 6% vs. Prior Year
- Gross Margin Improved to 70.8% of Sales from 68.4% of Sales in
the Prior Year
- On-Going FDA Remediation Effort for the Year On-Track and
On-Budget
- Full Year Net Loss of $0.30 per
Share; Adjusted Net Loss of $0.04 per
Share.
"We delivered solid fourth quarter performance that included
record quarterly sales for STAAR, record quarterly ICL sales
and units and gross margin improvement of 1.4 points as compared to
prior year fourth quarter," said Caren
Mason, President and CEO. "The 2016 investments in the
clinical, quality, regulatory, research and development, marketing
and operations headcount and programs resulted in appreciable
progress toward the achievement of three year transformational
goals targeted for completion in 2017. Significantly, we
ended the year having completed remediation and quality system
internal commitments due in 2016 in response to past FDA
observations. We expect that in 2017, we will complete this
work and remediation expense should be reduced while the upgrade
and increase in number of dedicated quality personnel, new quality
management software system implementation and continual process
management and improvements will remain as an integral base
business expense. As we enter the third year of our
three-year transformation, we again expect double digit ICL unit
growth and expanding gross margins as compared with full-year
2016. We will continue to increase our investments in
clinical affairs, corporate infrastructure, sales and marketing and
research and development. Total operating expenses may trend
higher in 2017 as we achieve the base business spending level to
fortify the business and prepare for growth. Also of note,
our first-in-man clinical trial for the next generation ICL with
EDOF continued in the fourth quarter and the results continue to be
positive. Our goal is to introduce this upgraded lens in 2017,"
added Ms. Mason.
Financial Overview
Net sales were $22.1 million for
the fourth quarter of 2016, up 6% compared to $20.9 million reported in the prior year quarter.
The sales increase was driven by ICL revenue and unit growth of 11%
and 10%, respectively. Sales of injector parts grew by 2%
with IOL revenue flat compared to the prior year quarter. For the
full year, ICL revenue and units increased 15% and 11%,
respectively.
For the fourth quarter of 2016, gross profit margin was 71.7%
compared to the prior year period of 70.3%. An increased mix
of higher margin ICL units and lower inventory reserves drove the
margin improvement of 1.4 points.
Operating expenses for the quarter decreased $0.1 million to $14.6
million compared to the prior year quarter. General
and administrative expense was $3.9
million, $1.0 million lower
than the prior year quarter primarily due to lower compensation
costs. Marketing and selling expense was $6.4 million, $0.6
million higher than the prior year quarter primarily due to
international selling and promotional costs. Research and
development expense was $4.3 million,
$0.3 million higher than the prior
year quarter due to investments in project-related spending and
quality system improvements, partially offset by lower clinical and
FDA remediation expenses. Remediation expense for the quarter
was on budget.
The net loss for the fourth quarter of 2016 was $0.2 million or approximately breakeven per share
compared with a net loss of $0.8
million or $0.02 per share for
the prior year quarter.
The adjusted net income for the fourth quarter of 2016 was
$0.8 million or $0.02 per diluted share, compared with an
adjusted net income of $0.5 million
or $0.01 per diluted share for the
prior year quarter. The reconciliation between GAAP and
non-GAAP financial information is provided in the financial tables
included with this release.
Cash and cash equivalents at December 30,
2016 totaled $14.0 million,
compared to $13.4 million at the end
of the fourth quarter of 2015 and $14.3
million at the end of the third quarter of 2016.
Continued focus on optimizing the Company's cash position through
revenue growth, expense mitigation, working capital management, and
equipment leasing generated an increase in cash of $0.7 million, offset by the effect of exchange
rate changes on cash and cash equivalents of $1.0 million. The Company generated
$1.0 million in cash from operating
activities during the year.
Conference Call
The Company will host a conference call and webcast on
Thursday, March 2, 2017 at
4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial
results and operational progress. To access the conference
call (Conference ID 73119606), 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 (Conference ID 73119606)
will 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.
"Adjusted Net Income (or Loss)" excludes the following items
that are included in "Net Income (or Loss)" as calculated in
accordance with U.S. generally accepted accounting principles
("GAAP"): gain or loss on foreign currency transactions,
stock-based compensation expenses, and quality remediation
expenses.
Management believes that "Adjusted Net Income (or Loss)" and
"Adjusted Net Income (or Loss) Per Share are useful to investors in
gauging the outcome of the key drivers of the business
performance: the ability to increase sales revenue and our
ability to increase profit margin by improving the mix of high
value products while reducing the costs over which management has
control.
Management has excluded quality remediation expenses because
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.
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 670,000 Visian ICLs have been implanted
to date. To learn more about the ICL go to:
www.discovericl.com. STAAR has approximately 336 full-time
equivalent 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,
including those relating to the plans, strategies, and objectives
of management for future operations or prospects for achieving such
plans, expectations for sales, marketing and clinical initiatives,
remediation or other expense, success and timing of new or improved
products, investment imperatives, 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
December 30, 2016 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: 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, now known as EVO Visian ICL, are not yet approved for
sale in the United States.
CONTACT:
|
Investors &
Media
|
|
EVC Group
|
|
Brian Moore,
310-579-6199
|
|
Doug Sherk,
415-652-9100
|
STAAR Surgical
Company
|
Consolidated
Balance Sheets
|
(in
000's)
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
December
30,
|
|
January
1,
|
ASSETS
|
|
2016
|
|
2016
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
13,999
|
|
$
13,402
|
Accounts receivable
trade, net
|
|
16,344
|
|
15,675
|
Inventories,
net
|
|
14,825
|
|
15,921
|
Prepayments,
deposits, and other current assets
|
|
4,349
|
|
3,636
|
Deferred income
taxes
|
|
391
|
|
439
|
Total
current assets
|
|
49,908
|
|
49,073
|
Property, plant, and
equipment, net
|
|
11,790
|
|
10,095
|
Intangible assets,
net
|
|
473
|
|
666
|
Goodwill
|
|
1,786
|
|
1,786
|
Deferred income
taxes
|
|
714
|
|
717
|
Other
assets
|
|
772
|
|
617
|
Total
assets
|
|
$
65,443
|
|
$
62,954
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Line of
credit
|
|
$
4,283
|
|
$
4,159
|
Accounts
payable
|
|
8,311
|
|
6,691
|
Deferred income
taxes
|
|
-
|
|
370
|
Obligations under
capital leases
|
|
1,198
|
|
362
|
Other current
liabilities
|
|
7,275
|
|
6,305
|
Total
current liabilities
|
|
21,067
|
|
17,887
|
Obligations under
capital leases
|
|
1,339
|
|
204
|
Deferred income
taxes
|
|
881
|
|
1,888
|
Asset retirement
obligations
|
|
195
|
|
156
|
Deferred
rent
|
|
59
|
|
87
|
Pension
liability
|
|
3,997
|
|
3,886
|
Total
liabilities
|
|
27,538
|
|
24,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
|
407
|
|
399
|
Additional paid-in
capital
|
|
197,657
|
|
187,007
|
Accumulated other
comprehensive loss
|
|
(1,050)
|
|
(1,580)
|
Accumulated
deficit
|
|
(159,109)
|
|
(146,980)
|
Total
stockholders' equity
|
|
37,905
|
|
38,846
|
Total
liabilities and stockholders' equity
|
|
$
65,443
|
|
$
62,954
|
STAAR Surgical
Company
|
Consolidated
Statements of Operations
|
(In 000's except
for per share data)
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
%
of
|
December
30,
|
|
%
of
|
January
1,
|
|
Fav
(Unfav)
|
|
%
of
|
December
30,
|
|
%
of
|
January
1,
|
|
Fav
(Unfav)
|
|
|
Sales
|
2016
|
|
Sales
|
2016
|
|
Amount
|
|
%
|
|
Sales
|
2016
|
|
Sales
|
2016
|
|
Amount
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
100.0%
|
$
22,137
|
|
100.0%
|
$
20,858
|
|
$
1,279
|
|
6.1%
|
|
100.0%
|
$
82,432
|
|
100.0%
|
$
77,123
|
|
$
5,309
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
28.3%
|
6,260
|
|
29.7%
|
6,194
|
|
(66)
|
|
-1.1%
|
|
29.2%
|
24,063
|
|
31.6%
|
24,400
|
|
337
|
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
71.7%
|
15,877
|
|
70.3%
|
14,664
|
|
1,213
|
|
8.3%
|
|
70.8%
|
58,369
|
|
68.4%
|
52,723
|
|
5,646
|
|
10.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
17.5%
|
3,874
|
|
23.3%
|
4,856
|
|
982
|
|
20.2%
|
|
27.0%
|
22,252
|
|
25.4%
|
19,604
|
|
(2,648)
|
|
-13.5%
|
Marketing and
selling
|
|
29.2%
|
6,472
|
|
28.3%
|
5,911
|
|
(561)
|
|
-9.5%
|
|
34.5%
|
28,478
|
|
30.7%
|
23,695
|
|
(4,783)
|
|
-20.2%
|
Research and
development
|
|
19.3%
|
4,275
|
|
19.0%
|
3,961
|
|
(314)
|
|
-7.9%
|
|
24.6%
|
20,294
|
|
19.1%
|
14,761
|
|
(5,533)
|
|
-37.5%
|
Total selling, general, and administrative expenses
|
|
66.0%
|
14,621
|
|
70.6%
|
14,728
|
|
107
|
|
0.7%
|
|
86.2%
|
71,024
|
|
75.3%
|
58,060
|
|
(12,964)
|
|
-22.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
5.7%
|
1,256
|
|
-0.3%
|
(64)
|
|
1,320
|
|
—
|
|
-15.4%
|
(12,655)
|
|
-6.9%
|
(5,337)
|
|
(7,318)
|
|
-137.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
0.0%
|
3
|
|
0.0%
|
0
|
|
3
|
|
—
|
|
0.0%
|
3
|
|
0.1%
|
50
|
|
(47)
|
|
-94.0%
|
Interest
expense
|
|
-0.1%
|
(29)
|
|
-0.1%
|
(31)
|
|
2
|
|
6.5%
|
|
-0.1%
|
(115)
|
|
-0.2%
|
(128)
|
|
13
|
|
10.2%
|
Loss on
foreign currency transactions
|
|
-0.7%
|
(160)
|
|
-1.2%
|
(257)
|
|
97
|
|
37.7%
|
|
-0.2%
|
(147)
|
|
-1.2%
|
(949)
|
|
802
|
|
-84.5%
|
Royalty
income
|
|
0.5%
|
111
|
|
1.7%
|
365
|
|
(254)
|
|
69.6%
|
|
0.7%
|
618
|
|
1.0%
|
740
|
|
(122)
|
|
-16.5%
|
Other income
(expense), net
|
|
0.0%
|
2
|
|
-0.2%
|
(43)
|
|
45
|
|
—
|
|
-0.2%
|
(148)
|
|
0.0%
|
19
|
|
(167)
|
|
—
|
Total other income (expense), net
|
|
-0.3%
|
(73)
|
|
0.2%
|
34
|
|
(107)
|
|
—
|
|
0.3%
|
211
|
|
-0.3%
|
(268)
|
|
479
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision
(benefit) for income taxes
|
|
5.4%
|
1,183
|
|
-0.1%
|
(30)
|
|
1,213
|
|
—
|
|
-15.1%
|
(12,444)
|
|
-7.3%
|
(5,605)
|
|
(6,839)
|
|
-122.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
6.1%
|
1,349
|
|
3.9%
|
814
|
|
(535)
|
|
65.7%
|
|
-0.4%
|
(315)
|
|
1.2%
|
928
|
|
1,243
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
-0.7%
|
$
(166)
|
|
-4.0%
|
$
(844)
|
|
$
678
|
|
80.3%
|
|
-14.7%
|
$
(12,129)
|
|
-8.5%
|
$
(6,533)
|
|
$
(5,596)
|
|
-85.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted
|
|
|
$
(0.00)
|
|
|
$
(0.02)
|
|
|
|
|
|
|
$
(0.30)
|
|
|
$
(0.17)
|
|
|
|
|
Weighted average
shares outstanding - basic and diluted
|
|
|
40,635
|
|
|
39,763
|
|
|
|
|
|
|
40,329
|
|
|
39,260
|
|
|
|
|
STAAR Surgical
Company
|
Consolidated
Statements of Cash Flows
|
(in
000's)
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
30,
|
|
January
1,
|
|
December
30,
|
|
January
1,
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
(166)
|
|
$
(844)
|
|
$
(12,129)
|
|
$
(6,533)
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation of
property and equipment
|
|
731
|
|
633
|
|
2,664
|
|
2,196
|
|
Amortization of
intangibles
|
|
57
|
|
51
|
|
228
|
|
205
|
|
Deferred income
taxes
|
|
442
|
|
622
|
|
(1,364)
|
|
473
|
|
Change in net pension
liability
|
|
101
|
|
54
|
|
491
|
|
190
|
|
Loss on disposal of
property and equipment
|
|
157
|
|
-
|
|
222
|
|
-
|
|
Stock-based
compensation expense
|
|
415
|
|
557
|
|
8,558
|
|
3,304
|
|
Provision for sales
returns and bad debts
|
|
106
|
|
14
|
|
205
|
|
345
|
Changes
in working capital:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(2,478)
|
|
(2,918)
|
|
(771)
|
|
(4,952)
|
|
Inventories,
net
|
|
222
|
|
(1,170)
|
|
1,823
|
|
327
|
|
Prepayments, deposits
and other current assets
|
|
267
|
|
125
|
|
(851)
|
|
856
|
|
Accounts
payable
|
|
412
|
|
1,005
|
|
1,007
|
|
14
|
|
Other current
liabilities
|
|
(138)
|
|
26
|
|
966
|
|
1,413
|
|
Net cash provided by
(used in) operating activities
|
|
128
|
|
(1,845)
|
|
1,049
|
|
(2,162)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Acquisition of
property and equipment
|
|
(496)
|
|
(762)
|
|
(3,205)
|
|
(2,045)
|
|
Cash proceeds from
sale of property, plant, and equipment
|
|
-
|
|
-
|
|
-
|
|
2
|
|
Net cash used in
investing activities
|
|
(496)
|
|
(762)
|
|
(3,205)
|
|
(2,043)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from
sale-leaseback transactions
|
|
392
|
|
-
|
|
1,546
|
|
-
|
|
Repayment of capital
lease lines of credit
|
|
(122)
|
|
(85)
|
|
(424)
|
|
(391)
|
|
Repurchase of
employee common stock for taxes withheld
|
|
-
|
|
-
|
|
(611)
|
|
-
|
|
Proceeds from the
exercise of stock options
|
|
786
|
|
21
|
|
2,438
|
|
2,168
|
|
Proceeds from vested
restricted stock
|
|
4
|
|
-
|
|
4
|
|
2
|
|
Proceed from the
exercise of warrants
|
|
-
|
|
-
|
|
-
|
|
2,800
|
|
Net cash provided by
financing activities
|
|
1,060
|
|
(64)
|
|
2,953
|
|
4,579
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(977)
|
|
(8)
|
|
(200)
|
|
15
|
|
|
|
|
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
|
(285)
|
|
(2,679)
|
|
597
|
|
389
|
Cash and cash
equivalents, at beginning of the period
|
|
14,284
|
|
16,081
|
|
13,402
|
|
13,013
|
Cash and cash
equivalents, at end of the period
|
|
$
13,999
|
|
$
13,402
|
|
$
13,999
|
|
$
13,402
|
STAAR Surgical
Company
|
Global
Sales
|
(in
000's)
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
30,
|
|
January
1,
|
|
%
Change
|
|
|
December
30,
|
|
January
1,
|
|
%
Change
|
Sales by
Region
|
|
2016
|
|
2016
|
|
Fav
(Unfav)
|
|
|
2016
|
|
2016
|
|
Fav
(Unfav)
|
North
America
|
12.7%
|
$
2,810
|
12.3%
|
$
2,564
|
|
9.6%
|
|
12.8%
|
$
10,536
|
14.9%
|
$
11,519
|
|
-8.5%
|
Europe, Middle East,
Africa, Latin America
|
31.3%
|
6,927
|
29.1%
|
6,073
|
|
14.1%
|
|
31.2%
|
25,691
|
29.6%
|
22,846
|
|
12.5%
|
Asia
Pacific
|
56.0%
|
12,400
|
58.6%
|
12,221
|
|
1.5%
|
|
56.1%
|
46,205
|
55.4%
|
42,758
|
|
8.1%
|
Total Sales
|
100.0%
|
$
22,137
|
100.0%
|
$
20,858
|
|
6.1%
|
|
100.0%
|
$
82,432
|
100.0%
|
$
77,123
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ICLs
|
71.0%
|
$
15,722
|
67.8%
|
$
14,148
|
|
11.1%
|
|
71.7%
|
$
59,111
|
66.8%
|
$
51,543
|
|
14.7%
|
IOLs
|
22.2%
|
4,923
|
23.5%
|
4,905
|
|
0.4%
|
|
23.9%
|
19,706
|
25.7%
|
19,857
|
|
-0.8%
|
Other
|
6.7%
|
1,492
|
8.8%
|
1,805
|
|
-17.3%
|
|
4.4%
|
3,615
|
7.4%
|
5,723
|
|
-36.8%
|
Total Sales
|
100.0%
|
$
22,137
|
100.0%
|
$
20,858
|
|
6.1%
|
|
100.0%
|
$
82,432
|
100.0%
|
$
77,123
|
|
6.9%
|
STAAR Surgical
Company
|
Reconciliation of
Non-GAAP Financial Measure
|
(in
000's)
|
|
|
|
|
|
|
Unaudited
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
30,
|
January
1,
|
|
December
30,
|
January
1,
|
|
|
2016
|
2016
|
|
2016
|
2016
|
Net loss - (as
reported)
|
|
$
(166)
|
$
(844)
|
|
$
(12,129)
|
$
(6,533)
|
Less:
|
|
|
|
|
|
|
Foreign
currency impact
|
|
160
|
257
|
|
147
|
949
|
Stock-based
compensation expense
|
|
415
|
557
|
|
8,558
|
3,304
|
FDA
panel/remediation expense
|
|
381
|
567
|
|
1,865
|
3,933
|
Net income (loss) -
(adjusted)
|
|
$
790
|
$
537
|
|
$
(1,559)
|
$
1,653
|
|
|
|
|
|
|
|
Net income (loss) per
share, basic - (as reported)
|
|
$
(0.00)
|
$
(0.02)
|
|
$
(0.30)
|
$
(0.17)
|
Foreign
currency impact
|
|
0.00
|
0.01
|
|
0.00
|
0.02
|
Stock-based
compensation expense
|
|
0.01
|
0.01
|
|
0.21
|
0.08
|
FDA
panel/remediation expense
|
|
0.01
|
0.01
|
|
0.05
|
0.10
|
Net income (loss) per
share, basic - (adjusted)
|
|
$
0.02
|
$
0.01
|
|
$
(0.04)
|
$
0.04
|
|
|
|
|
|
|
|
Net income (loss) per
share, diluted - (as reported)
|
|
$
(0.00)
|
$
(0.02)
|
|
$
(0.30)
|
$
(0.16)
|
Foreign
currency impact
|
|
0.00
|
0.01
|
|
0.00
|
0.02
|
Stock-based
compensation expense
|
|
0.01
|
0.01
|
|
0.21
|
0.08
|
FDA
panel/remediation expense
|
|
0.01
|
0.01
|
|
0.05
|
0.10
|
Net income (loss) per
share, diluted - (adjusted)
|
|
$
0.02
|
$
0.01
|
|
$
(0.04)
|
$
0.04
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - Basic
|
|
40,635
|
39,763
|
|
40,329
|
39,260
|
Weighted average
shares outstanding - Diluted
|
|
41,524
|
40,559
|
|
40,329
|
40,451
|
|
Note: Net
income (loss) per share (adjusted), basic and diluted, may not add
due to rounding
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/staar-surgical-reports-fourth-quarter-2016-results-300417274.html
SOURCE STAAR Surgical Company