Staar Surgical Company · NASDAQ:STAA
Staar Surgical — Q3 2012 Earnings Presentation
21 slides from Staar Surgical's earnings presentation, Nov 1, 2012
Slide 1: Q3 2012 Results Investor Presentation
Q3 2012 RESULTS Q3 2012 RESULTS Investor Presentation Investor Presentation October 31, 2012 October 31, 2012
Slide 2: Safe Harbor
SAFE HARBOR SAFE HARBOR All statements in this presentation that are not statements of historical fact are forward-looking statements, including any projections of earnings, revenue, sales, profit margins, expenses, cash or other financial items, any statements of the plans, strategies, and objectiv
Slide 3: Agenda
AGENDA AGENDA Q3 Revenue Q3 Revenue Results Results Barry G. Caldwell Barry G. Caldwell 2012 Key Metric Review 2012 Key Metric Review Chief Executive Officer Chief Executive Officer Financial Review Financial Review Deborah Andrews Deborah Andrews Project Comet Update Project Comet Update Chief Fina
Slide 4: 2012 Q3 Revenues Comparison to Q3 2011
2012 Q3 REVENUES 2012 Q3 REVENUES COMPARISON TO Q3 2011 ($000 COMPARISON TO Q3 2011 ($000 ’ ’ S) S) Q3 2012 Q3 2012 Q3 2011 Q3 2011 Improvement Improvement ICL Sales ICL Sales $ 9,111 $ 9,111 $ 7,902 $ 7,902 +$1,209/+15% +$1,209/+15% IOL Sales IOL Sales $ 6,052 $ 6,052 $ 6,571 $ 6,571 ($518)/ ($518)
Slide 5: Visian ICL Revenue Gains Record Quarter
VISIAN ICL REVENUE GAINS VISIAN ICL REVENUE GAINS RECORD VISIAN ICL QUARTER RECORD VISIAN ICL QUARTER Milli Milli ons $ ons $ ®
Slide 6: Targeted ICL Market Results
TARGETED ICL MARKET RESULTS TARGETED ICL MARKET RESULTS Q3 RESULTS 2010 Q3 RESULTS 2010 - - 12 12 ® Overall growth of 17% in targeted markets. Overall growth of 17% in targeted markets. - - 15% 15% +52% +52% +11% +11% +56% +56% +72% +72% +24% +24% - - 7% 7% +4% +4% - - 8% 8% +64% +64% +17% +17%
Slide 7: China ICL YOY Revenue Growth Rate
CHINA ICL YOY REVENUE GROWTH RATE CHINA ICL YOY REVENUE GROWTH RATE 2010 2010 2011 2011 2012 2012 ®
Slide 8: Targeted ICL Market Results
TARGETED ICL MARKET RESULTS TARGETED ICL MARKET RESULTS Q3 RESULTS 2010 Q3 RESULTS 2010 - - 12 12 ® Overall growth of 17% in targeted markets. Overall growth of 17% in targeted markets. - - 15% 15% +52% +52% +11% +11% +56% +56% +72% +72% +24% +24% - - 7% 7% +4% +4% - - 8% 8% +64% +64% +17% +17%
Slide 9: IOL revenues declined by 8% during the quarter
IOL revenues declined by 8% during the quarter. IOL revenues declined by 8% during the quarter. As you can see pretty much across each key market. As you can see pretty much across each key market. Competitive public disclosures seems to indicate procedure Competitive public disclosures seems to ind
Slide 10: 2012 Second Half Key Metric Report Card
2012 SECOND HALF KEY METRIC 2012 SECOND HALF KEY METRIC REPORT CARD REPORT CARD ®
Slide 11: Financial Review
Deborah Andrews Deborah Andrews Chief Financial Officer Chief Financial Officer FINANCIAL REVIEW FINANCIAL REVIEW MANUFACTURING CONSOLIDATION UPDATE MANUFACTURING CONSOLIDATION UPDATE ®
Slide 12: 2012 Q3 GAAP Results
2012 Q3 GAAP RESULTS 2012 Q3 GAAP RESULTS COMPARISON TO Q3 2011 ($000 COMPARISON TO Q3 2011 ($000 ’ ’ S) S) Q3 2012 Q3 2012 Q3 2011 Q3 2011 Improvement Improvement Revenue Revenue $15,866 $15,866 $15,266 $15,266 +$600/+4% +$600/+4% Gross Profit Dollars Gross Profit Dollars $11,176 $11,176 $ 10,450 $
Slide 13: Expanding Gross Margins with ICL Product Mix Gains
EXPANDING GROSS MARGINS EXPANDING GROSS MARGINS WITH ICL PRODUCT MIX GAINS WITH ICL PRODUCT MIX GAINS Gross margins have expanded from 49.0% to 70.4%. Gross margins have expanded from 49.0% to 70.4%. Q3 Mix: ICLs at 57.4% and IOLs at 38.1%. Q3 Mix: ICLs at 57.4% and IOLs at 38.1%. ®
Slide 14: Q3 Reconciliation of Non-GAAP Measure
Q3 RECONCILIATION OF NON Q3 RECONCILIATION OF NON - - GAAP MEASURE GAAP MEASURE Measure Measure Q3 2012 Q3 2012 Q3 2011 Q3 2011 GAAP net income (loss) GAAP net income (loss) ($ 90) ($ 90) $ 77 $ 77 Mfg. consolidation expenses Mfg. consolidation expenses $ 728 $ 728 $ 137 $ 137 Foreign currency impac
Slide 15: The Cash Story: Record Nearly $20M in Cash
“ “ THE THE CASH STORY CASH STORY ” ” RECORD NEARLY $20M IN CASH RECORD NEARLY $20M IN CASH Q3 2012 Q3 2012 Q3 2011 Q3 2011 Net income (loss) Net income (loss) ($ 90) ($ 90) $ 77 $ 77 Non Non - - cash cash $ 1,446 $ 1,446 $ 1,320 $ 1,320 Working capital Working capital $ 1,124 $ 1,124 $ 1,102 $ 1,10
Slide 16: Manufacturing Consolidation Update
MANUFACTURING CONSOLIDATION MANUFACTURING CONSOLIDATION UPDATE UPDATE Expenses for the quarter were $728k, $2.0M YTD. Expenses for the quarter were $728k, $2.0M YTD. Moved forward some expenses originally in 2013 plan. Moved forward some expenses originally in 2013 plan. Total expense for the year a
Slide 17: Other Key Operational Updates
Barry G. Caldwell Barry G. Caldwell Chief Executive Officer Chief Executive Officer OTHER KEY OPERATIONAL UPDATES OTHER KEY OPERATIONAL UPDATES ®
Slide 18: New Product Development Updates
NEW PRODUCT DEVELOPMENT UPDATES NEW PRODUCT DEVELOPMENT UPDATES Good progress on Visian V5 Good progress on Visian V5 Pre Pre - - loaded delivery system loaded delivery system Aspheric optics Aspheric optics New concepts for Visian V6 New concepts for Visian V6 More forgiving optics to enhance sizin
Slide 19: ESCRS Updates: Presentations on Phakic IOL Technology
ESCRS UPDATES ESCRS UPDATES PRESENTATIONS ON PHAKIC IOL TECHNOLOGY PRESENTATIONS ON PHAKIC IOL TECHNOLOGY ICL ICL CentraFLOW CentraFLOW Technology Technology * * from clinical from clinical presentations presentations Enhances vault values Enhances vault values - - Dr. Alfonso from Spain Dr. Alfonso
Slide 20: Organizational Updates
ORGANIZATIONAL UPDATES ORGANIZATIONAL UPDATES Hired 14 new sales and marketing personnel Hired 14 new sales and marketing personnel Plan to hire 3 additional before year Plan to hire 3 additional before year - - end end New Business Development position New Business Development position Allows a foc
Slide 21: Thank You! Your Questions Please
THANK YOU! THANK YOU! YOUR QUESTIONS PLEASE YOUR QUESTIONS PLEASE ®