Staar Surgical Company · NASDAQ:STAA
Staar Surgical — Q2 2024 Earnings Presentation
22 slides from Staar Surgical's earnings presentation, Aug 7, 2024
Slide 1: Second Quarter 2024 Earnings Presentation
NASDAQ: STAA Second Quarter 2024 Earnings Presentation August 7, 2024 Exhibit 99.2
Slide 2: Today's Speakers
2 STAAR Surgical Earnings Webcast Second Quarter 2024 Today’s Speakers Investor Relations PATRICK WILLIAMS TOM FRINZI Chair of the Board, President and CEO Chief Financial Officer +1 626.303.7902 x3023 Brian Moore VP, Investor Relations and Corporate Development Connie Johnson Niko Liu, CFA Director
Slide 3: Forward Looking Statements
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 shar
Slide 4: Non-GAAP Financial Information
Non-GAAP Financial Information To supplement the Company’s financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this presentation and the accompanying tables include certain non-GAAP financial measures, including Adjusted EBITDA. Management uses these
Slide 5: STAAR Surgical + EVO ICL Around the World
STAAR Surgical + EVO ICL Around the World Second Quarter 2024 Earnings Presentation 5
Slide 6: Q2 Results Reflect Continued Market Adoption & Share Gains; Raising Outlook
Enhanced commercial focus and execution against a Vital Few Strategic Priorities is yielding positive results We are committed to enhancing surgeon confidence and practice implementation, growing the category and seizing market share throughout the business cycle. For our surgeon customers globally,
Slide 7: Sales Growth by Region
7 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 do not incl
Slide 8: EVO ICL Is Moving Down the Diopter Curve to Larger Market Opportunities
EVO ICL Is Moving Down the Diopter Curve to Larger Market Opportunities 8 Progress Towards Our Vision: The First Choice for Doctors and Patients Seeking Visual Freedom EVO ICL is Moving Down the Diopter Curve *YTD Fiscal 2024 data through June 28, 2024. -8.7 D Average Spheric ICL Sold 32% of ICLs ≤
Slide 9: Income Statement: Net Sales and Gross Profit
9 Dollars in millions Income Statement Dollars in millions Second Quarter 2024 PATRICK WILLIAMS Chief Financial Officer Q2’24 net sales of $99.0M Net sales increased $6.7M or 7%; ICL sales increased $6.3M Constant Currency net sales of $100.4M increased 9% FX, primarily Japanese Yen, was $1.4M headw
Slide 10: Income Statement: Operating Expenses
10 Income Statement Operating Expenses For 2024, we continue to expect G&A expense to be approximately $24M per quarter For 2024, we continue to expect Selling and Marketing expense will be approximately $30M per quarter For the second half of 2024, we now expect R&D expense to be slightly up at app
Slide 11: Net Income and Adjusted EBITDA
Reflects strategic investments for future growth and margin expansion 11 Net Income driven by sales growth and operating leverage Dollars in millions, except per share amounts GAAP Net Income Adjusted EBITDA Dollars in millions, except per share amounts Income Statement Second Quarter 2024 Per share
Slide 12: We Are Raising Our Outlook for Fiscal 2024 Net Sales and Adjusted EBITDA
12 We Are Raising Our Outlook for Fiscal 2024 Net Sales and Adjusted EBITDA Outlook Net sales ~$87 ~$340 to $345 $500 to $550 ~80% ~80% 81% NA ~$42 ~$90 to $120 NA ~$0.80 $1.73 to $2.30 In millions or as % of sales except per share item Gross Margin Adjusted EBITDA(1) Notes: (1) Per share amounts as
Slide 13: Fiscal 2024 Regional ICL Sales Outlook
13 APAC Fiscal 2024 ICL Growth NEW PRIOR China approx. 10% Growth All Other Countries Flat 7% EMEA AMERICAS U.S. Growth of 25% for Fiscal 2024 6% 15% APAC China approx. 10% Growth All Other Countries Flat 7% EMEA AMERICAS U.S. Growth of $2M in 2H24 will result in +10% for Fiscal 2024 Flat 10% AUGUST
Slide 14: Strong Business Momentum Yielding Cash-Rich Balance Sheet
Strong Business Momentum Yielding Cash-Rich Balance Sheet $235.5M ~ $30M ~ $42M Cash, Cash Equivalents & Investments at June 28, 2024 FY 2024 CapEx Outlook FY 2024 Adjusted EBITDA Outlook 14 No Debt at June 28, 2024
Slide 15: Investor Relations Calendar
Investor Relations Calendar 15 Third Quarter 2024 Piper Sandler West Coast Field Trip William Blair West Coast Field Trip Canaccord Growth Conference Sidoti Small-Cap Virtual Conference Goldman Sachs European MedTech and Healthcare Services Conference
Slide 16: U.S. EVO ICL Practice Pattern Research
U.S. EVO ICL Practice Pattern Research 16 Commissioned Third Party Research / June 2024 TOM FRINZI Chair of the Board, President and CEO STAAR partnered with the American-European Congress of Ophthalmic Surgery (AECOS) and engaged a third party to gather surgeon practice data. Research Goals To unde
Slide 17: STAAR's Initial U.S. Opportunity Over Time
3% Procedure Mix 21,000 Annual Procedures $21 Million Annual Sales 13% Procedure Mix 91,000 Annual Procedures $91 Million Annual Sales 20% Procedure Mix 140,000 Annual Procedures $140 Million Annual Sales STAAR’s Initial U.S. Opportunity Over Time Win U.S. Market Share U.S. EVO @FY24 Sales Outlook B
Slide 18: Innovation and New Initiatives Will Further Accelerate STAAR's Growth
Innovation and New Initiatives Will Further Accelerate STAAR’s Growth 18 Surgeon Experience and Education Driving Clinical Confidence EVO ICL Experience Center U.S. Head-to-Head Study AI-Based Protocols for Measurement and Size Selection Harmonizing Label Indications
Slide 19: STAAR Surgical Investment Case – Five Reasons Why We Win
19 STAAR Surgical Investment Case – Five Reasons Why We Win Product EVO ICL™ is proprietary and differentiated Disruptive to refractive market Patients & Surgeons seeking broader set of solutions EVO ICL preserves future treatment options Building Momentum Driving focus on the customer Identifying a
Slide 20: Q&A
Q&A STAAR SURGICAL SECOND QUARTER 2024 EARNINGS WEBCAST
Slide 21: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures STAAR Surgical 21 Additional 2024 Outlook Details Net Income to Adjusted EBITDA (in 000's except for per share data) Unaudited Provision for Income Tax adjusting to $500k per quarter for balance of the year Depreciation adjusted slightly up to approximat
Slide 22: ICL Sales by Geography
ICL Sales by Geography 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)