Staar Surgical Company · NASDAQ:STAA
Staar Surgical — FY2024 Earnings Presentation
19 slides from Staar Surgical's earnings presentation, Feb 11, 2025
Slide 1: Fourth Quarter and Fiscal 2024 Earnings Presentation
Fourth Quarter and Fiscal 2024 Earnings Presentation February 11, 2025 NASDAQ: STAA
Slide 2: STAAR Surgical Earnings Call and Webcast
Fourth Quarter and Fiscal 2024 STAAR Surgical Earnings Call and Webcast Today’s Speakers Investor Relations http://investors.staar.com Brian Moore VP, Investor Relations and Corporate Development Connie Johnson Director, Investor Relations and High-Performance Management Niko Liu, CFA Director, Inve
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A o
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
FOURTH QUARTER AND FISCAL 2024 EARNINGS PRESENTATION STAAR Surgical + EVO ICL Around the World
Slide 6: Fiscal 2024 Results Reflect Ongoing EVO ICL Adoption
STAAR / Fiscal 2024 Results Reflect Ongoing EVO ICL Adoption Overshadowed by Heavy Exposure to China Macroeconomic Conditions Enhanced commercial focus and investments are driving EVO ICL adoption despite a challenging macroeconomic and geopolitical backdrop for our cash-pay vision correction techno
Slide 7: China / Negative Retail Sales Stemming from Weak Consumer Confidence
Macroeconomic Headwinds for Consumer Discretionary Spending China / Negative Retail Sales Stemming from Weak Consumer Confidence China Retail Sales Growth Y/Y September 24, 2024 October 30, 2024 Government STAAR 3Q24 Earnings Stimulus Announced Call and Webcast 15.0% National Shanghai Beijing 10.0%
Slide 8: China ICL Sales Deteriorated Following October 30th Q3'24 Earnings Report
Fourth Quarter and Fiscal 2024 China ICL Sales / Deteriorated Following October 30th Q3’24 Earnings Report ($ MILLIONS) UNAUDITED Our Experience Shows China Can Rebound Quickly China $185.4 Q4’24 Growth Y/Y FY24 Growth Y/Y $161.0 • We saw rapid increases in ICL sell-through in China in 2021 followin
Slide 9: ICL Sales Ex. China / Growth Is Outpacing Refractive Markets
Fourth Quarter and Fiscal 2024 ICL Sales Ex. China / Growth Is Outpacing Refractive Markets ($ MILLIONS) UNAUDITED Q4’24 Growth Y/Y FY24 Growth Y/Y Americas $25.7 $22.2 U.S. ICL sales up 22% in Q4’24 and 19% in FY24, significantly outpaced refractive market $5.3 $6.2 $6.4 +22% +15% Signed 13 total “
Slide 10: ICL Sales Mix Is Heavily Indexed to China
STAAR / ICL Sales Mix Is Heavily Indexed to China Our global ICL sales mix is the outcome of paced investments based on market opportunity. EVO ICL Wins Market Share Where We Invest $312.5M ICL Sales | Fiscal 2024 CHINA 52% $161.0M vs. 58% in 2023 APAC Ex. CHINA 26% $82.6M vs. 23% in 2023 EMEA 14% $
Slide 11: ICL Sales Outlook for Fiscal 2025
STAAR / ICL Sales Outlook for Fiscal 2025 ICL Sales Ex. China China ICL Sales Real Estate Values Retail Sales Employment Consumer Discretionary Levels Confidence Spending Government Policies, e.g., Fiscal Stimulus, Tariffs Introducing Fiscal 2025 Introducing Fiscal 2025 ICL Sales Ex. China China ICL
Slide 12: Net Sales and GAAP Net Income (Loss)
Income Statement STAAR / Net Sales and GAAP Net Income (Loss) Net Sales Dollars in millions $322.4 $313.9 FY24 net sales of $313.9M Decrease in net sales driven largely by a significant decline in China ICL sales in Q4’24 FY24 Constant Currency net sales of $316.7M Q4’24 net sales of $49.0M Q4’24 Co
Slide 13: Gross Profit and Outlook for Fiscal 2025
STAAR / Gross Profit and Outlook for Fiscal 2025 Gross Profit Dollars in millions FY24 Gross profit of $239.6M or Gross profit for Q/Q, and Y/Y negatively impacted by: $252.7 $239.6 76.3% of net sales • Recognition of cost of sales associated with ICLs FY24 Gross profit margin shipped into China in
Slide 14: Operating Expenses and Outlook for Fiscal 2025
STAAR / Operating Expenses and Outlook for Fiscal 2025 STAAR has made significant investments globally in human capital, manufacturing capacity expansion and technology infrastructure to bring our EVO ICL procedure to the market. Q4 2024 OpEx Fiscal 2024 OpEx Fiscal 2025 OpEx Outlook $21.3M $89.9M F
Slide 15: Adjusted EBITDA and Balance Sheet Outlook for Fiscal 2025
STAAR / Adjusted EBITDA1 and Balance Sheet Outlook for Fiscal 2025 Adjusted EBITDA Introducing Fiscal 2025 Introducing Fiscal 2025 $230.5M Cash, Cash Equivalents Adjusted EBITDA Adjusted EBITDA & Investments as of Outlook Outlook December 27, 2024 NO DEBT 1H25 2H25 Approximately $(30) million Approx
Slide 16: Big Market. Great Product. Focused Path Forward
STAAR / Big Market. Great Product. Focused Path Forward Myopia Is Not Going Away Financial Strength Our strong balance sheet was built over years to provide TOM FRINZI By 2050, 50% of the World’s Population Will Have Myopia.1 resiliency during these times of EVO ICL continues to lead in the lens-bas
Slide 17: Q&A
Q&A STAAR SURGICAL FOURTH QUARTER AND FISCAL 2024 EARNINGS WEBCAST 17
Slide 18: ICL Sales by Geography
STAAR Surgical (IN 000’S) UNAUDITED ICL Sales by Geography FISCAL YEAR THREE MONTHS ENDED ICL Sales by Region(5) 2022 2023 2024 Dec 29, 2023 Mar 29, 2024 Jun 28, 2024 Sep 27, 2024 Dec 27, 2024 Americas(1) $20,114 $22,233 $25,670 $5,264 $6,260 $6,794 $6,187 $6,429 EMEA(2) $36,715 $39,318 $43,337 $10,
Slide 19: Reconciliation of Non-GAAP Financial Measures
STAAR Surgical (IN 000’S) UNAUDITED Reconciliation of Non-GAAP Financial Measures Net Income (Loss) to Adjusted EBITDA (in 000's except for per share) Additional FY25 Outlook Details data) Q1-23 Q2-23 Q3-23 Q4-23 2023 Q1-24 Q2-24 Q3-24 Q4-24 2024 2025 Outlook(2) Net income (loss) (as reported) $2,71
STAAR Surgical Company — FY2024 Earnings Presentation on 6ix