Form 8-K STAAR SURGICAL CO For: Oct 28

 

 

UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported):		October 28, 2015

 

STAAR Surgical Company
__________________________________________

 

(Exact name of registrant as specified in its charter)

 

Delaware	0-11634	95-3797439
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
1911 Walker Ave, Monrovia, California		91016
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code:		626-303-7902

 

Not Applicable

 

______________________________________________

 

Former name or former address, if changed since last report

 

  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On October 28, 2015, STAAR Surgical Company (the “Company”) published a press release reporting its financial results for the quarter ended October 2, 2015, a copy of which is furnished as Exhibit 99.1 to this report and is incorporated herein by this reference.

 

This information and the information contained in the press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report, and Exhibit 99.1 are not incorporated by reference into any filings of STAAR made under the Securities Act of 1933, as amended, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing unless specifically stated so therein.

 

Item 9.01 Financial Statements and Exhibits

 

Exhibit No.	Description
99.1	Press release of the Company dated October 28, 2015

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

STAAR Surgical Company
October 28, 2015	By:	/s/ Caren Mason
		Caren Mason
		President and Chief Executive Officer

 

 

 

 

 

Exhibit 99.1

 

 

 

STAAR Surgical Reports Third Quarter 2015 Results

  

MONROVIA, CA, October 28, 2015---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 third quarter ended October 2, 2015.

 

Third Quarter Overview

 

·

Net Sales of $18.8 Million Up 3% from the Prior Year Quarter and Up 7% on a Constant Currency Basis

·

Worldwide ICL Revenue and Units Up 21% with Strong Performance by Market:

o

Europe Middle East Africa (EMEA) ICL Revenue Up 25% and Units Up 37%

o

Asia Pacific (APAC) ICL Revenue Up 21% and Units Up 13%

o

North America (NA) ICL Revenue Up 14% and Units Up 10%

·

Worldwide IOL Revenue Down 24% and Units Down 18%

·

Gross Margin Improved 3 points from 65.3% to 68.3% Despite Currency Challenges

·

FDA Remediation Effort Continues On-Track and On-Budget for the Quarter and YTD

·

Third Quarter Net Loss of $0.04 per Share; Adjusted Net Income per Share Breakeven

 

“Our third quarter results were largely positive due to the continuing momentum in the growth of the ICL business in all markets. Our Toric ICL quarterly shipments surpassed last quarter’s record. Our IOL business performed as planned with unit growth in the Japanese market and continuing downward pressure in all other markets. How we participate in the Cataract Care market in coming years will be a focus for us in 2016,” said Caren Mason, President and CEO. “Enthusiasm for the ICL was very prevalent at the Company’s annual Experts Meeting and European Society of Cataract and Refractive Surgeons Congress in Barcelona in September. Our training session on “Preserving the Cornea and Lens for the Future” led by six of the world’s leading refractive surgeons attracted a standing room only audience of 330 attendees from 68 countries. A highlight of the Experts Meeting was a video presentation by Dr. Roberto Zaldivar of Argentina which captured the implant surgery and then explant surgery twenty years later of one of the first ICL patients. In examining the lens upon removal, he commented upon the excellent condition of the lens with no visible changes. Our commitment to provide continuing education and to sponsor venues for surgeon collaboration is integral for the continued expansion of the ICL market globally, ” added Ms. Mason.

 

 

Financial Overview

 

Net sales were $18.8 million for the third quarter of 2015, up 3% compared to $18.2 million reported in the prior year period. On a constant currency basis, third quarter net sales increased 7% compared to the prior period.

 

The sales increase was driven by higher ICL unit sales in each region, with EMEA, APAC, and North America units growing 37%, 13%, and 10%, respectively. These impacts 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 third quarter of 2015, the gross profit margin increased 300 basis points to 68.3% compared to the prior year period of 65.3%. 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 450 basis points which was partially offset by a decrease of approximately 150 basis points due to the impact of the weaker euro on average selling prices.

 

Operating expenses for the quarter increased 10% to $14.8 million from $13.4 million in the prior year period due to a bonus accrual reversal of $1.6 million in the prior year period. General and administrative expense was $4.9 million and approximately flat to the prior year when adjusting for the bonus accrual reversal. Marketing and selling expense was $6.3 million and approximately $740,000 lower than the prior year due to optimization of North American selling and promotional costs and decreased selling and promotional costs in Japan, partially offset by increased selling costs in Germany as a result of the conversion to a direct sales force in that market. Research and development expense, which includes remediation and other FDA expenses, was $3.7 million and approximately $550,000 higher than the prior year due to increased validation and remediation expenses. Remediation expense for the first nine months of 2015 is on budget.

 

The net loss for the third quarter of 2015 was $1.8 million or $0.04 per share, compared with a net loss of $2.7 million or $0.07 per share for the prior year period.

 

The adjusted net loss for the third quarter of 2015 was $40,000 or breakeven on a per share basis, compared with adjusted net income of $87,000 or breakeven 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.

 

Cash and cash equivalents at October 2, 2015 totaled $16.1 million, compared to $15.3 million at the end of the second quarter of 2015 and $13.0 million at year-end 2014. The Company added $746,000 in cash during the third quarter of 2015, which includes $1.1 million provided by operating activities and $253,000 from the exercise of stock options, partially offset by $595,000 in other uses of cash, primarily purchases of property and equipment.

 

 

Conference Call

 

The Company will host a conference call and webcast on Wednesday, October 28 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results. To access the conference call (Conference ID 55625107), 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 principles (“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 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” excludes the following items that are included in “Net Income” 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” 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. Expenses associated with the consolidation of the Company’s manufacturing operations to the U.S. were largely completed by the end of the second quarter of 2014.

 

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 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 25 years, designs, develops, manufactures and markets implantable lenses for the eye and delivery systems therefor. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAAR’s lens used in refractive surgery as an alternative to LASIK is called an Implantable Collamer® Lens or “ICL.” A lens used to replace the natural lens after cataract surgery is called an intraocular lens or “IOL.” More than 500,000 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 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; the challenge of managing our foreign subsidiaries; backlog or supply delays; 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; unexpected costs or delays that could reduce or eliminate the expected benefits of our consolidation plans; research and development efforts may not be successful or may be delayed in delivering 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; patterns of Visian ICL use that have typically limited our penetration of the refractive procedure market, negative media coverage in different regions regarding refractive procedures, and a general decline in the demand for refractive surgery particularly in the U.S. and the Asia Pacific region, which STAAR believes has resulted from both concerns about the safety and effectiveness of laser procedures and current economic conditions. 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

Condensed Consolidated Balance Sheets

(in 000's)

Unaudited

 

		October 2,				January 2,
ASSETS		2015				2015
Current assets:
Cash and cash equivalents		$	16,081			$	13,013
Accounts receivable trade, net			12,776				11,054
Inventories, net			14,622				15,717
Prepayments, deposits, and other current assets			4,008				4,517
Deferred income taxes			598				596
Total current assets			48,085				44,897
Property, plant, and equipment, net			9,944				10,066
Intangible assets, net			719				870
Goodwill			1,786				1,786
Deferred income taxes			759				695
Other assets			617				597
Total assets		$	61,910			$	58,911
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Line of credit		$	4,168			$	4,150
Accounts payable			5,790				6,620
Deferred income taxes			301				301
Obligations under capital leases			336				399
Other current liabilities			6,280				4,901
Total current liabilities			16,875				16,371
Obligations under capital leases			224				468
Deferred income taxes			1,866				1,704
Asset retirement obligations			116				115
Pension liability			3,202				3,079
Other long-term liabilities			88				75
Total liabilities			22,371				21,812
Stockholders' equity:
Common stock			399				384
Additional paid-in capital			186,294				178,232
Accumulated other comprehensive loss			(1,017	)			(1,070	)
Accumulated deficit			(146,137	)			(140,447	)
Total stockholders' equity			39,539				37,099
Total liabilities and stockholders' equity		$	61,910			$	58,911

 

 

 

 

STAAR Surgical Company

Condensed Consolidated Statements of Operations

(In 000's except for per share data)

Unaudited

 

 

	Three Months Ended																								Nine Months Ended
	% of				October 2,				% of				October 3,				Fav (Unfav)								% of				October 2,				% of				October 3,				Fav (Unfav)
	Sales				2015				Sales				2014				Amount				%				Sales				2015				Sales				2014				Amount				%
Net sales		100.0	%		$	18,750				100.0	%		$	18,188			$	562				3.1	%			100.0	%		$	56,264				100.0	%		$	58,414			$	(2,150	)			-3.7	%
Cost of sales		31.7	%			5,951				34.7	%			6,319				368				5.8	%			32.4	%			18,206				32.5	%			18,995				789				4.2	%
Gross profit		68.3	%			12,799				65.3	%			11,869				930				7.8	%			67.6	%			38,058				67.5	%			39,419				(1,361	)			-3.5	%
Selling, general and administrative expenses:
General and administrative		25.9	%			4,853				17.9	%			3,259				(1,594	)			-48.9	%			26.2	%			14,748				24.0	%			14,064				(684	)			-4.9	%
Marketing and selling		33.5	%			6,284				38.6	%			7,026				742				10.6	%			31.6	%			17,784				34.6	%			20,189				2,405				11.9	%
Research and development		19.6	%			3,684				17.2	%			3,137				(547	)			-17.4	%			19.2	%			10,800				15.6	%			9,118				(1,682	)			-18.4	%
Selling, general, and administrative expenses		79.0	%			14,821				73.7	%			13,422				(1,399	)			-10.4	%			77.0	%			43,332				74.2	%			43,371				39				0.1	%
Other general and administrative expenses		0.0	%			-				0.0	%			-				-				0.0	%			0.0	%			-				0.6	%			334				334				100.0	%
Total selling, general and administrative expenses		79.0	%			14,821				73.7	%			13,422				(1,399	)			-10.4	%			77.0	%			43,332				74.8	%			43,705				373				0.9	%
Operating loss		-10.7	%			(2,022	)			-8.4	%			(1,553	)			(469	)			—				-9.4	%			(5,274	)			-7.3	%			(4,286	)			(988	)			23.1	%
Other income (expense):
Interest income		0.0	%			1				0.0	%			7				(6	)			-85.7	%			0.1	%			50				0.0	%			26				24				92.3	%
Interest expense		-0.2	%			(29	)			-0.2	%			(35	)			6				17.1	%			-0.2	%			(97	)			-0.1	%			(102	)			5				4.9	%
Gain (loss) on foreign currency transactions		0.1	%			20				-3.5	%			(628	)			648				-103.2	%			-1.2	%			(692	)			-1.2	%			(696	)			4				—
Other income, net		1.4	%			267				0.3	%			51				216				423.5	%			0.8	%			437				0.6	%			338				99				29.3	%
Total other income (expense), net		1.4	%			259				-3.4	%			(605	)			864				-142.8	%			-0.5	%			(302	)			-0.7	%			(434	)			132				-30.4	%
Loss before provision (benefit) for income taxes		-9.4	%			(1,763	)			-11.9	%			(2,158	)			395				-18.3	%			-9.9	%			(5,576	)			-8.0	%			(4,720	)			(856	)			18.1	%
Provision (benefit) for income taxes		-0.1	%			(11	)			3.0	%			548				559				—				0.2	%			114				1.9	%			1,134				1,020				89.9	%
Net loss		-9.3	%		$	(1,752	)			-14.9	%		$	(2,706	)		$	954				—				-10.1	%		$	(5,690	)			-9.9	%		$	(5,854	)		$	164				—
Net loss per share - basic and diluted					$	(0.04	)						$	(0.07	)														$	(0.14	)						$	(0.15	)
Weighted average shares outstanding - basic and diluted						39,727								38,369																39,409								38,044

 

 

 

 

STAAR Surgical Company

Condensed Consolidated Statements of Cash Flows

(in 000's)

Unaudited

 

		Nine Months Ended
		October 2,				October 3,
		2015				2014
Cash flows from operating activities:
Net loss		$	(5,690	)		$	(5,854	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of property and equipment			1,563				1,520
Amortization of intangibles			154				317
Deferred income taxes			(148	)			161
Stock-based compensation expense			2,747				4,736
Change in net pension liability			136				118
Accretion of asset retirement obligation			-				3
Provision for sales returns and bad debts			331				75
Changes in working capital:
Accounts receivable, net			(2,040	)			(1,139	)
Inventories, net			1,497				(3,191	)
Prepayments, deposits and other current assets			737				207
Accounts payable			(991	)			(17	)
Other current liabilities			1,387				(1,364	)
Net cash used in operating activities			(317	)			(4,428	)
Cash flows from investing activities:
Acquisition of property and equipment			(1,283	)			(2,517	)
Disposal of property and equipment			2				68
Net cash used in investing activities			(1,281	)			(2,449	)
Cash flows from financing activities:
Repayment of capital lease obligations			(306	)			(372	)
Proceeds from exercise of warrants			2,800				-
Proceeds from exercise of stock options			2,149				2,793
Net cash provided by financing activities			4,643				2,421
Effect of exchange rate changes on cash and cash equivalents			23				(139	)
(Decrease) increase in cash and cash equivalents			3,068				(4,595	)
Cash and cash equivalents, at beginning of the period			13,013				22,954
Cash and cash equivalents, at end of the period		$	16,081			$	18,359

 

 

STAAR Surgical Company

Global Sales

(in 000's)

Unaudited

 

		Three Months Ended																				Nine Months Ended
						October 2,								October 3,				% Change								October 2,								October 3,				% Change
Geographic Sales						2015								2014				Fav (Unfav)								2015								2014				Fav (Unfav)
United States			15.3	%		$	2,873				15.8	%		$	2,875				-0.1	%			15.0	%		$	8,464				14.9	%		$	8,676				-2.4	%
Japan			22.7	%			4,249				26.3	%			4,792				-11.3	%			22.2	%			12,514				24.6	%			14,349				-12.8	%
China			16.5	%			3,095				16.0	%			2,915				6.2	%			15.6	%			8,794				13.1	%			7,675				14.6	%
Korea			9.0	%			1,690				6.0	%			1,098				53.9	%			9.4	%			5,303				9.7	%			5,671				-6.5	%
Spain			6.1	%			1,137				6.5	%			1,178				-3.5	%			7.3	%			4,101				7.3	%			4,270				-4.0	%
Germany			5.1	%			962				3.9	%			713				34.9	%			3.8	%			2,151				4.5	%			2,625				-18.1	%
Other			25.4	%			4,744				25.4	%			4,617				2.8	%			26.5	%			14,937				25.9	%			15,148				-1.4	%
Total International Sales			84.8	%			15,877				84.1	%			15,313				3.7	%			85.0	%			47,800				85.1	%			49,738				-3.9	%
Total Sales			100.1	%		$	18,750				99.9	%		$	18,188				3.1	%			100.0	%		$	56,264				100.0	%		$	58,414				-3.7	%
Product Sales
Core products
ICLs			68.8	%		$	12,907				58.5	%		$	10,640				21.3	%			66.5	%		$	37,396				60.0	%		$	35,052				6.7	%
IOLs			23.4	%			4,390				31.7	%			5,763				-23.8	%			26.6	%			14,952				32.2	%			18,804				-20.4	%
Total core products			92.3	%			17,297				90.2	%			16,403				5.5	%			93.0	%			52,348				92.2	%			53,856				-2.8	%
Non-core products
Other			7.7	%			1,453				9.8	%			1,785				-18.8	%			7.0	%			3,916				7.8	%			4,558				-14.1	%
Total Sales			100.0	%		$	18,750				100.0	%		$	18,188				3.1	%			100.0	%		$	56,264				100.0	%		$	58,414				-3.7	%

 

 

 

 

STAAR Surgical Company

Reconciliation of Non-GAAP Financial Measure

(in 000's)

Unaudited

 

 

		Three Months Ended								Nine Months Ended
		October 2,				October 3,				October 2,				October 3,
		2015				2014				2015				2014
Net loss - (as reported)		$	(1,752	)		$	(2,706	)		$	(5,690	)		$	(5,854	)
Less:
Manufacturing consolidation expenses			-				-				-				334
Foreign currency impact			(20	)			628				692				696
Stock-based compensation expense			923				1,553				2,869				4,736
FDA panel/remediation expense			809				612				3,367				2,104
Net income (loss) - (adjusted)		$	(40	)		$	87			$	1,238			$	2,016
Net loss per share, basic - (as reported)		$	(0.04	)		$	(0.07	)		$	(0.14	)		$	(0.15	)
Manufacturing consolidation expenses		$	-			$	-			$	-			$	0.01
Foreign currency impact		$	(0.00	)		$	0.02			$	0.02			$	0.02
Stock-based compensation expense		$	0.02			$	0.04			$	0.07			$	0.12
FDA panel/remediation expense		$	0.02			$	0.02			$	0.09			$	0.06
Net income per share, basic - (adjusted)		$	(0.00	)		$	0.00			$	0.03			$	0.05
Net loss per share, diluted - (as reported)		$	(0.04	)		$	(0.07	)		$	(0.13	)		$	(0.15	)
Manufacturing consolidation expenses		$	-			$	-			$	-			$	0.01
Foreign currency impact		$	(0.00	)		$	0.02			$	0.02			$	0.02
Stock-based compensation expense		$	0.02			$	0.04			$	0.07			$	0.12
FDA panel/remediation expense		$	0.02			$	0.02			$	0.08			$	0.05
Net income per share, diluted - (adjusted)		$	(0.00	)		$	0.00			$	0.03			$	0.05
Weighted average shares outstanding - Basic			39,727				38,369				39,409				38,044
Weighted average shares outstanding - Diluted			39,727				40,169				42,393				40,348

 

 

Note: Net income per share (adjusted), basic and diluted, may not add up due to rounding

 

 

STAAR Surgical Company
Reconciliation of Non-GAAP Financial Measure
Constant Currency Sales
(in 000's)
Unaudited

 

		Three Months Ended
		GAAP Sales
		October 2,				Effect of				Constant				October 3,				As Reported								Constant Currency
		2015				Currency				Currency				2014				$ Change				% Change				$ Change				% Change
ICL		$	12,907			$	79			$	12,986			$	10,640			$	2,267				21	%		$	2,346				22	%
IOL			4,390				413				4,803			$	5,763				(1,373	)			-24	%			(960	)			-17	%
Other			1,453				203				1,656			$	1,785				(332	)			-19	%			(129	)			-7	%
Total Sales		$	18,750			$	695			$	19,445			$	18,188			$	562				3	%		$	1,257				7	%

  

		Nine Months Ended
		GAAP Sales
		October 2,				Effect of				Constant				October 3,				As Reported								Constant Currency
		2015				Currency				Currency				2014				$ Change				% Change				$ Change				% Change
ICL		$	37,396			$	219			$	37,615			$	35,052			$	2,344				7	%		$	2,563				7	%
IOL			14,952				1,516				16,468				18,804				(3,852	)			-20	%			(2,336	)			-12	%
Other			3,916				538				4,454				4,558				(642	)			-14	%			(104	)			-2	%
Total Sales		$	56,264			$	2,273			$	58,537			$	58,414			$	(2,150	)			-4	%		$	123				0	%

 

 

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