Revenue and Sales Growth - Net sales increased by 10% to 88.6million,drivenbygrowthinallregions:Americasup1489.1 million, with unit growth of 6% compared to the prior year quarter[2][3] - Net sales increased by 10.3% to 88,590,000inQ32024comparedto80,308,000 in Q3 2023[21] - Global ICL sales increased by 10% to 89.1millioninSeptember2024comparedtothesameperiodin2023[24]−APACregionICLsalesgrewby972.6 million in September 2024, driven by strong performance in China and Japan[24] - Americas ICL sales rose 14% to 6.2millioninSeptember2024,withtheUnitedStatescontributing4.8 million[24] - EMEA ICL sales increased 12% to 10.3millioninSeptember2024,ledbygrowthinGermanyandtheUnitedKingdom[24]−ChinaICLsalesgrew751.7 million in September 2024, accounting for 58% of total APAC sales[24] - Japan ICL sales increased 7% to 10.5millioninSeptember2024,representing145.4 million in September 2024, driven by strong demand in the region[24] - Constant currency sales for September 2024 were 89.4million,a10.7267.6 million, up 8.7% compared to the same period in 2023[28] - Global ICL unit growth was 6% in September 2024, with APAC contributing the majority of unit sales[24] Profitability and Margins - Gross margin decreased to 77.3% from 79.2% due to reduced unit production and lower absorption of fixed overhead[4] - Net income rose to 10.0millionor0.20 per share, up from 4.8millionor0.10 per share in the prior year quarter, primarily due to a gain on foreign currency transactions[6] - Adjusted EBITDA was 16.2millionor0.33 per share, compared to 16.5millionor0.33 per share in the prior year quarter[2] - Gross profit rose by 7.6% to 68,487,000inQ32024from63,638,000 in Q3 2023[21] - Operating income decreased by 9.7% to 5,682,000inQ32024from6,295,000 in Q3 2023[21] - Net income surged by 107.2% to 9,980,000inQ32024comparedto4,817,000 in Q3 2023[21] - Net income for 2023 was 21.3million,adecreasefrom39.6 million in 2022[23] - Adjusted EBITDA for 2023 was 56.8million,comparedto68.7 million in 2022[23] - Adjusted EBITDA as a percentage of revenue was 17.6% in 2023, down from 24.2% in 2022[23] - Net income per share, diluted, was 0.43in2023,downfrom0.80 in 2022[23] - Adjusted EBITDA per share, diluted, was 1.15in2023,comparedto1.39 in 2022[23] Expenses and Costs - Operating expenses increased to 62.8million,drivenbyhighergeneralandadministrativeexpenses(21.7 million) and R&D expenses (14.5million)[5]−Researchanddevelopmentexpensesincreasedby26.414,497,000 in Q3 2024 from 11,470,000inQ32023[21]−Stock−basedcompensationincreasedto23.5 million in 2023 from 20.3millionin2022[23]−Depreciationexpenseswere13 million in 2023, up from 28millionin2022[23]−Amortizationofintangibleassetsdecreasedto13 million in 2023 from 28millionin2022[23]CashFlowandFinancialPosition−Cash,cashequivalents,andinvestmentsavailableforsaletotaled236.0 million as of September 27, 2024, up from 232.4millionattheendof2023[7]−Netcashprovidedbyoperatingactivitieswas3,816,000 in Q3 2024, a significant improvement from a net cash used of 5,975,000inQ32023[22]−Cashandcashequivalentsdecreasedby28,773,000 to 164,003,000attheendofQ32024from192,776,000 at the beginning of the period[22] - The company repurchased 1,396,000worthofemployeecommonstockfortaxeswithheldyear−to−datein2024[22]−Proceedsfromvestedrestrictedstockandexerciseofstockoptionstotaled7,354,000 year-to-date in 2024[22] - The effect of exchange rate changes on cash and cash equivalents was a decrease of 230,000year−to−datein2024[22]−Thecompany′stotalassetsincreasedto537.6 million, up from 488.7millionattheendof2023,withcurrentassetsrisingto397.1 million[20] Outlook and Projections - The company maintained its fiscal year 2024 outlook for net sales of 340millionto345 million and Adjusted EBITDA of approximately 42million[8]−EVOICLsalesgrowthoutlookfor2024:Americasat1741.8 million[23] Shareholder Information - Weighted average shares outstanding - Diluted was 49,427 in 2023, slightly up from 49,380 in 2022[23]
STAAR Surgical(STAA)2024-10-30 20:03