STAAR Surgical(US:STAA)2024-10-30 20:08Financial Performance - Net sales for the three months ended September 27, 2024 increased by 10% to $88.6 million compared to $80.3 million for the same period in 2023, primarily due to increased ICL sales of $8.0 million[66]. - Net sales for the nine months ended September 27, 2024 increased by 8% to $265.6 million compared to $244.8 million for the same period in 2023, primarily due to increased ICL sales of $20.8 million[67]. - Gross profit for the three months ended September 27, 2024 increased by 7.6% to $68.5 million, while the gross profit margin decreased to 77.3% from 79.2% in the same period of 2023[71]. - Operating income for the three months ended September 27, 2024 was 6.4% of net sales, down from 7.8% in the same period of 2023[64]. - Other income, net for the three months ended September 27, 2024 was $7,477,000, significantly up from $451,000 in the same period of 2023, indicating a change greater than +100%[76]. Sales and Market Trends - Total ICL sales for the three months ended September 27, 2024 increased by 10% with a unit increase of 6%, driven by sales growth in the Americas region, which saw a 14% increase[68]. - Total ICL sales for the nine months ended September 27, 2024 increased by 9% with a unit increase of 4%, with the EMEA region showing an 11% increase[69]. - Other product sales decreased by 33% for the three months ended September 27, 2024, primarily due to the phase-out of cataract IOL sales[70]. Expenses and Taxation - General and administrative expenses for the three months ended September 27, 2024 increased by 12.6% to $21,685,000 compared to $19,266,000 in the same period of 2023[72]. - Selling and marketing expenses for the three months ended September 27, 2024 were $26,623,000, a slight increase of 0.1% from $26,607,000 in the same period of 2023[74]. - Research and development expenses for the three months ended September 27, 2024 rose by 26.4% to $14,497,000 from $11,470,000 in the same period of 2023[75]. - The provision for income taxes for the three months ended September 27, 2024 was 3.6% of income before taxes, compared to 2.4% in the same period of 2023[64]. - The income tax provision for the three months ended September 27, 2024 was $3,179,000, a 64.8% increase from $1,929,000 in the same period of 2023[77]. - The effective tax rate for the three months ended September 27, 2024 was 24.2%, down from 28.6% in the same period of 2023[77]. Cash Flow and Investments - Cash and cash equivalents as of September 27, 2024 were $164,003,000, down from $183,038,000 as of December 29, 2023, reflecting a decrease of $19,035,000[80]. - Net cash provided by operating activities for the nine months ended September 27, 2024 was $15,083,000, compared to a net cash used of $17,375,000 in the same period of 2023[82]. - Net cash used in investing activities for the nine months ended September 27, 2024 was $39,722,000, compared to net cash provided of $51,945,000 in the same period of 2023[83]. - Net cash provided by financing activities for the nine months ended September 27, 2024 was $5,834,000, down from $7,048,000 in the same period of 2023[84]. Strategic Focus - The company plans to focus on growing its ICL business and has ceased manufacturing cataract IOLs, with no plans to sell them in 2024[70]. - The company aims to expand its ICL product line into new geographic markets while driving awareness and providing surgeon training and support[60].