STAAR Surgical(STAA) - 2024 Q4 - Annual Results

Financial Performance - Net sales for fiscal year 2024 were $313.9 million, a decrease from $322.4 million in the prior year, primarily due to weak performance in China[11]. - ICL sales for fiscal year 2024 totaled $312.5 million, down from $319.4 million in the previous year, with ICL sales excluding China increasing by 13% to $151.6 million[11]. - Fourth quarter net sales were $49.0 million, significantly lower than $76.3 million in the prior year quarter, driven by a decline in China revenue[6]. - ICL sales in the fourth quarter were $46.9 million, compared to $74.6 million in the prior year quarter, with ICL sales excluding China up 17% to $39.5 million[4]. - The company reported a net loss of $(20.2) million for fiscal year 2024, compared to net income of $21.3 million in the prior year, resulting in a net loss per share of $(0.41)[13]. - The company reported a net loss of $34,228,000 for the three months ended December 27, 2024, compared to a net income of $7,756,000 for the same period in 2023[32]. - Net income for Q4 2023 was $7,756, a decrease from $21,347 in Q4 2022, resulting in a net loss of $34,228 for Q1 2024[33]. Gross Margin and Expenses - Gross margin for fiscal year 2024 was 76.3%, down from 78.4% in the previous year, and gross profit margin for the fourth quarter was 64.7%, compared to 79.6% in the prior year quarter[12][7]. - Gross profit margin decreased to 64.7% in Q4 2024 from 79.6% in Q4 2023, reflecting a gross profit of $31,648,000 compared to $60,725,000[32]. - Research and development expenses increased by 10.8% to $12,042,000 in Q4 2024, compared to $10,866,000 in Q4 2023[32]. - Selling, general and administrative expenses increased to $59,558,000 in Q4 2024, representing 121.7% of net sales, compared to $50,320,000 in Q4 2023[32]. Cash Flow and Assets - Cash, cash equivalents, and investments available for sale at the end of fiscal year 2024 totaled $230.5 million, slightly down from $232.4 million at the end of the previous year[14]. - Cash and cash equivalents decreased to $144,159,000 as of December 27, 2024, from $183,038,000 as of December 29, 2023[31]. - The company’s total assets increased to $509,524,000 as of December 27, 2024, compared to $488,692,000 as of December 29, 2023[31]. - Cash provided by operating activities for Q4 2023 was $31,969, compared to $642 in Q1 2024, indicating a significant decline[33]. - The company’s cash flows from investing activities showed a net usage of $(19,495) in Q4 2023, contrasting with a net inflow of $22,402 in Q1 2024[33]. Future Projections - For fiscal year 2025, the company expects ICL sales excluding China to be approximately $165 million to $175 million, representing 9% to 15% growth[16]. - China ICL sales are projected to be less than $5 million in the first half of 2025, with a potential rebound to $75 million to $125 million in the second half[16]. - The company anticipates an adjusted EBITDA loss of approximately $(30) million per quarter in the first half of 2025, followed by a gain of $5 million to $22.5 million per quarter in the second half[16]. - The company’s outlook for Q1 2024 includes a projected net income loss of $(63,000) to $(78,000)[34]. Sales Growth by Region - Global ICL sales reached $319,427,000 in 2023, reflecting an 18% growth compared to 2022[35]. - Americas sales increased to $22,233,000 in 2023, with a growth rate of 11% year-over-year[35]. - EMEA sales grew to $39,318,000 in 2023, marking a 7% increase from the previous year[35]. - APAC sales surged to $257,876,000 in 2023, showing a 21% growth compared to 2022[35]. - China sales amounted to $185,404,000 in 2023, with a growth rate of 25%[35]. - ICL sales excluding China totaled $134,023,000 in 2023, reflecting a 10% increase year-over-year[35]. - The company reported a global ICL sales growth of 27% in 2022, followed by an 18% growth in 2023[35]. - The Americas region experienced a significant sales growth of 43% in 2022, which decreased to 11% in 2023[35]. - The company anticipates a continued focus on market expansion and new product development in the upcoming fiscal year[35]. Liabilities and Stock Information - Total liabilities increased to $112,189,000 as of December 27, 2024, from $102,738,000 as of December 29, 2023[31]. - The weighted average shares outstanding for basic shares increased to 49,266,000 in Q4 2024 from 48,815,000 in Q4 2023[32]. - The company reported a stock-based compensation expense of $27,210 for the year ended 2023, up from $23,516 in 2022[33]. - The company experienced a loss on disposal of property and equipment amounting to $1,694 for the year ended 2023[33]. - The provision for sales returns and bad debts was $(1,661) in Q4 2023, compared to $(1,262) in Q4 2022[33]. - The company’s depreciation expense for Q4 2023 was $1,368, with a total of $6,891 for the year[34].