$STAA
STAAR SURGICAL CO

2017 Q2 Form 10-Q Financial Statement

#000114420417039941 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q3
Revenue $21.94M $20.05M
YoY Change 13.84% 7.48%
Cost Of Revenue $6.462M $5.180M
YoY Change 2.96% -17.73%
Gross Profit $15.47M $14.87M
YoY Change 19.09% 20.31%
Gross Profit Margin 70.54% 74.17%
Selling, General & Admin $16.79M $16.77M
YoY Change 4.05% 18.89%
% of Gross Profit 108.53% 112.75%
Research & Development $4.767M $4.453M
YoY Change -30.97% 25.93%
% of Gross Profit 30.81% 29.94%
Depreciation & Amortization $850.0K $710.0K
YoY Change 43.82% 29.09%
% of Gross Profit 5.49% 4.77%
Operating Expenses $21.56M $16.59M
YoY Change -6.44% -5.97%
Operating Profit -$1.320M -$1.715M
YoY Change -86.87% -1.61%
Interest Expense -$33.00K $29.00K
YoY Change -217.86% -12.12%
% of Operating Profit
Other Income/Expense, Net $495.0K $8.000K
YoY Change 21.32% -97.31%
Pretax Income -$825.0K -$1.707M
YoY Change -91.45% 18.05%
Income Tax $146.0K $71.00K
% Of Pretax Income
Net Earnings -$971.0K -$1.778M
YoY Change -87.92% 11.19%
Net Earnings / Revenue -4.43% -8.87%
Basic Earnings Per Share -$0.02 -$0.04
Diluted Earnings Per Share -$0.02 -$0.04
COMMON SHARES
Basic Shares Outstanding 40.93M shares 40.49M shares
Diluted Shares Outstanding 40.93M shares 40.49M shares

Balance Sheet

Concept 2017 Q2 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.40M $12.70M
YoY Change 48.89% -16.99%
Cash & Equivalents $13.44M $14.28M
Short-Term Investments
Other Short-Term Assets $605.0K $624.0K
YoY Change 180.09% 194.34%
Inventory $13.50M $15.70M
Prepaid Expenses $1.366M $2.052M
Receivables $16.40M $14.37M
Other Receivables $1.400M $1.300M
Total Short-Term Assets $47.80M $49.72M
YoY Change 3.46% 6.69%
LONG-TERM ASSETS
Property, Plant & Equipment $11.60M $11.72M
YoY Change 5.45% 18.36%
Goodwill $1.786M
YoY Change
Intangibles $607.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.100M $835.0K
YoY Change -4.55% -35.77%
Total Long-Term Assets $15.80M $16.62M
YoY Change 0.64% 21.28%
TOTAL ASSETS
Total Short-Term Assets $47.80M $49.72M
Total Long-Term Assets $15.80M $16.62M
Total Assets $63.60M $66.33M
YoY Change 2.75% 10.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.900M $7.973M
YoY Change 0.0% 66.1%
Accrued Expenses $4.600M $4.300M
YoY Change 9.52% 16.22%
Deferred Revenue
YoY Change
Short-Term Debt $4.500M $4.900M
YoY Change 0.0% 19.51%
Long-Term Debt Due $1.300M $300.0K
YoY Change 225.0% 0.0%
Total Short-Term Liabilities $19.00M $21.25M
YoY Change 5.56% 41.67%
LONG-TERM LIABILITIES
Long-Term Debt $1.100M $1.400M
YoY Change 1000.0% 366.67%
Other Long-Term Liabilities $4.300M $4.500M
YoY Change 0.0% 4956.18%
Total Long-Term Liabilities $5.400M $5.900M
YoY Change 22.73% 6529.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.00M $21.25M
Total Long-Term Liabilities $5.400M $5.900M
Total Liabilities $25.30M $28.60M
YoY Change 7.44% 39.53%
SHAREHOLDERS EQUITY
Retained Earnings -$158.9M
YoY Change
Common Stock $196.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.30M $37.73M
YoY Change
Total Liabilities & Shareholders Equity $63.60M $66.33M
YoY Change 2.78% 10.01%

Cashflow Statement

Concept 2017 Q2 2016 Q3
OPERATING ACTIVITIES
Net Income -$971.0K -$1.778M
YoY Change -87.92% 11.19%
Depreciation, Depletion And Amortization $850.0K $710.0K
YoY Change 43.82% 29.09%
Cash From Operating Activities -$730.0K $2.510M
YoY Change -75.5% 213.75%
INVESTING ACTIVITIES
Capital Expenditures -$310.0K -$980.0K
YoY Change -130.82% 164.86%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$310.0K -$980.0K
YoY Change -69.31% 164.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 990.0K 1.800M
YoY Change -241.43% -56.94%
NET CHANGE
Cash From Operating Activities -730.0K 2.510M
Cash From Investing Activities -310.0K -980.0K
Cash From Financing Activities 990.0K 1.800M
Net Change In Cash -50.00K 3.330M
YoY Change -98.93% -27.77%
FREE CASH FLOW
Cash From Operating Activities -$730.0K $2.510M
Capital Expenditures -$310.0K -$980.0K
Free Cash Flow -$420.0K $3.490M
YoY Change -89.46% 198.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Defined Benefit Plan Actuarial Gain Loss
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us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2016Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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staa Incremental Common Shares Attributable To Dilutive Effect Of Nonvested Restricted Stock
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staa Incremental Common Shares Attributable To Dilutive Effect Of Nonvested Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfNonvestedRestrictedStock
-15000 shares
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3457000 shares
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3336000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3097000 shares
CY2017Q2 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
60 pure
staa Sales Exceed Percentage
SalesExceedPercentage
0.1 pure
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
868000 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
300000 USD
CY2017Q2 staa Compensation Cost Capitalised
CompensationCostCapitalised
-109000 USD
CY2016Q3 staa Compensation Cost Capitalised
CompensationCostCapitalised
-36000 USD
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
977000 USD
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
336000 USD
staa Compensation Cost Capitalised
CompensationCostCapitalised
-162000 USD
staa Compensation Cost Capitalised
CompensationCostCapitalised
-188000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1540000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7946000 USD
staa Estimated Forfeiture Rate
EstimatedForfeitureRate
0.054 pure
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3502000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
794000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
288000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
73000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3935000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2819000 shares
CY2016Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
500000000 JPY
staa Interest Rate Increase In Case Of Default
InterestRateIncreaseInCaseOfDefault
0.14 pure
CY2017Q2 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
500000000 JPY
CY2017Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
1000000 CHF
staa Percentage Of Commission On Outstanding Notes Payable
PercentageOfCommissionOnOutstandingNotesPayable
0.0025 pure
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1735000 USD
CY2017Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2136000 USD
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2056000 USD
CY2017Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
60000000 shares
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
60000000 shares
CY2017Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
41109000 shares
CY2017Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
41109000 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
40732000 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
40732000 shares
us-gaap Sale Leaseback Transaction Net Proceeds Financing Activities
SaleLeasebackTransactionNetProceedsFinancingActivities
0 USD
us-gaap Sale Leaseback Transaction Net Proceeds Financing Activities
SaleLeasebackTransactionNetProceedsFinancingActivities
1154000 USD
us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
894539 USD
CY2017Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16794000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16768000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
33466000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
39814000 USD
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
495000 USD
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-132000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
528000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
276000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
146000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-131000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
287000 USD
CY2016Q4 us-gaap Inventory Gross
InventoryGross
18456000 USD
CY2017Q2 us-gaap Inventory Gross
InventoryGross
15960000 USD
CY2017Q2 staa Pension And Other Postretirement Defined Benefit Plans Current Asset
PensionAndOtherPostretirementDefinedBenefitPlansCurrentAsset
226000 USD
CY2016Q4 staa Pension And Other Postretirement Defined Benefit Plans Current Asset
PensionAndOtherPostretirementDefinedBenefitPlansCurrentAsset
0 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
275000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
353000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
38168000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37011000 USD
CY2017Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
137000 USD
CY2016Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
176000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.57 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.45 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.57 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.53 pure
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0181 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0101 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0195 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0127 pure
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M1D
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M1D
us-gaap Entity Wide Disclosure On Geographic Areas Description Of Revenue From External Customers
EntityWideDisclosureOnGeographicAreasDescriptionOfRevenueFromExternalCustomers
The Company markets and sells its products in over 60 countries and conducts its manufacturing in the United States. Other than Japan, China, the United States, and Korea, the Company does not conduct business in any country in which its sales exceed 10% of worldwide consolidated sales.
CY2017Q2 staa Segment Sales To Consolidated Sales Percentage
SegmentSalesToConsolidatedSalesPercentage
1 pure
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12688000 USD
CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
13402000 USD
us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
17000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
119000 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
119000 USD
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
119000 USD
staa Inventory Reserve
InventoryReserve
1182000 USD
us-gaap Reclassifications
Reclassifications
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Note 13 &#151; Reclassifications</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company reclassified inventory reserves from Changes in Working Capital - Inventory in the Statement of Cash Flows to the non-cash section of the Statement for both the six months ended June 30, 2017 and July 1, 2016. The Company also reclassified $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">17,000</font> from Cash Proceeds from Sale of Property and Equipment to Loss on Disposal of Property and Equipment for the six months ended July 1, 2016.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
staa Inventory Reserve
InventoryReserve
789000 USD

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