$STAA
STAAR Surgical Co

2020 Q3 Form 10-Q Financial Statement

#000156459020036814 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q2 2019 Q1
Revenue $35.19M $39.66M $32.58M
YoY Change -9.89% 16.99% 20.26%
Cost Of Revenue $10.76M $9.765M $8.400M
YoY Change 7.56% 12.53% 9.63%
Gross Profit $24.43M $29.90M $24.18M
YoY Change -15.91% 18.52% 24.44%
Gross Profit Margin 69.42% 75.38% 74.21%
Selling, General & Admin $18.17M $25.29M $22.62M
YoY Change -29.35% 13.9% 21.38%
% of Gross Profit 74.38% 84.58% 93.53%
Research & Development $7.310M $6.098M $5.635M
YoY Change 18.75% 14.07% 4.22%
% of Gross Profit 29.92% 20.4% 23.3%
Depreciation & Amortization $760.0K $770.0K $1.222M
YoY Change -13.64% 22.22% 122.59%
% of Gross Profit 3.11% 2.58% 5.05%
Operating Expenses $25.49M $31.39M $28.25M
YoY Change -20.03% 13.94% 17.52%
Operating Profit -$1.060M $4.611M $1.565M
YoY Change -131.79% 52.38% 95.87%
Interest Expense $410.0K $259.0K $271.0K
YoY Change 54.14% -1179.17% -2358.33%
% of Operating Profit 5.62% 17.32%
Other Income/Expense, Net $30.00K $434.0K $291.0K
YoY Change -116.13% -211.0% 242.35%
Pretax Income -$620.0K $5.045M $1.856M
YoY Change -119.7% 91.46% 109.95%
Income Tax $556.0K $1.131M $489.0K
% Of Pretax Income 22.42% 26.35%
Net Earnings -$1.172M $3.914M $1.367M
YoY Change -149.08% 113.88% 134.48%
Net Earnings / Revenue -3.33% 9.87% 4.2%
Basic Earnings Per Share -$0.03 $0.09 $0.03
Diluted Earnings Per Share -$0.03 $0.08 $0.03
COMMON SHARES
Basic Shares Outstanding 45.35M 44.48M 44.24M
Diluted Shares Outstanding 46.73M 46.91M

Balance Sheet

Concept 2020 Q3 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.3M $103.3M $102.1M
YoY Change 3.56% 387.26% 390.87%
Cash & Equivalents $116.3M $103.3M $102.1M
Short-Term Investments
Other Short-Term Assets $640.0K $457.0K $592.0K
YoY Change 20.3% 10.92% 67.23%
Inventory $17.80M $16.30M $16.40M
Prepaid Expenses $2.953M $2.716M
Receivables $39.50M $32.96M $26.60M
Other Receivables $1.900M $1.600M $2.400M
Total Short-Term Assets $182.5M $158.9M $152.7M
YoY Change 10.61% 137.44% 145.87%
LONG-TERM ASSETS
Property, Plant & Equipment $21.48M $13.38M $11.30M
YoY Change 44.67% 15.43% -5.04%
Goodwill $1.786M $1.786M
YoY Change 0.0%
Intangibles $261.0K $263.0K
YoY Change 0.77%
Long-Term Investments
YoY Change
Other Assets $5.700M $713.0K $836.0K
YoY Change 657.98% -29.2% -63.65%
Total Long-Term Assets $35.50M $27.05M $24.53M
YoY Change 27.97% 71.4% 51.44%
TOTAL ASSETS
Total Short-Term Assets $182.5M $158.9M $152.7M
Total Long-Term Assets $35.50M $27.05M $24.53M
Total Assets $218.0M $186.0M $177.2M
YoY Change 13.11% 124.84% 126.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.900M $8.097M $7.018M
YoY Change 18.67% 12.51% -14.41%
Accrued Expenses $11.00M $9.200M $10.70M
YoY Change 0.92% 41.54% 67.19%
Deferred Revenue
YoY Change
Short-Term Debt $1.300M $2.900M $3.300M
YoY Change -43.48% -35.56% -29.79%
Long-Term Debt Due $500.0K $1.000M $1.200M
YoY Change -37.5% -37.5% -36.84%
Total Short-Term Liabilities $31.60M $28.71M $28.23M
YoY Change 5.43% 15.15% 10.28%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $600.0K $700.0K
YoY Change -80.0% -33.33% -41.67%
Other Long-Term Liabilities $11.70M $10.90M $9.900M
YoY Change 2.63% 109.62% 90.38%
Total Long-Term Liabilities $11.80M $11.50M $10.60M
YoY Change -0.84% 88.52% 65.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.60M $28.71M $28.23M
Total Long-Term Liabilities $11.80M $11.50M $10.60M
Total Liabilities $43.40M $41.63M $39.88M
YoY Change 0.0% 31.62% 23.09%
SHAREHOLDERS EQUITY
Retained Earnings -$150.6M -$154.5M
YoY Change -5.2%
Common Stock $296.5M $293.2M
YoY Change 40.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $174.7M $144.3M $137.3M
YoY Change
Total Liabilities & Shareholders Equity $218.0M $186.0M $177.2M
YoY Change 13.11% 124.84% 126.33%

Cashflow Statement

Concept 2020 Q3 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.172M $3.914M $1.367M
YoY Change -149.08% 113.88% 134.48%
Depreciation, Depletion And Amortization $760.0K $770.0K $1.222M
YoY Change -13.64% 22.22% 122.59%
Cash From Operating Activities -$20.00K $3.480M $731.0K
YoY Change -100.17% -1681.82% -71.11%
INVESTING ACTIVITIES
Capital Expenditures -$2.020M -$2.400M $2.203M
YoY Change -21.4% 700.0% 128.29%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.020M -$2.400M -$2.233M
YoY Change -21.4% 700.0% 131.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.440M -330.0K -240.0K
YoY Change -6863.64% -122.6% -424.32%
NET CHANGE
Cash From Operating Activities -20.00K 3.480M 731.0K
Cash From Investing Activities -2.020M -2.400M -2.233M
Cash From Financing Activities 7.440M -330.0K -240.0K
Net Change In Cash 5.400M 750.0K -1.766M
YoY Change -40.72% -20.21% -178.45%
FREE CASH FLOW
Cash From Operating Activities -$20.00K $3.480M $731.0K
Capital Expenditures -$2.020M -$2.400M $2.203M
Free Cash Flow $2.000M $5.880M -$1.472M
YoY Change -86.07% 7250.0% -194.06%

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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:2.5%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the COVID-19 pandemic, the Company believes it has used reasonable estimates and assumptions in determining valuation allowances for uncollectible trade receivables, sales returns reserves, obsolete and excess inventory reserves, deferred income taxes, and tax reserves, including valuation allowances for deferred tax assets, pension liabilities, evaluation of asset impairment, in determining the useful life of depreciable and definite-lived intangible assets, and in the variables and assumptions used to calculate and record stock-based compensation.  During the quarter ended July 3, 2020, the Company has experienced some delays in customer payments but is unaware of any material impairment of customer receivables.  The Company’s sales representatives throughout the world remain engaged with customers conducting online training and other educational courses which have been very well attended.  This activity has given the Company insight as to the impact to customers of COVID-19 and potential impairment of receivables.</p>
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5.05
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
43.84
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2717000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
3914000
us-gaap Net Income Loss
NetIncomeLoss
-1306000
us-gaap Net Income Loss
NetIncomeLoss
5281000
CY2020Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
45354000
CY2019Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
44489000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
45152000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
44368000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46842000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1992000
CY2019Q2 us-gaap Revenues
Revenues
39664000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4466000
CY2020Q3 us-gaap Revenues
Revenues
35194000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3574000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1256000
us-gaap Revenues
Revenues
70381000
CY2020Q3 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
75

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