$STAA
STAAR Surgical Co

2020 Q4 Form 10-Q Financial Statement

#000156459020050470 Filed on November 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q3
Revenue $47.08M $39.06M
YoY Change 22.93%
Cost Of Revenue $12.21M $10.00M
YoY Change 26.47%
Gross Profit $34.87M $29.05M
YoY Change 21.76%
Gross Profit Margin 74.07% 74.38%
Selling, General & Admin $21.24M $25.72M
YoY Change 15.44%
% of Gross Profit 60.91% 88.52%
Research & Development $8.750M $6.156M
YoY Change 10.52%
% of Gross Profit 25.09% 21.19%
Depreciation & Amortization $770.0K $880.0K
YoY Change 39.68%
% of Gross Profit 2.21% 3.03%
Operating Expenses $29.99M $31.87M
YoY Change 14.46%
Operating Profit $4.881M $3.334M
YoY Change 110.61%
Interest Expense $470.0K $266.0K
YoY Change -1017.24%
% of Operating Profit 9.63% 7.98%
Other Income/Expense, Net $30.00K -$186.0K
YoY Change -183.78%
Pretax Income $5.380M $3.148M
YoY Change 74.4%
Income Tax $1.489M $760.0K
% Of Pretax Income 27.68% 24.14%
Net Earnings $3.892M $2.388M
YoY Change 63.67%
Net Earnings / Revenue 8.27% 6.11%
Basic Earnings Per Share $0.08 $0.05
Diluted Earnings Per Share $0.08 $0.05
COMMON SHARES
Basic Shares Outstanding 45.90M 44.56M
Diluted Shares Outstanding 48.18M 46.86M

Balance Sheet

Concept 2020 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $128.3M $112.3M
YoY Change 9.88%
Cash & Equivalents $128.3M $112.3M
Short-Term Investments
Other Short-Term Assets $1.041M $532.0K
YoY Change -19.39%
Inventory $18.20M $16.40M
Prepaid Expenses $3.534M $2.630M
Receivables $42.10M $30.80M
Other Receivables $2.500M $1.600M
Total Short-Term Assets $196.0M $165.0M
YoY Change 12.02%
LONG-TERM ASSETS
Property, Plant & Equipment $22.66M $14.85M
YoY Change 29.52%
Goodwill $1.786M
YoY Change 0.0%
Intangibles $252.0K
YoY Change 3.28%
Long-Term Investments
YoY Change
Other Assets $5.600M $752.0K
YoY Change -24.65%
Total Long-Term Assets $38.70M $27.74M
YoY Change 76.8%
TOTAL ASSETS
Total Short-Term Assets $196.0M $165.0M
Total Long-Term Assets $38.70M $27.74M
Total Assets $234.7M $192.7M
YoY Change 18.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.800M $7.500M
YoY Change -9.44%
Accrued Expenses $12.50M $10.90M
YoY Change 34.57%
Deferred Revenue
YoY Change
Short-Term Debt $1.400M $2.300M
YoY Change -45.24%
Long-Term Debt Due $400.0K $800.0K
YoY Change -42.86%
Total Short-Term Liabilities $33.90M $29.97M
YoY Change 8.83%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $500.0K
YoY Change -28.57%
Other Long-Term Liabilities $14.40M $11.40M
YoY Change 119.23%
Total Long-Term Liabilities $14.50M $11.90M
YoY Change 101.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.90M $29.97M
Total Long-Term Liabilities $14.50M $11.90M
Total Liabilities $48.30M $43.40M
YoY Change 27.19%
SHAREHOLDERS EQUITY
Retained Earnings -$148.2M
YoY Change -5.84%
Common Stock $300.0M
YoY Change 4.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $186.4M $149.3M
YoY Change
Total Liabilities & Shareholders Equity $234.7M $192.7M
YoY Change 18.25%

Cashflow Statement

Concept 2020 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $3.892M $2.388M
YoY Change 63.67%
Depreciation, Depletion And Amortization $770.0K $880.0K
YoY Change 39.68%
Cash From Operating Activities $9.590M $11.79M
YoY Change 45.38%
INVESTING ACTIVITIES
Capital Expenditures -$2.050M -$2.570M
YoY Change 471.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.050M -$2.570M
YoY Change 471.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.320M -110.0K
YoY Change -100.15%
NET CHANGE
Cash From Operating Activities 9.590M 11.79M
Cash From Investing Activities -2.050M -2.570M
Cash From Financing Activities 4.320M -110.0K
Net Change In Cash 11.86M 9.110M
YoY Change -88.78%
FREE CASH FLOW
Cash From Operating Activities $9.590M $11.79M
Capital Expenditures -$2.050M -$2.570M
Free Cash Flow $11.64M $14.36M
YoY Change 67.76%

Facts In Submission

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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.  Throughout the COVID-19 pandemic the Company offered extended payment terms to assist its surgeon customers and their clinics as they resumed business. During the quarter ended October 2, 2020, the Company has experienced improvements in customer payments and 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 into COVID-19’s impact on customers and potential impairment of receivables.</p>
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2020000
us-gaap Operating Lease Payments
OperatingLeasePayments
2281000
us-gaap Operating Lease Payments
OperatingLeasePayments
2031000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3160000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2797000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
2374000
CY2020Q4 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
433000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
1632000
CY2020Q4 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
51000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
1404000
CY2020Q4 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
FinanceLeaseLiabilityPaymentsDueInRollingYearThree
15000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
896000
CY2020Q4 us-gaap Finance Lease Liability Payments Due In Rolling Year Four
FinanceLeaseLiabilityPaymentsDueInRollingYearFour
8000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
637000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
1228000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8171000
CY2020Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
507000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
385000
CY2020Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
12000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
7786000
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
495000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
887000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2380000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
staa Tax Cuts And Jobs Act Of2017 Deduction In Global Intangible Low Taxed Income Percentage
TaxCutsAndJobsActOf2017DeductionInGlobalIntangibleLowTaxedIncomePercentage
0.50
staa Valuation Allowance Deferred Tax Asset Change In Amount Due To Covid
ValuationAllowanceDeferredTaxAssetChangeInAmountDueToCOVID
1215000
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4591000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Alternative Minimum Tax
DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax
136000
CY2020Q4 staa Reversal Of Valuation Allowance
ReversalOfValuationAllowance
154000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
760000
CY2020Q4 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
320000
CY2020Q4 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
12000
CY2020Q4 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
47000
CY2020Q4 staa Defined Benefit Plan Prior Service Cost
DefinedBenefitPlanPriorServiceCost
9000
CY2020Q4 staa Defined Benefit Plan Actuarial Gain Loss Recognized In Current Year
DefinedBenefitPlanActuarialGainLossRecognizedInCurrentYear
79000
CY2020Q4 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
355000
CY2020Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3126000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7778000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7778000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
723000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
8501000
staa Estimated Forfeiture Rate
EstimatedForfeitureRate
0.06
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.53
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.53
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.53
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0155
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0053
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0240
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4326000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
616000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1146000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
14000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3782000
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
5.05
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
51.42
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2594000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
3892000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
2388000
us-gaap Net Income Loss
NetIncomeLoss
2586000
us-gaap Net Income Loss
NetIncomeLoss
7669000
CY2020Q4 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
45914000
CY2019Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
44573000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
45405000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
44436000
CY2020Q4 staa Unvested Restricted Stock Shares
UnvestedRestrictedStockShares
-11000
CY2019Q3 staa Unvested Restricted Stock Shares
UnvestedRestrictedStockShares
-10000
staa Unvested Restricted Stock Shares
UnvestedRestrictedStockShares
-11000
staa Unvested Restricted Stock Shares
UnvestedRestrictedStockShares
-10000
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45903000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44563000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45394000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44426000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48180000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46857000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47589000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46848000
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1836000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
909000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1446000
CY2020Q4 us-gaap Revenues
Revenues
47081000
CY2020Q4 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
75
us-gaap Revenues
Revenues
111302000
CY2020Q4 us-gaap Revenues
Revenues
47081000
CY2019Q3 us-gaap Revenues
Revenues
39055000
us-gaap Revenues
Revenues
117462000
us-gaap Revenues
Revenues
111302000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5588000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5240000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15901000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15269000
CY2020Q4 us-gaap Revenues
Revenues
47081000
CY2019Q3 us-gaap Revenues
Revenues
39055000
us-gaap Revenues
Revenues
117462000

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