$STAA
STAAR SURGICAL CO

2021 Q2 Form 10-Q Financial Statement

#000156459021024058 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $50.75M $35.19M
YoY Change 44.24% -11.29%
Cost Of Revenue $11.61M $10.43M
YoY Change 11.35% 6.78%
Gross Profit $39.14M $24.76M
YoY Change 58.09% -17.19%
Gross Profit Margin 77.12% 70.37%
Selling, General & Admin $31.67M $25.90M
YoY Change 22.31% 2.4%
% of Gross Profit 80.92% 104.58%
Research & Development $8.259M $6.898M
YoY Change 19.73% 13.12%
% of Gross Profit 21.1% 27.86%
Depreciation & Amortization $865.0K $766.0K
YoY Change 12.92% -0.52%
% of Gross Profit 2.21% 3.09%
Operating Expenses $39.93M $32.79M
YoY Change 21.77% 4.48%
Operating Profit $7.470M -$1.135M
YoY Change -758.15% -124.62%
Interest Expense -$7.000K $216.0K
YoY Change -103.24% -16.6%
% of Operating Profit -0.09%
Other Income/Expense, Net -$1.231M -$157.0K
YoY Change 684.08% -136.18%
Pretax Income $6.239M -$1.292M
YoY Change -582.89% -125.61%
Income Tax $1.247M -$1.158M
% Of Pretax Income 19.99%
Net Earnings $4.992M -$134.0K
YoY Change -3825.37% -103.42%
Net Earnings / Revenue 9.84% -0.38%
Basic Earnings Per Share $0.11 $0.00
Diluted Earnings Per Share $0.10 $0.00
COMMON SHARES
Basic Shares Outstanding 46.62M 44.95M
Diluted Shares Outstanding 49.21M 44.95M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.3M $110.9M
YoY Change 46.35% 7.36%
Cash & Equivalents $162.3M $110.9M
Short-Term Investments
Other Short-Term Assets $1.022M $1.160M
YoY Change -11.9% 153.83%
Inventory $16.80M $17.60M
Prepaid Expenses $3.625M $4.382M
Receivables $33.70M $34.50M
Other Receivables $2.000M $2.500M
Total Short-Term Assets $223.5M $172.1M
YoY Change 29.87% 8.3%
LONG-TERM ASSETS
Property, Plant & Equipment $26.31M $20.18M
YoY Change 30.37% 50.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.200M $5.700M
YoY Change -8.77% 699.44%
Total Long-Term Assets $42.30M $34.70M
YoY Change 21.9% 28.26%
TOTAL ASSETS
Total Short-Term Assets $223.5M $172.1M
Total Long-Term Assets $42.30M $34.70M
Total Assets $265.8M $206.8M
YoY Change 28.53% 11.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.800M $9.507M
YoY Change -17.96% 17.41%
Accrued Expenses $13.10M $9.500M
YoY Change 37.89% 3.26%
Deferred Revenue
YoY Change
Short-Term Debt $1.300M $1.300M
YoY Change 0.0% -55.17%
Long-Term Debt Due $100.0K $600.0K
YoY Change -83.33% -40.0%
Total Short-Term Liabilities $36.10M $29.90M
YoY Change 20.73% 4.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $100.0K
YoY Change -100.0% -83.33%
Other Long-Term Liabilities $15.30M $11.80M
YoY Change 29.66% 8.26%
Total Long-Term Liabilities $15.30M $11.90M
YoY Change 28.57% 3.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.10M $29.90M
Total Long-Term Liabilities $15.30M $11.90M
Total Liabilities $51.60M $41.80M
YoY Change 23.44% 0.42%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $214.2M $165.0M
YoY Change
Total Liabilities & Shareholders Equity $265.8M $206.8M
YoY Change 28.53% 11.21%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $4.992M -$134.0K
YoY Change -3825.37% -103.42%
Depreciation, Depletion And Amortization $865.0K $766.0K
YoY Change 12.92% -0.52%
Cash From Operating Activities $6.766M -$8.171M
YoY Change -182.81% -334.8%
INVESTING ACTIVITIES
Capital Expenditures $2.159M $2.185M
YoY Change -1.19% -191.04%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.159M -$2.185M
YoY Change -1.19% -8.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.000M 1.264M
YoY Change 374.68% -483.03%
NET CHANGE
Cash From Operating Activities 6.766M -8.171M
Cash From Investing Activities -2.159M -2.185M
Cash From Financing Activities 6.000M 1.264M
Net Change In Cash 9.891M -9.117M
YoY Change -208.49% -1315.6%
FREE CASH FLOW
Cash From Operating Activities $6.766M -$8.171M
Capital Expenditures $2.159M $2.185M
Free Cash Flow $4.607M -$10.36M
YoY Change -144.49% -276.12%

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:3.57%;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. Although the Company experienced some delays in payments on accounts receivable as a result of the COVID-19 pandemic in the first half of 2020, the Company experienced improvements since the third quarter of 2020 as elective refractive surgeries resumed.  The Company 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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CY2021Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
19915000
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
24606000
CY2021Q2 staa Percent Of Other Current Liabilities Included In Other
PercentOfOtherCurrentLiabilitiesIncludedInOther
0.05
CY2021Q1 staa Percent Of Other Current Liabilities Included In Other
PercentOfOtherCurrentLiabilitiesIncludedInOther
0.05
CY2021Q2 staa Finance Lease Accumulated Depreciation
FinanceLeaseAccumulatedDepreciation
615000
CY2021Q1 staa Finance Lease Accumulated Depreciation
FinanceLeaseAccumulatedDepreciation
780000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
596000
CY2021Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
152000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
398000
CY2021Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0262
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0346
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
36000
CY2020Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
117000
CY2021Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4000
CY2020Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
10000
CY2021Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
4000
CY2020Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
10000
CY2021Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
235000
CY2020Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
236000
CY2021Q2 staa Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
14507000
CY2021Q1 staa Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
14278000
CY2021Q2 staa Operating Lease Accumulated Depreciation
OperatingLeaseAccumulatedDepreciation
5841000
CY2021Q1 staa Operating Lease Accumulated Depreciation
OperatingLeaseAccumulatedDepreciation
5514000
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8666000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8764000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8689000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
9022000
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0273
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0261
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
783000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
740000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
785000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
738000
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
651000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
69000
CY2020Q2 staa Defined Benefit Plan Actuarial Gain Loss Recognized In Current Year
DefinedBenefitPlanActuarialGainLossRecognizedInCurrentYear
79000
CY2021Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
383000
CY2020Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
357000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
2573000
CY2021Q2 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
127000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
2395000
CY2021Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
14000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
1681000
CY2021Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
FinanceLeaseLiabilityPaymentsDueInRollingYearThree
14000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
826000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
455000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
1184000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9114000
CY2021Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
155000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
425000
CY2021Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
3000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8689000
CY2021Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
152000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1247000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1158000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1247000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1158000
CY2020Q2 staa Valuation Allowance Deferred Tax Asset Change In Amount Due To Covid
ValuationAllowanceDeferredTaxAssetChangeInAmountDueToCOVID
1369000
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q2 staa Tax Cuts And Jobs Act Of2017 Deduction In Global Intangible Low Taxed Income Percentage
TaxCutsAndJobsActOf2017DeductionInGlobalIntangibleLowTaxedIncomePercentage
0.50
CY2021Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
348000
CY2020Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
319000
CY2021Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
14000
CY2020Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
11000
CY2021Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
99000
CY2020Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
43000
CY2021Q2 staa Defined Benefit Plan Prior Service Cost
DefinedBenefitPlanPriorServiceCost
11000
CY2020Q2 staa Defined Benefit Plan Prior Service Cost
DefinedBenefitPlanPriorServiceCost
9000
CY2021Q2 staa Defined Benefit Plan Actuarial Gain Loss Recognized In Current Year
DefinedBenefitPlanActuarialGainLossRecognizedInCurrentYear
131000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3330000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2921000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3330000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2921000
CY2021Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
309000
CY2020Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
269000
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3639000
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3190000
CY2021Q2 staa Estimated Forfeiture Rate
EstimatedForfeitureRate
0.06
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.53
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.53
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0084
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0054
CY2021Q2 us-gaap Loss Contingency Date Of Dismissal
LossContingencyDateOfDismissal
2021-03-09
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
4992000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-134000
CY2021Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
46628000
CY2020Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
44964000
CY2021Q2 staa Unvested Restricted Stock Shares
UnvestedRestrictedStockShares
-11000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3418000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
243000
CY2021Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
376000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3285000
CY2021Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
5.34
CY2021Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
106.51
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2324000
CY2020Q2 staa Unvested Restricted Stock Shares
UnvestedRestrictedStockShares
-11000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46617000
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
86000
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3859000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2021Q2 us-gaap Revenues
Revenues
50752000
CY2020Q2 us-gaap Revenues
Revenues
35187000
CY2021Q2 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
75
CY2021Q2 us-gaap Revenues
Revenues
50752000
CY2020Q2 us-gaap Revenues
Revenues
35187000
CY2021Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4251000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5847000
CY2021Q2 us-gaap Revenues
Revenues
50752000
CY2020Q2 us-gaap Revenues
Revenues
35187000

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