$STAA
STAAR SURGICAL CO

2021 Q3 Form 10-Q Financial Statement

#000156459021040819 Filed on August 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $62.37M $35.19M $35.19M
YoY Change 77.21% -9.89% -11.29%
Cost Of Revenue $13.16M $10.76M $10.43M
YoY Change 22.34% 7.56% 6.78%
Gross Profit $49.20M $24.43M $24.76M
YoY Change 101.4% -15.91% -17.19%
Gross Profit Margin 78.89% 69.42% 70.37%
Selling, General & Admin $38.55M $18.17M $25.90M
YoY Change 112.18% -29.35% 2.4%
% of Gross Profit 78.36% 74.38% 104.58%
Research & Development $8.260M $7.310M $6.898M
YoY Change 13.0% 18.75% 13.12%
% of Gross Profit 16.79% 29.92% 27.86%
Depreciation & Amortization $891.0K $760.0K $766.0K
YoY Change 17.24% -13.64% -0.52%
% of Gross Profit 1.81% 3.11% 3.09%
Operating Expenses $46.81M $25.49M $32.79M
YoY Change 83.66% -20.03% 4.48%
Operating Profit $10.65M -$1.060M -$1.135M
YoY Change -1104.62% -131.79% -124.62%
Interest Expense -$5.000K $410.0K $216.0K
YoY Change -101.22% 54.14% -16.6%
% of Operating Profit -0.05%
Other Income/Expense, Net $66.00K $30.00K -$157.0K
YoY Change 120.0% -116.13% -136.18%
Pretax Income $10.72M -$620.0K -$1.292M
YoY Change -1828.23% -119.7% -125.61%
Income Tax $2.148M $556.0K -$1.158M
% Of Pretax Income 20.05%
Net Earnings $8.567M -$1.172M -$134.0K
YoY Change -830.97% -149.08% -103.42%
Net Earnings / Revenue 13.74% -3.33% -0.38%
Basic Earnings Per Share $0.18 -$0.03 $0.00
Diluted Earnings Per Share $0.17 -$0.03 $0.00
COMMON SHARES
Basic Shares Outstanding 47.10M 45.35M 44.95M
Diluted Shares Outstanding 49.49M 44.95M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $173.1M $116.3M $110.9M
YoY Change 48.82% 3.56% 7.36%
Cash & Equivalents $173.1M $116.3M $110.9M
Short-Term Investments
Other Short-Term Assets $9.385M $640.0K $1.160M
YoY Change 1366.41% 20.3% 153.83%
Inventory $15.59M $17.80M $17.60M
Prepaid Expenses $4.382M
Receivables $48.65M $39.50M $34.50M
Other Receivables $1.412M $1.900M $2.500M
Total Short-Term Assets $248.1M $182.5M $172.1M
YoY Change 35.95% 10.61% 8.3%
LONG-TERM ASSETS
Property, Plant & Equipment $39.92M $21.48M $20.18M
YoY Change 85.86% 44.67% 50.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.378M $5.700M $5.700M
YoY Change -23.19% 657.98% 699.44%
Total Long-Term Assets $46.32M $35.50M $34.70M
YoY Change 30.48% 27.97% 28.26%
TOTAL ASSETS
Total Short-Term Assets $248.1M $182.5M $172.1M
Total Long-Term Assets $46.32M $35.50M $34.70M
Total Assets $294.4M $218.0M $206.8M
YoY Change 35.06% 13.11% 11.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.579M $8.900M $9.507M
YoY Change -14.84% 18.67% 17.41%
Accrued Expenses $19.19M $11.00M $9.500M
YoY Change 74.45% 0.92% 3.26%
Deferred Revenue
YoY Change
Short-Term Debt $1.280M $1.300M $1.300M
YoY Change -1.54% -43.48% -55.17%
Long-Term Debt Due $85.00K $500.0K $600.0K
YoY Change -83.0% -37.5% -40.0%
Total Short-Term Liabilities $41.80M $31.60M $29.90M
YoY Change 32.28% 5.43% 4.15%
LONG-TERM LIABILITIES
Long-Term Debt $25.00K $100.0K $100.0K
YoY Change -75.0% -80.0% -83.33%
Other Long-Term Liabilities $17.77M $11.70M $11.80M
YoY Change 51.86% 2.63% 8.26%
Total Long-Term Liabilities $17.79M $11.80M $11.90M
YoY Change 50.79% -0.84% 3.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.80M $31.60M $29.90M
Total Long-Term Liabilities $17.79M $11.80M $11.90M
Total Liabilities $59.82M $43.40M $41.80M
YoY Change 37.82% 0.0% 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 $234.6M $174.7M $165.0M
YoY Change
Total Liabilities & Shareholders Equity $294.4M $218.0M $206.8M
YoY Change 35.06% 13.11% 11.21%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $8.567M -$1.172M -$134.0K
YoY Change -830.97% -149.08% -103.42%
Depreciation, Depletion And Amortization $891.0K $760.0K $766.0K
YoY Change 17.24% -13.64% -0.52%
Cash From Operating Activities $6.378M -$20.00K -$8.171M
YoY Change -31990.0% -100.17% -334.8%
INVESTING ACTIVITIES
Capital Expenditures -$3.523M -$2.020M $2.185M
YoY Change 74.41% -21.4% -191.04%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.523M -$2.020M -$2.185M
YoY Change 74.41% -21.4% -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 7.833M 7.440M 1.264M
YoY Change 5.28% -6863.64% -483.03%
NET CHANGE
Cash From Operating Activities 6.378M -20.00K -8.171M
Cash From Investing Activities -3.523M -2.020M -2.185M
Cash From Financing Activities 7.833M 7.440M 1.264M
Net Change In Cash 10.69M 5.400M -9.117M
YoY Change 97.93% -40.72% -1315.6%
FREE CASH FLOW
Cash From Operating Activities $6.378M -$20.00K -$8.171M
Capital Expenditures -$3.523M -$2.020M $2.185M
Free Cash Flow $9.901M $2.000M -$10.36M
YoY Change 395.05% -86.07% -276.12%

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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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CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
746000
us-gaap Operating Lease Cost
OperatingLeaseCost
1640000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
801000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
763000
us-gaap Operating Lease Payments
OperatingLeasePayments
1586000
us-gaap Operating Lease Payments
OperatingLeasePayments
1501000
CY2021Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3356000
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
249000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4007000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
318000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
3008000
CY2021Q3 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
86000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
2919000
CY2021Q3 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
14000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
2006000
CY2021Q3 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
FinanceLeaseLiabilityPaymentsDueInRollingYearThree
11000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
1112000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
690000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
2263000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11998000
CY2021Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
111000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
579000
CY2021Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1000
CY2021Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
110000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-602000
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q3 staa Valuation Allowance Deferred Tax Asset Change In Amount Result Of Lower Projected Taxable Income
ValuationAllowanceDeferredTaxAssetChangeInAmountResultOfLowerProjectedTaxableIncome
845000
staa Valuation Allowance Deferred Tax Asset Change In Amount Result Of Lower Projected Taxable Income
ValuationAllowanceDeferredTaxAssetChangeInAmountResultOfLowerProjectedTaxableIncome
845000
staa Valuation Allowance Deferred Tax Asset Change In Amount Due To Covid
ValuationAllowanceDeferredTaxAssetChangeInAmountDueToCOVID
1369000
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
677000
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
639000
CY2021Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
14000
CY2020Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
11000
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
28000
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
22000
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
200000
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
89000
staa Defined Benefit Plan Prior Service Cost
DefinedBenefitPlanPriorServiceCost
22000
staa Defined Benefit Plan Prior Service Cost
DefinedBenefitPlanPriorServiceCost
17000
staa Defined Benefit Plan Actuarial Gain Loss Recognized In Current Year
DefinedBenefitPlanActuarialGainLossRecognizedInCurrentYear
262000
staa Defined Benefit Plan Actuarial Gain Loss Recognized In Current Year
DefinedBenefitPlanActuarialGainLossRecognizedInCurrentYear
159000
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
745000
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
714000
CY2020Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
291000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
699000
CY2021Q3 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
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
8567000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-1172000
CY2021Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
47102000
CY2021Q3 staa Unvested Restricted Stock Shares
UnvestedRestrictedStockShares
3000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47099000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45354000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46858000
CY2021Q3 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
75
CY2021Q3 us-gaap Revenues
Revenues
62367000
CY2020Q3 us-gaap Revenues
Revenues
35194000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3132000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4466000
CY2021Q3 us-gaap Revenues
Revenues
62367000
CY2020Q3 us-gaap Revenues
Revenues
35194000

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