$STAA
STAAR SURGICAL CO

2021 Q4 Form 10-Q Financial Statement

#000156459021053970 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4 2020 Q3
Revenue $58.35M $47.08M $35.19M
YoY Change 23.94% -9.89%
Cost Of Revenue $13.05M $12.21M $10.76M
YoY Change 6.89% 7.56%
Gross Profit $44.99M $34.87M $24.43M
YoY Change 29.02% -15.91%
Gross Profit Margin 77.1% 74.07% 69.42%
Selling, General & Admin $29.19M $21.24M $18.17M
YoY Change 37.44% -29.35%
% of Gross Profit 64.89% 60.91% 74.38%
Research & Development $8.271M $8.750M $7.310M
YoY Change -5.47% 18.75%
% of Gross Profit 18.38% 25.09% 29.92%
Depreciation & Amortization $926.0K $770.0K $760.0K
YoY Change 20.26% -13.64%
% of Gross Profit 2.06% 2.21% 3.11%
Operating Expenses $37.46M $29.99M $25.49M
YoY Change 24.92% -20.03%
Operating Profit $7.527M $4.881M -$1.060M
YoY Change 54.21% -131.79%
Interest Expense -$633.0K $470.0K $410.0K
YoY Change -234.68% 54.14%
% of Operating Profit -8.41% 9.63%
Other Income/Expense, Net $172.0K $30.00K $30.00K
YoY Change 473.33% -116.13%
Pretax Income $7.376M $5.380M -$620.0K
YoY Change 37.1% -119.7%
Income Tax $1.356M $1.489M $556.0K
% Of Pretax Income 18.38% 27.68%
Net Earnings $4.922M $3.892M -$1.172M
YoY Change 26.46% -149.08%
Net Earnings / Revenue 8.44% 8.27% -3.33%
Basic Earnings Per Share $0.10 $0.08 -$0.03
Diluted Earnings Per Share $0.10 $0.08 -$0.03
COMMON SHARES
Basic Shares Outstanding 47.48M 45.90M 45.35M
Diluted Shares Outstanding 49.59M 48.18M

Balance Sheet

Concept 2021 Q4 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $196.2M $128.3M $116.3M
YoY Change 52.96% 3.56%
Cash & Equivalents $199.7M $128.3M $116.3M
Short-Term Investments
Other Short-Term Assets $621.0K $1.041M $640.0K
YoY Change -40.35% 20.3%
Inventory $16.52M $18.20M $17.80M
Prepaid Expenses $4.047M $3.534M
Receivables $43.53M $42.10M $39.50M
Other Receivables $1.618M $2.500M $1.900M
Total Short-Term Assets $271.4M $196.0M $182.5M
YoY Change 38.48% 10.61%
LONG-TERM ASSETS
Property, Plant & Equipment $35.91M $22.66M $21.48M
YoY Change 58.47% 44.67%
Goodwill $1.786M
YoY Change
Intangibles $218.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $822.0K $5.600M $5.700M
YoY Change -85.32% 657.98%
Total Long-Term Assets $74.37M $38.70M $35.50M
YoY Change 92.16% 27.97%
TOTAL ASSETS
Total Short-Term Assets $271.4M $196.0M $182.5M
Total Long-Term Assets $74.37M $38.70M $35.50M
Total Assets $345.8M $234.7M $218.0M
YoY Change 47.33% 13.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.699M $7.800M $8.900M
YoY Change 11.53% 18.67%
Accrued Expenses $22.05M $12.50M $11.00M
YoY Change 76.37% 0.92%
Deferred Revenue
YoY Change
Short-Term Debt $1.282M $1.400M $1.300M
YoY Change -8.43% -43.48%
Long-Term Debt Due $50.00K $400.0K $500.0K
YoY Change -87.5% -37.5%
Total Short-Term Liabilities $48.80M $33.90M $31.60M
YoY Change 43.96% 5.43%
LONG-TERM LIABILITIES
Long-Term Debt $21.00K $100.0K $100.0K
YoY Change -79.0% -80.0%
Other Long-Term Liabilities $28.46M $14.40M $11.70M
YoY Change 97.63% 2.63%
Total Long-Term Liabilities $28.48M $14.50M $11.80M
YoY Change 96.41% -0.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.80M $33.90M $31.60M
Total Long-Term Liabilities $28.48M $14.50M $11.80M
Total Liabilities $87.22M $48.30M $43.40M
YoY Change 80.58% 0.0%
SHAREHOLDERS EQUITY
Retained Earnings -$111.4M
YoY Change
Common Stock $374.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $258.6M $186.4M $174.7M
YoY Change
Total Liabilities & Shareholders Equity $345.8M $234.7M $218.0M
YoY Change 47.33% 13.11%

Cashflow Statement

Concept 2021 Q4 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income $4.922M $3.892M -$1.172M
YoY Change 26.46% -149.08%
Depreciation, Depletion And Amortization $926.0K $770.0K $760.0K
YoY Change 20.26% -13.64%
Cash From Operating Activities $22.32M $9.590M -$20.00K
YoY Change 132.7% -100.17%
INVESTING ACTIVITIES
Capital Expenditures -$3.273M -$2.050M -$2.020M
YoY Change 59.66% -21.4%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.273M -$2.050M -$2.020M
YoY Change 59.66% -21.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.176M 4.320M 7.440M
YoY Change -3.33% -6863.64%
NET CHANGE
Cash From Operating Activities 22.32M 9.590M -20.00K
Cash From Investing Activities -3.273M -2.050M -2.020M
Cash From Financing Activities 4.176M 4.320M 7.440M
Net Change In Cash 23.22M 11.86M 5.400M
YoY Change 95.78% -40.72%
FREE CASH FLOW
Cash From Operating Activities $22.32M $9.590M -$20.00K
Capital Expenditures -$3.273M -$2.050M -$2.020M
Free Cash Flow $25.59M $11.64M $2.000M
YoY Change 119.84% -86.07%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M12D
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
249108000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
174674000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
3892000
CY2020Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-16000
CY2020Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
4429000
CY2020Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3413000
staa Vested Restricted And Performance Stock Grants
VestedRestrictedAndPerformanceStockGrants
1000
staa Vested Restricted Stock Grants
VestedRestrictedStockGrants
1000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
186392000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
511000
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2021Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
368000
CY2021Q4 staa Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
593000
CY2021Q4 staa Finance Lease Accumulated Depreciation
FinanceLeaseAccumulatedDepreciation
548000
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
45000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
71000
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0165
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
15000
CY2021Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
CY2021Q4 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1000
CY2021Q4 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
36000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
22000
CY2021Q4 staa Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
26444000
CY2021Q1 staa Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
14278000
CY2021Q4 staa Operating Lease Accumulated Depreciation
OperatingLeaseAccumulatedDepreciation
4438000
CY2021Q1 staa Operating Lease Accumulated Depreciation
OperatingLeaseAccumulatedDepreciation
5514000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
22006000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8764000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
22083000
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0323
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0261
CY2021Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
931000
CY2020Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
752000
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
846000
CY2020Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
780000
CY2021Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
15212000
CY2020Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2842000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
3329000
CY2021Q4 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
51000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
3337000
CY2021Q4 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
14000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
2797000
CY2021Q4 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
FinanceLeaseLiabilityPaymentsDueInRollingYearThree
7000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
2365000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
2244000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
11826000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25898000
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
72000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3815000
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
22083000
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
71000
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1356000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1489000
staa Valuation Allowance Deferred Tax Asset Change In Amount Result Of Lower Projected Taxable Income
ValuationAllowanceDeferredTaxAssetChangeInAmountResultOfLowerProjectedTaxableIncome
845000
CY2020Q4 staa Reversal Of Valuation Allowance
ReversalOfValuationAllowance
154000
staa Valuation Allowance Deferred Tax Asset Change In Amount Due To Covid
ValuationAllowanceDeferredTaxAssetChangeInAmountDueToCOVID
1215000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
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 Unvested Restricted Stock Shares
UnvestedRestrictedStockShares
11000
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49592000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48180000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49448000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47589000
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39000
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
204000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
909000
us-gaap Revenues
Revenues
171471000
us-gaap Revenues
Revenues
117462000
CY2021Q4 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
75
us-gaap Revenues
Revenues
171471000
us-gaap Revenues
Revenues
117462000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q4 staa Revenue From Contract With Customer Other
RevenueFromContractWithCustomerOther
4199000
CY2020Q4 staa Revenue From Contract With Customer Other
RevenueFromContractWithCustomerOther
5588000
staa Revenue From Contract With Customer Other
RevenueFromContractWithCustomerOther
11582000
staa Revenue From Contract With Customer Other
RevenueFromContractWithCustomerOther
15901000
CY2021Q4 us-gaap Revenues
Revenues
58352000

Files In Submission

Name View Source Status
0001564590-21-053970-index-headers.html Edgar Link pending
0001564590-21-053970-index.html Edgar Link pending
0001564590-21-053970.txt Edgar Link pending
0001564590-21-053970-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R52.htm Edgar Link pending
R53.htm Edgar Link pending
R54.htm Edgar Link pending
R55.htm Edgar Link pending
R56.htm Edgar Link pending
R57.htm Edgar Link pending
R58.htm Edgar Link pending
R59.htm Edgar Link pending
R6.htm Edgar Link pending
R60.htm Edgar Link pending
R61.htm Edgar Link pending
R62.htm Edgar Link pending
R63.htm Edgar Link pending
R64.htm Edgar Link pending
R65.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
staa-10q_20211001.htm Edgar Link pending
staa-10q_20211001_htm.xml Edgar Link completed
staa-20211001.xsd Edgar Link pending
staa-20211001_cal.xml Edgar Link unprocessable
staa-20211001_def.xml Edgar Link unprocessable
staa-20211001_lab.xml Edgar Link unprocessable
staa-20211001_pre.xml Edgar Link unprocessable
staa-ex311_8.htm Edgar Link pending
staa-ex312_6.htm Edgar Link pending
staa-ex321_7.htm Edgar Link pending