$STAA
STAAR SURGICAL CO

2022 Q2 Form 10-Q Financial Statement

#000156459022017859 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q2
Revenue $63.20M $50.75M
YoY Change 24.53% 44.24%
Cost Of Revenue $13.94M $11.61M
YoY Change 20.03% 11.35%
Gross Profit $49.26M $39.14M
YoY Change 25.86% 58.09%
Gross Profit Margin 77.95% 77.12%
Selling, General & Admin $29.21M $31.67M
YoY Change -7.77% 22.31%
% of Gross Profit 59.29% 80.92%
Research & Development $7.941M $8.259M
YoY Change -3.85% 19.73%
% of Gross Profit 16.12% 21.1%
Depreciation & Amortization $994.0K $865.0K
YoY Change 14.91% 12.92%
% of Gross Profit 2.02% 2.21%
Operating Expenses $37.15M $39.93M
YoY Change -6.96% 21.77%
Operating Profit $12.11M $7.470M
YoY Change 62.16% -758.15%
Interest Expense -$921.0K -$7.000K
YoY Change 13057.14% -103.24%
% of Operating Profit -7.6% -0.09%
Other Income/Expense, Net $335.0K -$1.231M
YoY Change -127.21% 684.08%
Pretax Income $11.53M $6.239M
YoY Change 84.76% -582.89%
Income Tax $1.925M $1.247M
% Of Pretax Income 16.7% 19.99%
Net Earnings $9.602M $4.992M
YoY Change 92.35% -3825.37%
Net Earnings / Revenue 15.19% 9.84%
Basic Earnings Per Share $0.20 $0.11
Diluted Earnings Per Share $0.19 $0.10
COMMON SHARES
Basic Shares Outstanding 47.76M 46.62M
Diluted Shares Outstanding 49.29M 49.21M

Balance Sheet

Concept 2022 Q2 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $193.1M $162.3M
YoY Change 18.96% 46.35%
Cash & Equivalents $193.1M $162.3M
Short-Term Investments
Other Short-Term Assets $1.691M $1.022M
YoY Change 65.46% -11.9%
Inventory $18.45M $16.80M
Prepaid Expenses $4.999M $3.625M
Receivables $47.07M $33.70M
Other Receivables $2.642M $2.000M
Total Short-Term Assets $273.9M $223.5M
YoY Change 22.55% 29.87%
LONG-TERM ASSETS
Property, Plant & Equipment $39.65M $26.31M
YoY Change 50.66% 30.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.150M $5.200M
YoY Change -20.19% -8.77%
Total Long-Term Assets $77.28M $42.30M
YoY Change 82.68% 21.9%
TOTAL ASSETS
Total Short-Term Assets $273.9M $223.5M
Total Long-Term Assets $77.28M $42.30M
Total Assets $351.2M $265.8M
YoY Change 32.12% 28.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.42M $7.800M
YoY Change 72.06% -17.96%
Accrued Expenses $14.29M $13.10M
YoY Change 9.08% 37.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.300M
YoY Change -100.0% 0.0%
Long-Term Debt Due $151.0K $100.0K
YoY Change 51.0% -83.33%
Total Short-Term Liabilities $41.18M $36.10M
YoY Change 14.08% 20.73%
LONG-TERM LIABILITIES
Long-Term Debt $338.0K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $32.53M $15.30M
YoY Change 112.61% 29.66%
Total Long-Term Liabilities $32.87M $15.30M
YoY Change 114.82% 28.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.18M $36.10M
Total Long-Term Liabilities $32.87M $15.30M
Total Liabilities $74.86M $51.60M
YoY Change 45.08% 23.44%
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 $276.3M $214.2M
YoY Change
Total Liabilities & Shareholders Equity $351.2M $265.8M
YoY Change 32.12% 28.53%

Cashflow Statement

Concept 2022 Q2 2021 Q2
OPERATING ACTIVITIES
Net Income $9.602M $4.992M
YoY Change 92.35% -3825.37%
Depreciation, Depletion And Amortization $994.0K $865.0K
YoY Change 14.91% 12.92%
Cash From Operating Activities -$4.610M $6.766M
YoY Change -168.13% -182.81%
INVESTING ACTIVITIES
Capital Expenditures $2.539M $2.159M
YoY Change 17.6% -1.19%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.539M -$2.159M
YoY Change 17.6% -1.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 894.0K 6.000M
YoY Change -85.1% 374.68%
NET CHANGE
Cash From Operating Activities -4.610M 6.766M
Cash From Investing Activities -2.539M -2.159M
Cash From Financing Activities 894.0K 6.000M
Net Change In Cash -6.639M 9.891M
YoY Change -167.12% -208.49%
FREE CASH FLOW
Cash From Operating Activities -$4.610M $6.766M
Capital Expenditures $2.539M $2.159M
Free Cash Flow -$7.149M $4.607M
YoY Change -255.18% -144.49%

Facts In Submission

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DefinedBenefitPlanServiceCost
348000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1247000
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.167
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.200
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.21
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.21
CY2022Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
20000
CY2021Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
14000
CY2022Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
118000
CY2021Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
99000
CY2022Q2 staa Defined Benefit Plan Prior Service Cost
DefinedBenefitPlanPriorServiceCost
45000
CY2021Q2 staa Defined Benefit Plan Prior Service Cost
DefinedBenefitPlanPriorServiceCost
11000
CY2022Q2 staa Defined Benefit Plan Actuarial Gain Loss Recognized In Current Year
DefinedBenefitPlanActuarialGainLossRecognizedInCurrentYear
97000
CY2021Q2 staa Defined Benefit Plan Actuarial Gain Loss Recognized In Current Year
DefinedBenefitPlanActuarialGainLossRecognizedInCurrentYear
131000
CY2022Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
280000
CY2021Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
383000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3894000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3330000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3894000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3330000
CY2022Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
366000
CY2021Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
309000
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
4260000
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3639000
CY2022Q2 staa Estimated Forfeiture Rate
EstimatedForfeitureRate
0.05
CY2022Q2 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 Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.54
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.53
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0171
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0084
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2435000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
388000
CY2022Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
49000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
7000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2767000
CY2022Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
5.34
CY2022Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
154.96
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1997000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
9602000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
4992000
CY2022Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
47758000
CY2021Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
46628000
CY2022Q2 staa Unvested Restricted Stock Shares
UnvestedRestrictedStockShares
3000
CY2021Q2 staa Unvested Restricted Stock Shares
UnvestedRestrictedStockShares
11000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47755000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46617000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49288000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49213000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
637000
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
86000
CY2022Q2 us-gaap Revenues
Revenues
63200000
CY2021Q2 us-gaap Revenues
Revenues
50752000
CY2022Q2 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
75
CY2022Q2 us-gaap Revenues
Revenues
63200000
CY2021Q2 us-gaap Revenues
Revenues
50752000
CY2022Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q2 us-gaap Revenues
Revenues
50752000
CY2022Q2 staa Revenue From Contract With Customer Other
RevenueFromContractWithCustomerOther
4525000
CY2021Q2 staa Revenue From Contract With Customer Other
RevenueFromContractWithCustomerOther
4251000
CY2022Q2 us-gaap Revenues
Revenues
63200000

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