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Exhibit 99.1
STAAR Surgical Announces Preliminary Fourth Quarter and Full Year 2021 Results
Achieves 40% Growth Y/Y with Full Year 2021 Net Sales of Approximately $230 Million
Fourth Quarter Net Sales Approximately $59 Million
LAKE FOREST, CA, January 10, 2022
--- STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses and companion delivery systems for the eye, today provided preliminary results for the fourth quarter and fiscal year ended December 31, 2021. The Company expects total net sales for the fourth quarter to be approximately $59 million and full year net sales to be approximately $230 million. GAAP earnings per share is expected to be approximately $0.10 for the fourth quarter and approximately $0.50 for the fiscal year ended December 31, 2021.
“STAAR’s preliminary sales results for fiscal 2021 highlight the robust demand for our lenses as our ICLs are elevated within the ophthalmic community. For fiscal 2021 we achieved 40% growth in net sales year over year. ICL units for the fourth quarter of fiscal 2021 were up 36% globally, year over year, including China up 44%, Japan up 45%, South Korea up 35% and India up 74% with growth partially moderated by an increasing number of Covid cases in Europe,” said Caren Mason, President and CEO of STAAR Surgical.
“During the second half of 2021, production output was lower than planned due to Covid-related employee absences, modest supply chain challenges and throughput running lower than plan. This resulted in a continuing backlog of over 20,000 lenses in house, mostly made-to-order toric lenses, that usually would have shipped in the prescribed timeframe. We are committed to continuing to push hard to overcome these challenges and are doubling the footprint at our principal manufacturing facility through movement of non-production floor space requirements to other facilities. We are also purchasing and upgrading our tooling and systems to dovetail with the expansion. As we look forward in 2022, we remain focused on advancing our strong growth trajectory for our EVO ICL lenses. In the U.S. our submission of clinical data for STAAR’s EVO ICL family of myopia lenses remains under customary interactive FDA review. For fiscal 2022, we anticipate our net sales will grow to approximately $295 million subject to no unforeseen impact from Covid on our business.”
STAAR expects to report complete fourth quarter and fiscal year results on or about February 23 and provided today’s information due to investor meetings taking place January 10-11, 2022. The financial information in this release is unaudited and subject to adjustment in the final audited financial statements to be filed with the Company’s Annual Report on Form 10-K.
About STAAR Surgical
STAAR, which has been dedicated solely to ophthalmic surgery for over 30 years, designs, develops, manufactures and markets implantable lenses for the eye with companion delivery systems. These lenses are intended to provide visual freedom for patients, lessening or eliminating the reliance on glasses or contact lenses. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAAR’s lens used in refractive surgery is called an Implantable Collamer® Lens or “ICL”, which includes the EVO Visian ICL™ product line. More than 1,000,000 Visian® ICLs have been implanted to date and STAAR markets these lenses in over 75 countries. To learn more about the ICL go to: www.discovericl.com. Headquartered in Lake Forest, CA, the company operates manufacturing and packaging facilities in Aliso Viejo, CA, Monrovia, CA and Nidau, Switzerland. For more information, please visit the Company’s website at www.staar.com.
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The following table presents our general and administrative expense for the fiscal years presented (dollars in thousands): General and administrative expenses for 2021 increased 30.2% from 2020, due to increased bonus and stock-based compensation expenses, salary-related and payroll tax expenses, outside services, facilities costs and corporate insurance.
The sales increase was driven by the APAC region, which grew 51% with unit growth of 47%, primarily due to sales growth in India up 123%, Japan up 56%, China up 50%, other APAC Distributors up 50% and Korea up 36%.
The sales increase was driven by the APAC region, which grew 15% with unit growth of 17%, primarily due to sales growth in Japan up 56%, other APAC Distributors up 38%, Korea up 17% and China up 11%.
The Europe, Middle East, Africa and Latin America region sales increased 46% with unit increase of 48%, due to sales growth in the Middle East and North Africa up 81%, Latin America up 68%, United Kingdom up 61%, Distributor Operations up 45%, Spain up 40% and Germany up 35%.
The Europe, Middle East, Africa and Latin America region sales decreased 3% and units decreased 11%, as a result of decreased sales in the Middle East and North Africa down 35%, Latin America down 13% and Spain down 4%, partially offset by sales growth in Germany up 15%, the United Kingdom up 8% and Other Distributors up 4%.
Research and development expenses for...Read more
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On May 6, 2020, STAAR...Read more
The shelf registration statement became...Read more
Total ICL sales for 2021...Read more
Total ICL sales for 2020...Read more
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Net sales for 2020 increased...Read more
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Financial Statements, Disclosures and Schedules
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Staar Surgical Co provided additional information to their SEC Filing as exhibits
Ticker: STAA
CIK: 718937
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-006264
Submitted to the SEC: Wed Feb 23 2022 4:21:49 PM EST
Accepted by the SEC: Wed Feb 23 2022
Period: Friday, December 31, 2021
Industry: Ophthalmic Goods