STAAR Surgical Reports Fourth Quarter and Fiscal Year 2022 Results

February 22, 2023 Off By BusinessWire

ICL Unit Growth Up 33% Y/Y in Fiscal 2022

STAAR Reaffirms Outlook for Strong Trajectory of Growth in 2023

LAKE FOREST, Calif.–(BUSINESS WIRE)–STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses for the eye, today reported financial results for the fourth quarter and fiscal year ended December 30, 2022.

Fourth Quarter 2022 Overview

  • Net Sales of $64.0 Million Up 9% and Constant Currency Net Sales of $67.9 Million Up 15% from Prior Year Quarter
  • ICL Sales of $61.2 Million Up 15% and Constant Currency ICL Sales of $64.3 Million Up 21% from Prior Year Quarter
  • ICL Units Up 20% from the Prior Year Quarter
  • Gross Margin at 77.7% vs. 76.3% in the Prior Year Quarter
  • Net Income of $0.12 per Share vs. $0.10 per Share in the Prior Year Quarter
  • Cash, Cash Equivalents and Investments Available for Sale Ended the Quarter at $225.5 Million

Fiscal Year 2022 Overview

  • Net Sales of $284.4 Million Up 23% and Constant Currency Net Sales of $297.3 Million Up 29% from Prior Year
  • ICL Sales of $269.7 Million Up 27% and Constant Currency Net Sales of $280.0 Million Up 32% from Prior Year
  • ICL Units Up 33% from the Prior Year
  • Gross Margin at 78.5% of Sales from 77.5% of Sales in the Prior Year
  • Full Year Net Income of $0.78 per Share vs. Prior Year Net Income of $0.50 per Share

“Our fourth quarter and fiscal 2022 results continue STAAR’s multi-quarter track record of industry leading growth with fiscal 2022 global ICL sales up 27% and in constant currency up 32% and units up 33% year over year. These levels of ICL growth exceed the ambitious goals we previously announced for 2022. Moreover, our growth significantly outpaced the roughly flat growth for refractive industry procedures over the same period1,” said Tom Frinzi, President and CEO of STAAR Surgical. “For the fourth quarter ICL unit growth was up 20% year over year, including U.S. units up 109% and China units up 18%. In China, transient COVID-related headwinds that impacted our results in the fourth quarter are subsiding as we move through the first quarter of 2023. Our outlook for fiscal 2023 total ICL sales is approximately $340 million, which represents 26% year over year growth. STAAR will move forward in 2023 with purpose and increased investment to further accelerate consumer awareness, surgeon confidence and adoption of our EVO ICL family of lenses, all while continuing our industry leading position as a high growth and profitable ophthalmic medical device company.”

1 STAAR Market Share Refractive Procedures and ICL Trends proprietary model as of January 12, 2023 estimates 4,322,688 global refractive procedures in 2022 and 4,345,812 refractive procedures in 2021, a 0.53% decline Y/Y.

Financial Overview – Q4 2022

Net sales were $64.0 million for the fourth quarter of 2022, up 9% compared to $59.0 million reported in the prior year quarter. Changes in currency, primarily the Japanese Yen as well as the Euro, negatively impacted reported net sales by $3.8 million for the fourth quarter of 2022. The sales increase in the fourth quarter was driven by ICL sales and unit growth of 15% and 20%, respectively, as compared to the prior year period. Other Product sales decreased 52% compared to the prior year quarter. ICL sales were 96% of total net sales for the fourth quarter of 2022.

Gross profit margin for the fourth quarter of 2022 was 77.7% compared to the prior year quarter of 76.3%. Factors impacting the favorability in gross margin in the fourth quarter of 2022, as compared to the prior year quarter, include product and geographic mix, partially offset by increased period costs associated with manufacturing projects.

Operating expenses for the fourth quarter of 2022 were $48.8 million compared to the prior year quarter of $37.6 million. General and administrative expenses were $14.8 million compared to the prior year quarter of $11.5 million. The increase in general and administrative expenses was due to increased compensation related expenses, facilities costs and outside services. Selling and marketing expenses were $24.2 million compared to the prior year quarter of $17.1 million. The increase in selling and marketing expenses is due to increased advertising and promotional activities, trade shows and sales meetings, travel expenses and compensation related expenses. Research and development expenses were $9.8 million compared to the prior year quarter of $9.1 million. The increase in research and development expenses is due to increased clinical trial expenses related to U.S. post-approval studies.

Net income for the fourth quarter of 2022 was $5.9 million or $0.12 per diluted share compared with net income of $4.9 million or $0.10 per diluted share for the prior year quarter. The year over year increase in net income is attributable to higher other income, gross profit and a lower provision for income taxes, offset by increased SG&A expenses. Adjusted Net Income for the fourth quarter of 2022 was $6.8 million or $0.14 per diluted share compared to $9.5 million or $0.19 per diluted share for the prior year quarter. The reconciliation between GAAP and non-GAAP financial information is provided in the financial tables included with this release.

Financial Overview – Fiscal Year 2022

Net sales were $284.4 million for fiscal year 2022, up 23% compared to $230.5 million reported in the prior year. The increase in Net sales was driven by ICL sales and unit growth of 27% and 33%, respectively. Other Products Sales decreased 16% compared to the prior year. ICL sales were 95% of total Net sales for fiscal 2022 and 92% of total Net sales for fiscal 2021. Changes in currency, primarily in the Japanese Yen as well as the Euro, negatively impacted reported total net sales by $12.9 million for fiscal year 2022.

Gross profit margin for fiscal year 2022 increased to 78.5% of total net sales compared to 77.5% of total net sales for fiscal year 2021. The increase in gross margin for the year is due to geographic sales mix and an increased mix of ICL sales which carry a higher margin, partially offset by increased period costs associated with the manufacturing expansion projects.

Operating expenses for fiscal year 2022 were $179.6 million compared to $145.3 million in the prior year. The 24% increase in operating expense is primarily due to higher marketing, promotion and advertising, compensation-related expenses, tradeshows and sales meetings and facilities costs.

Net income for fiscal year 2022 was $38.8 million or $0.78 per diluted share compared with net income of $24.5 million or $0.50 per diluted share for the prior year. The year over year increase in net income is due to higher gross profit and other income, primarily from changes in interest income and foreign currency transactions, partially offset by increased SG&A expenses. Adjusted Net Income for fiscal year 2022 was $60.0 million or $1.22 per diluted share, compared with an Adjusted Net Income of $42.9 million or $0.87 per diluted share for fiscal year 2021. The reconciliation between GAAP and non-GAAP financial information is provided in the financial tables included with this release.

Cash, cash equivalents, short-term and long-term investments available for sale at December 30, 2022 totaled $225.5 million, compared to $199.7 million at end of the fourth quarter of 2021. The Company generated $35.7 million in cash from operations for fiscal year 2022 and invested $18.1 million in property and equipment.

Conference Call

The Company will host a conference call and webcast today, Tuesday, February 21 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results and operational progress. To access the conference call (Access Code 268065), please dial 844-200-6205 for domestic participants and 929-526-1599 for international participants. The live webcast can be accessed from the investor relations section of the STAAR website at www.staar.com.

A taped replay of the conference call (Replay Code 120085) will be available beginning approximately one hour after the call’s conclusion for seven days. This replay can be accessed by dialing 866-813-9403 for domestic callers and 929-458-6194 for international callers. An archived webcast will also be available at www.staar.com.

Use of Non-GAAP Financial Measures

This press release includes supplemental non-GAAP financial information, which STAAR believes investors will find helpful in understanding its operating performance. “Adjusted Net Income” excludes the following items that are included in “Net Income” as calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): gain or loss on foreign currency transactions, stock-based compensation expenses, and valuation allowance adjustments. Management believes that “Adjusted Net Income” is useful to investors in gauging the outcome of the key drivers of the business performance: the ability to increase sales revenue and our ability to increase profit margin by improving the mix of high value products while reducing the costs over which management has control.

Management has excluded gains and losses on foreign currency transactions because of the significant fluctuations that can result from period to period as a result of market driven factors. Stock-based compensation expenses consist of expenses for stock options and restricted stock under the Financial Accounting Standards Board’s Accounting Standards Codification (ASC) 718. Valuation allowance adjustments can occur from time to time based on forecasted changes in operating results until all net operating loss carryforwards are fully utilized. In calculating Adjusted Net Income, STAAR excludes stock-based compensation expenses and valuation allowance adjustments because they are non-cash expenses and because of the considerable judgment involved in calculating their values. In addition, these expenses tend to be driven by fluctuations in the price of our stock and not by the same factors that generally affect our other business expenses.

The Company also uses Constant Currency as a Non-GAAP financial measure to exclude the effects of currency fluctuations on net sales. The Company conducts a significant part of its activities outside the U.S. It receives sales revenue and pays expenses principally in U.S. dollars, Swiss francs, Japanese yen and euros. The exchange rates between dollars and non-U.S. currencies can fluctuate greatly and can have a significant effect on the Company’s results when reported in U.S. dollars. In order to compare the Company’s performance from period to period without the effect of currency, the Company will apply the same average exchange rate applicable in the prior period, or the “constant currency” rate to sales or expenses in the current period as well. Because changes in currency are outside of the control of the Company and its managers, management finds this non-GAAP measure useful in determining the long-term progress of its initiatives and determining whether its managers are achieving their performance goals. The Company believes that the non-GAAP constant-currency sales results measures provided in this press release are similarly useful to investors to give insight on long term trends in the Company’s performance without the external effect of changes in relative currency values. The table provided in this press release shows sales results calculated in accordance with GAAP, the effect of currency, and the resulting non-GAAP measure expressed in constant currency.

About STAAR Surgical

STAAR, which has been dedicated solely to ophthalmic surgery for over 40 years, designs, develops, manufactures and markets implantable lenses for the eye. 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 ICL™ product line. More than 2,000,000 ICLs have been sold to date and STAAR markets these lenses in over 75 countries. To learn more about the ICL go to: EVOICL.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.

Safe Harbor

All statements that are not statements of historical fact are forward-looking statements, including statements about any of the following: any financial projections (including sales), plans, strategies, and objectives of management for 2023 or prospects for achieving such plans, expectations for sales, revenue, margin, expenses or earnings, and any statements of assumptions underlying any of the foregoing, including those relating to financial performance in the first quarter and fiscal year 2023. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties related to the COVID-19 pandemic and related public health measures, as well as the factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 under the caption “Risk Factors,” which is on file with the Securities and Exchange Commission and available in the “Investor Information” section of the company’s website under the heading “SEC Filings.” We disclaim any intention or obligation to update or revise any financial projections or forward-looking statement due to new information or events. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include the following: global economic conditions; the impact of the COVID-19 pandemic on markets; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before approval, or to take enforcement action; international trade disputes; and the willingness of surgeons and patients to adopt a new or improved product and procedure.

Consolidated Balance Sheets
(in 000’s)
Unaudited
 
ASSETS

December 30,

2022

December 31,

2021

Current assets:
Cash and cash equivalents

$

86,480

 

$

199,706

 

Investments available for sale

 

125,159

 

 

 

Accounts receivable trade, net

 

62,447

 

 

43,531

 

Inventories, net

 

24,161

 

 

17,274

 

Prepayments, deposits, and other current assets

 

13,476

 

 

10,900

 

Total current assets

 

311,723

 

 

271,411

 

Investments available for sale

 

13,902

 

 

 

Property, plant, and equipment, net

 

50,921

 

 

35,912

 

Finance lease right-of-use assets, net

 

342

 

 

506

 

Operating lease right-of-use assets, net

 

30,270

 

 

31,310

 

Intangible assets, net

 

173

 

 

218

 

Goodwill

 

1,786

 

 

1,786

 

Deferred income taxes

 

4,824

 

 

3,813

 

Other assets

 

957

 

 

822

 

Total assets

$

414,898

 

$

345,778

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable

$

11,576

 

$

8,699

 

Obligations under finance leases

 

169

 

 

127

 

Obligations under operating leases

 

3,524

 

 

3,283

 

Allowance for sales returns

 

5,706

 

 

4,816

 

Other current liabilities

 

30,741

 

 

31,877

 

Total current liabilities

 

51,716

 

 

48,802

 

Obligations under finance leases

 

210

 

 

382

 

Obligations under operating leases

 

27,136

 

 

28,269

 

Deferred income taxes

 

1,489

 

 

811

 

Asset retirement obligations

 

220

 

 

198

 

Pension liability

 

1,935

 

 

8,758

 

Total liabilities

 

82,706

 

 

87,220

 

 
Stockholders’ equity:
Common stock

 

482

 

 

477

 

Additional paid-in capital

 

404,189

 

 

373,519

 

Accumulated other comprehensive income (loss)

 

156

 

 

(4,048

)

Accumulated deficit

 

(72,635

)

 

(111,390

)

Total stockholders’ equity

 

332,192

 

 

258,558

 

Total liabilities and stockholders’ equity

$

414,898

 

$

345,778

 

Consolidated Statements of Income
(In 000’s except for per share data)
Unaudited
 
 
Three Months Ended Twelve Months Ended
% of

December 30,

2022

% of

December 31,

2021

Fav (Unfav) % of

December 30,

2022

% of

December 31,

2021

Fav (Unfav)
Sales Sales Amount % Sales Sales Amount %
Net sales

100.0%

$

64,044

100.0%

$

59,001

 

$

5,043

 

8.5%

100.0%

$

284,391

 

100.0%

$

230,472

 

$

53,919

 

23.4%

 
Cost of sales

22.3%

 

14,259

 

23.7%

 

14,010

 

 

(249

)

-1.8%

21.5%

 

61,008

 

22.5%

 

51,835

 

 

(9,173

)

-17.7%

 
Gross profit

77.7%

 

49,785

 

76.3%

 

44,991

 

 

4,794

 

10.7%

78.5%

 

223,383

 

77.5%

 

178,637

 

 

44,746

 

25.0%

 
Selling, general and administrative expenses:
General and administrative

23.1%

 

14,808

 

19.5%

 

11,471

 

 

(3,337

)

-29.1%

19.2%

 

54,742

 

19.1%

 

44,142

 

 

(10,600

)

-24.0%

Selling and marketing

37.8%

 

24,223

 

28.9%

 

17,065

 

 

(7,158

)

-41.9%

31.2%

 

88,856

 

29.2%

 

67,294

 

 

(21,562

)

-32.0%

Research and development

15.3%

 

9,790

 

15.4%

 

9,072

 

 

(718

)

-7.9%

12.7%

 

35,983

 

14.7%

 

33,862

 

 

(2,121

)

-6.3%

Total selling, general, and administrative expenses

76.2%

 

48,821

 

63.8%

 

37,608

 

 

(11,213

)

-29.8%

63.1%

 

179,581

 

63.0%

 

145,298

 

 

(34,283

)

-23.6%

 
Operating income

1.5%

 

964

 

12.5%

 

7,383

 

 

(6,419

)

-86.9%

15.4%

 

43,802

 

14.5%

 

33,339

 

 

10,463

 

31.4%

 
Other expense, net:
Interest income (expense), net

2.4%

 

1,514

 

0.0%

 

(3

)

 

1,517

 

50566.7%

0.9%

 

2,448

 

0.0%

 

(38

)

 

2,486

 

6542.1%

Gain (loss) on foreign currency transactions

5.0%

 

3,197

 

-1.6%

 

(924

)

 

4,121

 

446.0%

-0.6%

 

(1,707

)

-1.3%

 

(2,964

)

 

1,257

 

42.4%

Royalty income

0.4%

 

277

 

0.9%

 

519

 

 

(242

)

-46.6%

0.3%

 

804

 

0.4%

 

1,015

 

 

(211

)

-20.8%

Other income (expense), net

0.0%

 

27

 

0.0%

 

(1

)

 

28

 

2800.0%

0.0%

 

205

 

0.0%

 

(48

)

 

253

 

527.1%

Total other expense, net

7.8%

 

5,015

 

-0.7%

 

(409

)

 

5,424

 

1326.2%

0.6%

 

1,750

 

-0.9%

 

(2,035

)

 

3,785

 

186.0%

 
Income before provision for income taxes

9.3%

 

5,979

 

11.8%

 

6,974

 

 

(995

)

-14.3%

16.0%

 

45,552

 

13.6%

 

31,304

 

 

14,248

 

45.5%

 
Provision for income taxes

0.2%

 

126

 

3.5%

 

2,052

 

 

1,926

 

93.9%

2.4%

 

6,797

 

3.0%

 

6,803

 

 

6

 

0.1%

 
Net income

9.1%

$

5,853

 

8.3%

$

4,922

 

$

931

 

18.9%

13.6%

$

38,755

 

10.6%

$

24,501

 

$

14,254

 

58.2%

 
 
Net income per share – basic

$

0.12

 

$

0.10

 

$

0.81

 

$

0.52

 

Net income per share – diluted

$

0.12

 

$

0.10

 

$

0.78

 

$

0.50

 

 
Weighted average shares outstanding – basic

 

48,203

 

 

47,652

 

 

47,987

 

 

47,210

 

Weighted average shares outstanding – diluted

 

49,389

 

 

49,478

 

 

49,380

 

 

49,456

 

Consolidated Statements of Cash Flows
(in 000’s)
Unaudited

Three Months Ended

 

Twelve Months Ended

December 30,

2022

 

December 31,

2021

 

December 30,

2022

 

December 31,

2021

Cash flows from operating activities:
Net income

$

5,853

 

$

4,922

 

$

38,755

 

$

24,501

 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment

 

1,380

 

 

937

 

 

4,481

 

 

3,608

 

Amortization of long-lived intangibles

 

6

 

 

8

 

 

28

 

 

34

 

Accretion/Amortization of investments available for sale

 

(891

)

 

 

 

(1,198

)

 

 

Deferred income taxes

 

(1,367

)

 

650

 

 

(1,344

)

 

1,495

 

Change in net pension liability

 

13

 

 

46

 

 

53

 

 

137

 

Stock-based compensation expense

 

4,996

 

 

3,620

 

 

20,371

 

 

14,605

 

Accretion of asset retirement obligation

 

47

 

 

 

 

47

 

 

 

Loss on disposal of property and equipment

 

65

 

 

 

 

65

 

 

2

 

Provision for sales returns and bad debts

 

552

 

 

(751

)

 

913

 

 

318

 

Inventory provision

 

403

 

 

557

 

 

2,423

 

 

1,654

 

Changes in working capital:
Accounts receivable

 

(6,493

)

 

(1,796

)

 

(19,601

)

 

(8,868

)

Inventories

 

(3,820

)

 

(1,235

)

 

(7,943

)

 

66

 

Prepayments, deposits and other current assets

 

(3,075

)

 

(1,999

)

 

(2,549

)

 

(711

)

Accounts payable

 

3,639

 

 

148

 

 

1,805

 

 

108

 

Other current liabilities

 

1,662

 

 

3,391

 

 

(591

)

 

7,013

 

Net cash provided by operating activities

 

2,970

 

 

8,498

 

 

35,715

 

 

43,962

 

 
Cash flows from investing activities:
Acquisition of property and equipment

 

(4,025

)

 

(4,689

)

 

(18,108

)

 

(13,645

)

Purchase of investments available for sale

 

(60,172

)

 

 

 

(155,748

)

 

 

Proceeds from sale or maturity of investments available for sale

 

17,480

 

 

 

 

17,480

 

 

 

Net cash used in investing activities

 

(46,717

)

 

(4,689

)

 

(156,376

)

 

(13,645

)

 
Cash flows from financing activities:
Repayment on line of credit

 

 

 

(1,297

)

 

 

 

(1,297

)

Repayment of finance lease obligations

 

(41

)

 

(34

)

 

(126

)

 

(348

)

Proceeds from vested restricted stock and exercise of stock options

 

243

 

 

1,115

 

 

8,423

 

 

19,438

 

Net cash provided by financing activities

 

202

 

 

(216

)

 

8,297

 

 

17,793

 

 
Effect of exchange rate changes on cash and cash equivalents

 

783

 

 

(133

)

 

(862

)

 

(857

)

 
Increase (decrease) in cash and cash equivalents

 

(42,762

)

 

3,460

 

 

(113,226

)

 

47,253

 

Cash and cash equivalents, at beginning of the period

 

129,242

 

 

196,246

 

 

199,706

 

 

152,453

 

Cash and cash equivalents, at end of the period

$

86,480

 

$

199,706

 

$

86,480

 

$

199,706

 

Reconciliation of Non-GAAP Financial Measure
Adjusted Net Income and Net Income Per Share
(in 000’s)
Unaudited

Three Months Ended

 

Twelve Months Ended

December 30,

2022

December 31,

2021

 

December 30,

2022

December 31,

2021

Net income (as reported)

$

5,853

 

$

4,922

$

38,755

 

$

24,501

Less:
Foreign currency impact

 

(3,197

)

 

924

 

 

1,707

 

 

2,964

 

Stock-based compensation expense

 

4,996

 

 

3,620

 

 

20,371

 

 

14,605

 

Valuation allowance adjustment

 

(829

)

 

 

 

(829

)

 

845

 

Net income (adjusted)

$

6,823

 

$

9,466

 

$

60,004

 

$

42,915

 

 
Net income per share, basic (as reported)

$

0.12

 

$

0.10

 

$

0.81

 

$

0.52

 

Foreign currency impact

 

(0.06

)

 

0.02

 

 

0.04

 

 

0.06

 

Stock-based compensation expense

 

0.10

 

 

0.08

 

 

0.42

 

 

0.31

 

Valuation allowance adjustment

 

(0.02

)

 

 

 

(0.02

)

 

0.02

 

Net income per share, basic (adjusted)

$

0.14

 

$

0.20

 

$

1.25

 

$

0.91

 

 
Net income per share, diluted (as reported)

$

0.12

 

$

0.10

 

$

0.78

 

$

0.50

 

Foreign currency impact

 

(0.06

)

 

0.02

 

 

0.04

 

 

0.06

 

Stock-based compensation expense

 

0.10

 

 

0.07

 

 

0.41

 

 

0.29

 

Valuation allowance adjustment

 

(0.02

)

 

 

 

(0.01

)

 

0.02

 

Net income per share, diluted (adjusted)

$

0.14

 

$

0.19

 

$

1.22

 

$

0.87

 

 
Weighted average shares outstanding – Basic

 

48,203

 

 

47,652

 

 

47,987

 

 

47,210

 

Weighted average shares outstanding – Diluted

 

49,389

 

 

49,478

 

 

49,380

 

 

49,456

 

 
Note: Net income per share (adjusted), basic and diluted, may not add due to rounding
STAAR Surgical Company
Reconciliation of Non-GAAP Financial Measure
Constant Currency Sales
(in 000’s)
Unaudited
 
Three Months Ended

December 30,

2022

Effect of Constant

December 31,

2021

As Reported Constant Currency
Sales Currency Currency $ Change % Change $ Change % Change
ICL

$

61,162

$

3,141

$

64,303

$

53,016

$

8,146

 

15.4%

$

11,287

 

21.3%

 
Cataract IOL

 

1,998

 

 

409

 

 

2,407

 

 

3,195

 

 

(1,197

)

-37.5%

 

(788

)

-24.7%

Other

 

884

 

 

298

 

 

1,182

 

 

2,790

 

 

(1,906

)

-68.3%

 

(1,608

)

-57.6%

Other Products

 

2,882

 

 

707

 

 

3,589

 

 

5,985

 

 

(3,103

)

-51.8%

 

(2,396

)

-40.0%

 
Total Sales

$

64,044

 

$

3,848

 

$

67,892

 

$

59,001

 

$

5,043

 

8.5%

$

8,891

 

15.1%

 
Twelve Months Ended

December 30,

2022

Effect of Constant

December 31,

2021

As Reported Constant Currency
Sales Currency Currency $ Change % Change $ Change % Change
ICL

$

269,712

 

$

10,307

 

$

280,019

 

$

212,905

 

$

56,807

 

26.7%

$

67,114

 

31.5%

 
Cataract IOL

 

9,638

 

 

1,546

 

 

11,184

 

 

12,519

 

 

(2,881

)

-23.0%

 

(1,335

)

-10.7%

Other

 

5,041

 

 

1,019

 

 

6,060

 

 

5,048

 

 

(7

)

-0.1%

 

1,012

 

20.0%

Other Products

 

14,679

 

 

2,565

 

 

17,244

 

 

17,567

 

 

(2,888

)

-16.4%

 

(323

)

-1.8%

 
Total Sales

$

284,391

 

$

12,872

 

$

297,263

 

$

230,472

 

$

53,919

 

23.4%

$

66,791

 

29.0%

 

Contacts

Investors
Brian Moore

Vice President, Investor, Media Relations and Corporate Development

(626) 303-7902, Ext. 3023

[email protected]