Company Quick10K Filing
Quick10K
Staar Surgical
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$29.71 44,473 $1,321,288
10-Q 2019-06-28 Quarter: 2019-06-28
10-Q 2019-03-29 Quarter: 2019-03-29
10-K 2018-12-28 Annual: 2018-12-28
10-Q 2018-09-28 Quarter: 2018-09-28
10-Q 2018-06-29 Quarter: 2018-06-29
10-Q 2018-03-30 Quarter: 2018-03-30
10-K 2017-12-29 Annual: 2017-12-29
10-Q 2017-09-29 Quarter: 2017-09-29
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-30 Annual: 2016-12-30
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-07-01 Quarter: 2016-07-01
10-Q 2016-04-01 Quarter: 2016-04-01
10-K 2016-01-01 Annual: 2016-01-01
10-Q 2015-10-02 Quarter: 2015-10-02
10-Q 2015-07-03 Quarter: 2015-07-03
10-Q 2015-04-03 Quarter: 2015-04-03
10-K 2015-01-02 Annual: 2015-01-02
10-Q 2014-10-03 Quarter: 2014-10-03
10-Q 2014-07-04 Quarter: 2014-07-04
10-Q 2014-04-04 Quarter: 2014-04-04
10-K 2014-01-03 Annual: 2014-01-03
8-K 2019-08-27 Regulation FD, Exhibits
8-K 2019-08-07 Regulation FD, Exhibits
8-K 2019-07-31 Regulation FD, Exhibits
8-K 2019-07-31 Earnings, Regulation FD, Exhibits
8-K 2019-06-20 Shareholder Vote
8-K 2019-06-05 Regulation FD, Exhibits
8-K 2019-05-15 Regulation FD, Exhibits
8-K 2019-05-02 Regulation FD
8-K 2019-05-01 Regulation FD, Exhibits
8-K 2019-05-01 Regulation FD, Exhibits
8-K 2019-02-28 Regulation FD, Exhibits
8-K 2019-02-21 Regulation FD, Exhibits
8-K 2019-02-21 Regulation FD, Exhibits
8-K 2019-01-17 Regulation FD, Exhibits
8-K 2019-01-07 Regulation FD, Exhibits
8-K 2019-01-07 Earnings, Exhibits
8-K 2018-11-06 Regulation FD, Exhibits
8-K 2018-10-31 Regulation FD, Exhibits
8-K 2018-10-31 Regulation FD, Exhibits
8-K 2018-09-13 Regulation FD, Exhibits
8-K 2018-08-22 Regulation FD, Exhibits
8-K 2018-08-08 Regulation FD, Exhibits
8-K 2018-08-07 Enter Agreement, Other Events, Exhibits
8-K 2018-08-01 Regulation FD, Exhibits
8-K 2018-08-01 Regulation FD, Exhibits
8-K 2018-06-20 Regulation FD, Exhibits
8-K 2018-06-14 Shareholder Vote
8-K 2018-05-02 Regulation FD, Exhibits
8-K 2018-03-13 Regulation FD, Exhibits
8-K 2018-02-28 Regulation FD, Exhibits
8-K 2018-01-08 Regulation FD, Exhibits
MMM 3M 92,436
ABC Amerisourcebergen 17,026
COO Cooper Companies 16,046
RDY Dr Reddys Laboratories 5,822
ALKS Alkermes 3,074
EYE National Vision Holdings 2,132
MNTA Momenta Pharmaceuticals 1,247
CRBP Corbus Pharmaceuticals Holdings 340
IRIX Iridex 35
APTO Aptose Biosciences 0
STAA 2019-06-28
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation and Significant Accounting Policies
Note 2 - Inventories
Note 3 - Prepayments, Deposits, and Other Current Assets
Note 4 - Property, Plant and Equipment
Note 5 -Intangible Assets
Note 6 - Other Current Liabilities
Note 7 - Lines of Credit
Note 8 - Leases
Note 9 - Income Taxes
Note 10 - Defined Benefit Pension Plans
Note 11 - Stockholders' Equity
Note 12 - Commitments and Contingencies
Note 13 - Basic and Diluted Net Income per Share
Note 14 - Disaggregation of Sales, Geographic Sales and Product Sales
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.37 staa-ex1037_30.htm
EX-31.1 staa-ex311_9.htm
EX-31.2 staa-ex312_6.htm
EX-32.1 staa-ex321_8.htm

Staar Surgical Earnings 2019-06-28

STAA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

staa-10q_20190628.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended:    June 28, 2019

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 0-11634

 

STAAR SURGICAL COMPANY

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

95-3797439

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

25651 Atlantic Ocean Drive
Lake Forest, California

 

92630

(Address of Principal Executive Offices)

(Zip Code)

 

(626303-7902

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common

STAA

NASDAQ

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No 

The registrant has 44,542,965 shares of common stock, par value $0.01 per share, issued and outstanding as of July 26, 2019.

 


STAAR SURGICAL COMPANY

 

INDEX

 

 

 

 

PAGE

NUMBER

 

 

 

 

PART I – FINANCIAL INFORMATION

 

1

 

 

 

 

ITEM 1

FINANCIAL STATEMENTS

 

1

 

 

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

19

 

 

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

25

 

 

 

 

ITEM 4.

CONTROLS AND PROCEDURES

 

25

 

 

 

 

PART II – OTHER INFORMATION

 

25

 

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

 

25

 

 

 

 

ITEM 1A.

RISK FACTORS

 

25

 

 

 

 

ITEM 4.

MINE SAFETY DISCLOSURES

 

26

 

 

 

 

ITEM 5.

OTHER INFORMATION

 

26

 

 

 

 

ITEM 6.

EXHIBITS

 

26

 

 

 


PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

STAAR SURGICAL COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value amounts)

(Unaudited)

 

 

 

June 28, 2019

 

 

December 28,

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

103,251

 

 

$

103,877

 

Accounts receivable trade, net of allowance of doubtful accounts of

   $162 and $550, respectively

 

 

32,962

 

 

 

25,946

 

Inventories, net

 

 

16,328

 

 

 

16,704

 

Prepayments, deposits and other current assets

 

 

6,367

 

 

 

5,045

 

Total current assets

 

 

158,908

 

 

 

151,572

 

Property, plant and equipment, net

 

 

13,382

 

 

 

11,451

 

Finance lease right-of-use assets, net

 

 

2,338

 

 

 

 

Operating lease right-of-use assets, net

 

 

7,219

 

 

 

 

Intangible assets, net

 

 

261

 

 

 

243

 

Goodwill

 

 

1,786

 

 

 

1,786

 

Deferred income taxes

 

 

1,355

 

 

 

1,278

 

Other assets

 

 

713

 

 

 

1,009

 

Total assets

 

$

185,962

 

 

$

167,339

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Line of credit

 

$

2,854

 

 

$

3,780

 

Accounts payable

 

 

8,097

 

 

 

6,524

 

Obligations under finance leases

 

 

960

 

 

 

1,098

 

Obligations under operating leases

 

 

2,766

 

 

 

 

Allowance for sales returns

 

 

3,263

 

 

 

2,895

 

Other current liabilities

 

 

10,771

 

 

 

13,431

 

Total current liabilities

 

 

28,711

 

 

 

27,728

 

Obligations under finance leases

 

 

580

 

 

 

459

 

Obligations under operating leases

 

 

4,580

 

 

 

 

Deferred income taxes

 

 

1,406

 

 

 

1,022

 

Asset retirement obligations

 

 

212

 

 

 

206

 

Deferred rent

 

 

 

 

 

188

 

Pension liability

 

 

6,138

 

 

 

5,310

 

Total liabilities

 

 

41,627

 

 

 

34,913

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.01 par value; 60,000 shares authorized: 44,534 and

   44,195 shares issued and outstanding at June 28, 2019 and

   December 28, 2018, respectively

 

 

445

 

 

 

442

 

Additional paid-in capital

 

 

296,063

 

 

 

289,584

 

Accumulated other comprehensive loss

 

 

(1,602

)

 

 

(1,320

)

Accumulated deficit

 

 

(150,571

)

 

 

(156,280

)

Total stockholders’ equity

 

 

144,335

 

 

 

132,426

 

Total liabilities and stockholders’ equity

 

$

185,962

 

 

$

167,339

 

 

See accompanying notes to the condensed consolidated financial statements.

 

1


STAAR SURGICAL COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28,

2019

 

 

June 29,

2018

 

 

June 28,

2019

 

 

June 29,

2018

 

Net sales

 

$

39,664

 

 

$

33,905

 

 

$

72,247

 

 

$

60,998

 

Cost of sales

 

 

9,765

 

 

 

8,678

 

 

 

18,168

 

 

 

16,340

 

Gross profit

 

 

29,899

 

 

 

25,227

 

 

 

54,079

 

 

 

44,658

 

Selling, general and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

7,508

 

 

 

6,196

 

 

 

14,345

 

 

 

11,967

 

Marketing and selling

 

 

11,682

 

 

 

10,659

 

 

 

21,825

 

 

 

18,113

 

Research and development

 

 

6,098

 

 

 

5,346

 

 

 

11,733

 

 

 

10,753

 

Total selling, general and administrative expenses

 

 

25,288

 

 

 

22,201

 

 

 

47,903

 

 

 

40,833

 

Operating income

 

 

4,611

 

 

 

3,026

 

 

 

6,176

 

 

 

3,825

 

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

259

 

 

 

(24

)

 

 

530

 

 

 

(36

)

Gain (loss) on foreign currency transactions

 

 

11

 

 

 

(520

)

 

 

(237

)

 

 

(597

)

Royalty income

 

 

163

 

 

 

149

 

 

 

334

 

 

 

306

 

Other income, net

 

 

1

 

 

 

4

 

 

 

98

 

 

 

21

 

Total other income (expense), net

 

 

434

 

 

 

(391

)

 

 

725

 

 

 

(306

)

Income before income taxes

 

 

5,045

 

 

 

2,635

 

 

 

6,901

 

 

 

3,519

 

Provision for income taxes

 

 

1,131

 

 

 

805

 

 

 

1,620

 

 

 

1,106

 

Net income

 

$

3,914

 

 

$

1,830

 

 

$

5,281

 

 

$

2,413

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.09

 

 

$

0.04

 

 

$

0.12

 

 

$

0.06

 

Diluted

 

$

0.08

 

 

$

0.04

 

 

$

0.11

 

 

$

0.06

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,479

 

 

 

41,723

 

 

 

44,357

 

 

 

41,568

 

Diluted

 

 

46,733

 

 

 

43,999

 

 

 

46,842

 

 

 

43,654

 

 

See accompanying notes to the condensed consolidated financial statements.

2


STAAR SURGICAL COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 28,

2019

 

 

June 29,

2018

 

 

June 28,

2019

 

 

June 29,

2018

 

Net income

 

$

3,914

 

 

$

1,830

 

 

$

5,281

 

 

$

2,413

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in plan assets

 

 

(614

)

 

 

(21

)

 

 

(640

)

 

 

(30

)

Reclassification into other income, net

 

 

28

 

 

 

26

 

 

 

54

 

 

 

51

 

Foreign currency translation gain (loss)

 

 

382

 

 

 

(521

)

 

 

339

 

 

 

207

 

Tax effect

 

 

(55

)

 

 

156

 

 

 

(35

)

 

 

(67

)

Other comprehensive income (loss), net of tax

 

 

(259

)

 

 

(360

)

 

 

(282

)

 

 

161

 

Comprehensive income

 

$

3,655

 

 

$

1,470

 

 

$

4,999

 

 

$

2,574

 

 

See accompanying notes to the condensed consolidated financial statements.

 

3


STAAR SURGICAL COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

Common

Stock Shares

 

 

Common

Stock Par

Value

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Other

Compre-

hensive

Income

(Loss)

 

 

Accumulated

Deficit

 

 

Total

 

Balance, at March 29, 2019

 

 

44,447

 

 

$

444

 

 

$

292,722

 

 

$

(1,343

)

 

$

(154,485

)

 

$

137,338

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,914

 

 

 

3,914

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(259

)

 

 

 

 

 

(259

)

Common stock issued upon exercise of options

 

 

52

 

 

 

1

 

 

 

486

 

 

 

 

 

 

 

 

 

487

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,855

 

 

 

 

 

 

 

 

 

2,855

 

Unvested restricted stock

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested restricted stock

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, at June 28, 2019

 

 

44,534

 

 

$

445

 

 

$

296,063

 

 

$

(1,602

)

 

$

(150,571

)

 

$

144,335

 

Balance, at March 30, 2018

 

 

41,592

 

 

$

416

 

 

$

206,795

 

 

$

(629

)

 

$

(160,665

)

 

$

45,917

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,830

 

 

 

1,830

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(360

)

 

 

 

 

 

(360

)

Common stock issued upon exercise of options

 

 

249

 

 

 

2

 

 

 

1,950

 

 

 

 

 

 

 

 

 

1,952

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,743

 

 

.

 

 

 

 

 

 

1,743

 

Unvested restricted stock

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested restricted stock

 

 

25

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Balance, at June 29, 2018

 

 

41,877

 

 

$

419

 

 

$

210,488

 

 

$

(989

)

 

$

(158,835

)

 

$

51,083

 

 

See accompanying notes to the condensed consolidated financial statements.

4


STAAR SURGICAL COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)

(In thousands)

(Unaudited)

 

 

 

 

Six Months Ended

 

 

 

Common

Stock Shares

 

 

Common

Stock Par

Value

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Other

Compre-

hensive

Income

(Loss)

 

 

Accumulated

Deficit

 

 

Total

 

Balance, at December 28, 2018

 

 

44,195

 

 

$

442

 

 

$

289,584

 

 

$

(1,320

)

 

$

(156,280

)

 

$

132,426

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,281

 

 

 

5,281

 

Adoption of ASC 842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

113

 

 

 

113

 

Adoption of ASU 2018-07

 

 

 

 

 

 

 

 

(315

)

 

 

 

 

 

315

 

 

 

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(282

)

 

 

 

 

 

(282

)

Common stock issued upon exercise of options

 

 

126

 

 

 

1

 

 

 

1,109

 

 

 

 

 

 

 

 

 

1,110

 

Stock-based compensation

 

 

 

 

 

 

 

 

5,685

 

 

 

 

 

 

 

 

 

5,685

 

Unvested restricted stock

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested restricted stock

 

 

202

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Balance, at June 28, 2019

 

 

44,534

 

 

$

445

 

 

$

296,063

 

 

$

(1,602

)

 

$

(150,571

)

 

$

144,335

 

Balance, at December 29, 2017

 

 

41,383

 

 

$

414

 

 

$

204,920

 

 

$

(1,150

)

 

$

(161,248

)

 

$

42,936

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,413

 

 

 

2,413

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

161

 

 

 

 

 

 

161

 

Common stock issued upon exercise of options

 

 

306

 

 

 

3

 

 

 

2,402

 

 

 

 

 

 

 

 

 

2,405

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,166

 

 

 

 

 

 

 

 

 

3,166

 

Unvested restricted stock

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested restricted stock

 

 

177

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Balance, at June 29, 2018

 

 

41,877

 

 

$

419

 

 

$

210,488

 

 

$

(989

)

 

$

(158,835

)

 

$

51,083

 

 

See accompanying notes to the condensed consolidated financial statements.