CORRECTING and REPLACING STAAR Surgical Reports Third Quarter 2024 Results

By: STAAR Surgical Company via Business Wire

October 30, 2024 at 22:21 PM EDT

Net Sales Up 10% to $88.6 Million Driven by Growth in All Regions

Americas Up 14%, EMEA Up 12% and APAC Up 9%

Market Building Initiatives Drive EVO ICL™ Uptake and Reinforce Opportunity

The end of the paragraph after bullets in the "Outlook" section of release should read: APAC sales growth of 5% (prior outlook was 7%), including approximately 2% growth in China (prior outlook was 10%) and all other APAC countries approximately 10-20% growth (prior outlook was flat). (Instead of: APAC sales growth of 4% (prior outlook was 7%), including approximately 2% growth in China (prior outlook was 10%).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241030604379/en/

The updated release reads:

STAAR SURGICAL REPORTS THIRD QUARTER 2024 RESULTS

Net Sales Up 10% to $88.6 Million Driven by Growth in All Regions

Americas Up 14%, EMEA Up 12% and APAC Up 9%

Market Building Initiatives Drive EVO ICL™ Uptake and Reinforce Opportunity

STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of the EVO family of Implantable Collamer® Lenses (EVO ICL™) for myopia, astigmatism and presbyopia, today reported financial results for the third quarter ended September 27, 2024.

Third Quarter 2024 Overview

Net sales of $88.6 million, up 10% from prior year quarter
ICL sales of $89.1 million, up 10% from prior year quarter
Gross margin of 77.3% as compared to 79.2% year ago
Net income of $10.0 million or $0.20 per share, up from $4.8 million or $0.10 per share year ago
Adjusted EBITDA of $16.2 million or $0.33 per share as compared to $16.5 million or $0.33 per share year ago
$236.0 million of cash, cash equivalents and investments available for sale as of September 27, 2024

“In the third quarter, we achieved double-digit sales growth against a macroeconomic environment that softened in the second half of the quarter, particularly in China,” said Tom Frinzi, President and CEO of STAAR Surgical. “STAAR is well positioned to navigate through the current market dynamics, which we believe are transitory. Looking ahead, we are encouraged by the recent shift in fiscal policy and announced stimulus in China and will continue to closely monitor the potential impact on our near to midterm growth outlook.”

Mr. Frinzi concluded, “Our focus on customer engagement and market expansion continues to yield solid results, helping drive industry-leading growth and market share gains. As our surgeon customers perform more EVO procedures, they are increasingly using our technology for moderate myopia, which underscores EVO ICL as the treatment choice for -6D and above and expands our total addressable market.”

Third Quarter 2024 Financial Results

Net sales were $88.6 million for the third quarter of 2024, up 10% from $80.3 million reported in the prior year quarter. This sales increase was driven by ICL sales growth of $8.0 million, up 10%, and unit growth of 6% from the prior year period. Other Product sales declined $0.2 million from the prior year period. Changes in currency, primarily the Japanese Yen, negatively impacted reported total net sales by $0.3 million for the third quarter of 2024.

Gross profit margin for the third quarter of 2024 was 77.3% of net sales as compared to the prior year quarter of 79.2% of net sales. Gross margin in the third quarter was lower primarily due to reduced unit production that resulted in less absorption of fixed overhead.

Operating expenses for the third quarter of 2024 were $62.8 million, up from the prior year quarter of $57.3 million. General and administrative expenses were $21.7 million, up from $19.3 million in the prior year quarter, driven primarily by increased facility costs and compensation-related expenses. Selling and marketing expenses were $26.6 million – consistent with the prior year quarter. Research and development expenses were $14.5 million, up from the prior year quarter of $11.5 million, primarily due to purchases of in-process research and development, as well as compensation-related expenses, which were partially offset by lower clinical trial costs.

Operating income for the third quarter of 2024 was $5.7 million or 6.4% of net sales as compared to operating income of $6.3 million or 7.8% of net sales for the third quarter of 2023.

Net income for the third quarter of 2024 was $10.0 million or $0.20 income per share, up from $4.8 million or $0.10 income per share for the prior year quarter. The increase in net income was primarily attributable to a gain on foreign currency transactions.

As of September 27, 2024, cash, cash equivalents and investments available for sale totaled $236.0 million, up from $232.4 million on December 29, 2023.

Outlook

The Company maintained its prior outlook for fiscal year 2024 net sales and Adjusted EBITDA.

Net sales of $340 million to $345 million.
Adjusted EBITDA of approximately $42 million and Adjusted EBITDA per diluted share of approximately $0.80.

The outlook above contemplates EVO ICL sales growth of 17% in the Americas (prior outlook was 15%) including 20% in the U.S. (prior outlook was 25%); EMEA sales growth of 10% (prior outlook was 6%); and APAC sales growth of 5% (prior outlook was 7%), including approximately 2% growth in China (prior outlook was 10%) and all other APAC countries approximately 10-20% growth (prior outlook was flat).

Earnings Webcast

The Company will host an earnings webcast today, Wednesday, October 30 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results and operational progress. To access the webcast please use the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=fmU0YbKB.

The live webcast, earnings webcast presentation and an archived version of the webcast can be accessed from the investor relations section of the STAAR website at www.staar.com.

Use of Non-GAAP Financial Measures

To supplement the Company’s financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables include certain non-GAAP financial measures, including Adjusted EBITDA. Management uses these non-GAAP financial measures in its evaluation of Company operating performance and believes investors will find them useful in evaluating the Company’s operating performance, including cash flow generation, and in analyzing period-to-period financial performance of core business operations and underlying business trends. Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

EBITDA is a non-GAAP financial measure, which is calculated by adding interest income and expense, net; provision for income taxes; and depreciation and amortization to net income. In calculating Adjusted EBITDA and Adjusted EBITDA per diluted share, the Company further adjusts for stock-based compensation expense. As stock-based compensation is a non-cash expense that can vary significantly based on the timing, size and nature of awards granted, the Company believes that the exclusion of stock-based compensation expense can assist investors in comparisons of Company operating results with other peer companies because (i) the amount of such expense in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including inducement grants in connection with hiring. Additionally, the Company believes that excluding stock-based compensation from Adjusted EBITDA and Adjusted EBITDA per diluted share assists management and investors in making meaningful comparisons between the Company’s operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future.

The Company also presents certain financial information on a constant currency basis, which is intended to exclude the effects of foreign currency fluctuations. 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.

In the tables provided below, the Company has included a reconciliation of Adjusted EBITDA and Adjusted EBITDA per diluted share to net income and net income per diluted share, the most directly comparable GAAP financial measure, as well as supplemental financial information with net sales expressed in constant currency. The Company has also provided a reconciliation of forward-looking Adjusted EBITDA and Adjusted EBITDA per diluted share to net income and net income per diluted share. This represents forward-looking information, and actual results may vary. Please see the risks and assumptions referred to in the Safe Harbor section of this press release.

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 3,000,000 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, anticipated financial results, estimates and outlook (including as to net sales, Adjusted EBITDA, and Adjusted EBITDA per diluted share), plans, strategies, and objectives of management for 2024 and beyond 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 upcoming quarter, fiscal year 2024 and beyond. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties related to global economic conditions, as well as the factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 29, 2023 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 COVID-19; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before or after approval, or to take enforcement action; international conflicts, trade disputes and substantial dependence on demand from Asia; and the willingness of surgeons and patients to adopt a new or improved product and procedure.

We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the ‘Investor Relations’ sections. Accordingly, investors should monitor such portions of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts.

Consolidated Balance Sheets
(in 000's)
Unaudited


ASSETS	September 27, 2024			December 29, 2023
Current assets:
Cash and cash equivalents	$	164,003		$	183,038
Investments available for sale		71,955			37,688
Accounts receivable trade, net		104,510			94,704
Inventories, net		40,361			35,130
Prepayments, deposits, and other current assets		16,277			14,709
Total current assets		397,106			365,269
Investments available for sale		-			11,703
Property, plant, and equipment, net		81,580			66,835
Finance lease right-of-use assets, net		73			183
Operating lease right-of-use assets, net		37,897			34,387
Goodwill		1,786			1,786
Deferred income taxes		5,324			5,190
Other assets		13,824			3,339
Total assets	$	537,590		$	488,692

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	14,694		$	13,557
Obligations under finance leases		84			165
Obligations under operating leases		4,531			4,202
Allowance for sales returns		8,124			6,174
Other current liabilities		38,908			40,938
Total current liabilities		66,341			65,036

Obligations under finance leases		-			42
Obligations under operating leases		35,385			31,425
Deferred income taxes		1,056			1,077
Asset retirement obligations		127			103
Pension liability		6,559			5,055
Total liabilities		109,468			102,738

Stockholders' equity:
Common stock		493			488
Additional paid-in capital		466,579			436,947
Accumulated other comprehensive loss		(5,602	)		(4,113	)
Accumulated deficit		(33,348	)		(47,368	)
Total stockholders' equity		428,122			385,954
Total liabilities and stockholders' equity	$	537,590		$	488,692

Consolidated Statements of Income
(in 000's except for per share data)
Unaudited


	Three Months Ended											Year to Date
	% of Sales	September 27, 2024		% of Sales	September 29, 2023			Fav (Unfav) Amount			%	% of Sales	September 27, 2024		% of Sales	September 29, 2023			Fav (Unfav) Amount			%
Net sales	100.0%	$	88,590	100.0%	$	80,308		$	8,282		10.3%	100.0%	$	264,951	100.0%	$	246,142		$	18,809		7.6%

Cost of sales	22.7%		20,103	20.8%		16,670			(3,433	)	(20.6)%	21.5%		57,017	22.0%		54,216			(2,801	)	(5.2)%

Gross profit	77.3%		68,487	79.2%		63,638			4,849		7.6%	78.5%		207,934	78.0%		191,926			16,008		8.3%

Selling, general and administrative expenses:
General and administrative	24.4%		21,685	24.0%		19,266			(2,419	)	(12.6)%	25.9%		68,554	22.6%		55,461			(13,093	)	(23.6)%
Selling and marketing	30.1%		26,623	33.1%		26,607			(16	)	(0.1)%	31.0%		82,150	34.6%		85,238			3,088		3.6%
Research and development	16.4%		14,497	14.3%		11,470			(3,027	)	(26.4)%	15.8%		41,931	13.6%		33,535			(8,396	)	(25.0)%
Total selling, general, and administrative expenses	70.9%		62,805	71.4%		57,343			(5,462	)	(9.5)%	72.7%		192,635	70.8%		174,234			(18,401	)	(10.6)%

Operating income	6.4%		5,682	7.8%		6,295			(613	)	(9.7)%	5.8%		15,299	7.2%		17,692			(2,393	)	(13.5)%

Other income (expense):
Interest income, net	1.6%		1,407	2.1%		1,690			(283	)	(16.7)%	1.6%		4,358	2.1%		5,287			(929	)	(17.6)%
Gain (loss) on foreign currency transactions	6.7%		5,931	-1.7%		(1,384	)		7,315		528.5%	0.2%		585	-1.3%		(3,240	)		3,825		118.1%
Royalty income	0.0%		-	0.1%		74			(74	)	(100.0)%	0.2%		508	0.0%		74			434		586.5%
Other income, net	0.2%		139	0.1%		71			68		95.8%	0.2%		532	0.1%		144			388		269.4%
Total other income, net	8.5%		7,477	0.6%		451			7,026		1557.9%	2.2%		5,983	0.9%		2,265			3,718		164.2%

Income before provision for income taxes	14.9%		13,159	8.4%		6,746			6,413		95.1%	8.0%		21,282	8.1%		19,957			1,325		6.6%

Provision for income taxes	3.6%		3,179	2.4%		1,929			(1,250	)	(64.8)%	2.7%		7,262	2.6%		6,366			(896	)	(14.1)%

Net income	11.3%		9,980	6.0%		4,817			5,163		107.2%	5.3%		14,020	5.5%		13,591			429		3.2%


Net income per share - basic			0.20			0.10								0.29			0.28
Net income per share - diluted			0.20			0.10								0.28			0.27

Weighted average shares outstanding - basic			49,199			48,613								49,078			48,426
Weighted average shares outstanding - diluted			49,731			49,370								49,614			49,494

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

	Three Months Ended						Year to Date
	September 27, 2024			September 29, 2023			September 27, 2024			September 29, 2023
Cash flows from operating activities:
Net income	$	9,980		$	4,817		$	14,020		$	13,591
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation of property and equipment		1,757			1,345			4,516			3,743
Amortization of long-lived intangibles		-			(2	)		-			169
Accretion/Amortization of investments available for sale		(124	)		(348	)		(410	)		(2,172	)
Deferred income taxes		(13	)		(10	)		47			65
Change in net pension liability		(16	)		(139	)		(162	)		(766	)
Stock-based compensation expense		7,160			8,846			22,541			23,334
Change in asset retirement obligation		4			3			24			(104	)
Loss on disposal of property and equipment		1,642			17			1,668			41
Provision for sales returns and bad debts		868			921			1,947			1,925
Inventory provision		849			460			1,873			4,090
Changes in working capital:
Accounts receivable		(10,139	)		(18,092	)		(9,703	)		(50,436	)
Inventories		(1,091	)		(5,593	)		(5,962	)		(9,975	)
Prepayments, deposits and other assets		(5,152	)		(919	)		(12,237	)		(3,584	)
Accounts payable		(5,649	)		(1,819	)		(2,031	)		(3,266	)
Other current liabilities		3,740			4,538			(1,048	)		5,970
Net cash provided by (used in) operating activities		3,816			(5,975	)		15,083			(17,375	)

Cash flows from investing activities:
Acquisition of property and equipment		(6,231	)		(9,185	)		(17,669	)		(15,100	)
Purchase of investments available for sale		(40,945	)		(9,712	)		(61,194	)		(52,314	)
Proceeds from sale or maturity of investments available for sale		11,935			50,737			39,141			119,359
Net provided by (used in) investing activities		(35,241	)		31,840			(39,722	)		51,945

Cash flows from financing activities:
Repayment of finance lease obligations		(42	)		(39	)		(124	)		(121	)
Repurchase of employee common stock for taxes withheld		-			(112	)		(1,396	)		(2,096	)
Proceeds from vested restricted stock and exercise of stock options		1,657			7,258			7,354			9,265
Net cash provided by financing activities		1,615			7,107			5,834			7,048

Effect of exchange rate changes on cash and cash equivalents		1,037			(235	)		(230	)		(666	)

Increase (decrease) in cash and cash equivalents		(28,773	)		32,737			(19,035	)		40,952
Cash and cash equivalents, at beginning of the period		192,776			94,695			183,038			86,480
Cash and cash equivalents, at end of the period	$	164,003		$	127,432		$	164,003		$	127,432

Reconciliation of Non-GAAP Financial Measure
Net Income to Adjusted EBITDA
(in 000's except for per share data)
Unaudited

	2021			Q1-22			Q2-22			Q3-22			Q4-22			2022			Q1-23			Q2-23			Q3-23			Q4-23			2023			Q1-24			Q2-24			Q3-24			2024 Outlook⁽²⁾
Net income (loss) - (as reported)	$	27,511		$	9,602		$	13,038		$	10,262		$	6,763		$	39,665		$	2,710		$	6,064		$	4,817		$	7,756		$	21,347		$	(3,339	)	$	7,379		$	9,980		$	3,800
Provision (benefit) for income taxes		3,793			1,925			2,431			2,315			(784	)		5,887			2,009			2,428			1,929			5,983			12,349			1,128			2,955			3,179			7,600
Other (income) expense, net		2,035			586			1,551			1,128			(5,015	)		(1,750	)		(1,919	)		105			(451	)		(3,334	)		(5,599	)		(70	)		1,564			(7,477	)		(7,500	)
Depreciation		3,608			994			1,030			1,077			1,380			4,481			1,113			1,285			1,345			1,368			5,111			1,237			1,522			1,757	��		6,000
(Gain) loss on disposal of property plant and equipment⁽³⁾		2			-			-			-			65			65			-			24			17			32			73			-			26			1,642			1,700
Amortization of intangible assets		34			8			7			7			6			28			7			10			(2	)		(2	)		13			-			-			-			-
Stock-based compensation		14,605			3,894			5,754			5,727			4,996			20,371			6,065			8,423			8,846			182			23,516			6,339			9,042			7,160			30,200
Adjusted EBITDA	$	51,588		$	17,009		$	23,811		$	20,516		$	7,411		$	68,747		$	9,985		$	18,339		$	16,501		$	11,985		$	56,810		$	5,295		$	22,488		$	16,241		$	41,800
Adjusted EBITDA as a % of Revenue		22.4	%		26.9	%		29.4	%		27.0	%		11.6	%		24.2	%		13.6	%		19.9	%		20.6	%		15.7	%		17.6	%		6.8	%		22.7	%		18.3	%		12.2	%

Net income (loss) per share, diluted - (as reported)	$	0.56		$	0.19		$	0.26		$	0.21		$	0.14		$	0.80		$	0.05		$	0.12		$	0.10		$	0.16		$	0.43		$	(0.07	)	$	0.15		$	0.20		$	0.07
Provision (benefit) for income taxes		0.08			0.04			0.05			0.05			(0.02	)		0.12			0.04			0.05			0.04			0.12			0.25			0.02			0.06			0.06			0.15
Other (income) expense, net		0.04			0.01			0.03			0.02			(0.10	)		(0.04	)		(0.04	)		-			(0.01	)		(0.07	)		(0.11	)		-			0.03			(0.15	)		(0.14	)
Depreciation		0.07			0.02			0.02			0.02			0.03			0.09			0.02			0.03			0.03			0.03			0.10			0.03			0.03			0.04			0.12
(Gain) loss on disposal of property plant and equipment		-			-			-			-			-			-			-			-			-			-			-			-			-			0.03			0.03
Amortization of intangible assets		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Stock-based compensation		0.30			0.08			0.12			0.12			0.10			0.41			0.12			0.17			0.18			-			0.48			0.13			0.18			0.14			0.58
Adjusted EBITDA per share, diluted⁽¹⁾	$	1.04		$	0.35		$	0.48		$	0.41		$	0.15		$	1.39		$	0.20		$	0.37		$	0.33		$	0.24		$	1.15		$	0.11		$	0.45		$	0.33		$	0.80

Weighted average shares outstanding - Diluted		49,456			49,288			49,223			49,549			49,389			49,380			49,500			49,516			49,370			49,242			49,427			48,907			49,811			49,731			52,000

⁽¹⁾ Adjusted EBITDA per diluted share may not add due to rounding
⁽²⁾ 2024 Adjusted EBITDA Outlook line items are all approximations and assumes breakeven Net Income
⁽³⁾ The Q3-2024 non cash write-off of $1.6M was related to the former EVO Experience Center

ICL Sales by Geography
(in 000's)
Unaudited
	Fiscal Year									Three Months Ended
ICL Sales by Region⁽⁵⁾	2021			2022			2023			June 30, 2023			September 29, 2023			December 29, 2023			March 29, 2024			June 28, 2024			September 27, 2024

Americas⁽¹⁾	$	14,054		$	20,114		$	22,233		$	5,954		$	5,449		$	5,264		$	6,260		$	6,794		$	6,187

EMEA⁽²⁾		37,343			36,715			39,318			9,782			9,253			10,103			11,299			10,727			10,333

APAC⁽³⁾		161,508			212,883			257,876			77,376			66,367			59,254			59,592			81,844			72,581

Global ICL Sales	$	212,905		$	269,712		$	319,427		$	93,112		$	81,069		$	74,621		$	77,151		$	99,365		$	89,101

Global ICL Sales Growth		51	%		27	%		18	%		19	%		13	%		22	%		9	%		7	%		10	%

Americas ICL Sales Growth		59	%		43	%		11	%		12	%		5	%		(8	)%		12	%		14	%		14	%

EMEA ICL Sales Growth		45	%		(2	)%		7	%		(11	)%		14	%		18	%		11	%		10	%		12	%

APAC ICL Sales Growth		51	%		32	%		21	%		26	%		13	%		26	%		9	%		6	%		9	%

Global ICL Unit Growth		48	%		33	%		19	%		21	%		14	%		19	%		2	%		3	%		6	%

	Fiscal Year									Three Months Ended
ICL Sales by Country⁽⁴⁾⁽⁵⁾	2021			2022			2023			June 30, 2023			September 29, 2023			December 29, 2023			March 29, 2024			June 28, 2024			September 27, 2024

China	$	107,130		$	147,967		$	185,404		$	61,288		$	48,262		$	40,813		$	38,460		$	63,345		$	51,719
Growth		50	%		38	%		25	%		33	%		14	%		30	%		10	%		3	%		7	%

Japan	$	28,688		$	32,623		$	36,352		$	8,563		$	9,091		$	9,495		$	10,227		$	9,735		$	10,490
Growth		56	%		14	%		11	%		13	%		12	%		16	%		11	%		14	%		15	%

South Korea	$	15,173		$	17,940		$	19,853		$	3,316		$	4,886		$	4,996		$	6,725		$	3,973		$	5,434
Growth		36	%		18	%		11	%		(15	)%		1	%		39	%		1	%		20	%		11	%

United States	$	9,478		$	15,070		$	17,168		$	4,446		$	4,162		$	4,164		$	5,039		$	5,541		$	4,823
Growth		58	%		59	%		14	%		10	%		6	%		(8	)%		15	%		25	%		16	%

Notes:
⁽¹⁾ Americas includes the United States, Canada and Latin American countries
⁽²⁾ EMEA includes Spain, Germany, United Kingdom, European, Middle East and Africa Distributors
⁽³⁾ APAC includes China, Japan, South Korea, India and the rest of Asia Pacific distributors
⁽⁴⁾ ICL Sales by country includes countries representing more than 5% of total ICL sales in the most recently completed fiscal year
⁽⁵⁾ ICL sales do not include IOL, injector or other sales

Reconciliation of Non-GAAP Financial Measure
Constant Currency Sales
(in 000's)
Unaudited


	Three Months Ended												As Reported					Constant Currency
Sales	September 27, 2024			Effect of Currency			Constant Currency			September 29, 2023			$ Change			% Change		$ Change			% Change
ICL	$	89,101		$	300		$	89,401		$	81,069		$	8,032		9.9	%	$	8,332		10.3	%
Cataract IOL		-			-			-			(221	)		221		(100.0	)%		221		(100.0	)%
Other		(511	)		(2	)		(513	)		(540	)		29		(5.4	)%		27		(5.0	)%
Total Sales	$	88,590		$	298		$	88,888		$	80,308		$	8,282		10.3	%	$	8,580		10.7	%


	Year to Date												As Reported					Constant Currency
Sales	September 27, 2024			Effect of Currency			Constant Currency			September 29, 2023			$ Change			% Change		$ Change			% Change
ICL	$	265,617		$	2,515		$	268,132		$	244,806		$	20,811		8.5	%	$	23,326		9.5	%
Cataract IOL		-			-			-			1,295			(1,295	)	(100.0	)%		(1,295	)	(100.0	)%
Other		(666	)		111			(555	)		41			(707	)	(1724.4	)%		(596	)	(1453.7	)%
Total Sales	$	264,951		$	2,626		$	267,577		$	246,142		$	18,809		7.6	%	$	21,435		8.7	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20241030604379/en/

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