STAAR SURGICAL CO Files 2023 10-K

TL;DR

<b>STAAR SURGICAL CO filed its annual 10-K report for the fiscal year ending December 29, 2023, detailing its financial performance and business operations.</b>

AI Summary

STAAR SURGICAL CO (STAA) filed a Annual Report (10-K) with the SEC on February 27, 2024. STAAR SURGICAL CO filed its 10-K report for the fiscal year ending December 29, 2023. The filing covers the period from January 1, 2023, to December 29, 2023. The company's principal business is in the OPHTHALMIC GOODS industry, SIC code 3851. The company is incorporated in Delaware (DE). The filing includes data related to various financial instruments and equity types, such as Common Stock, Employee Stock Options, and Restricted Stock Units.

Why It Matters

For investors and stakeholders tracking STAAR SURGICAL CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of STAAR SURGICAL CO's financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's trajectory. The detailed financial disclosures within the 10-K allow stakeholders to understand the company's revenue streams, expenses, assets, liabilities, and equity, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — STAAR SURGICAL CO shows moderate risk based on this filing. The company operates in the ophthalmic goods industry, which can be subject to regulatory changes, technological advancements, and competitive pressures, as indicated by the SIC code and the nature of its products.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand STAAR SURGICAL CO's performance and future outlook.

Key Numbers

• 20231229 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240227 — Filing Date (FILED AS OF DATE)
• 0000718937 — Central Index Key (FILER)
• 3851 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• STAAR SURGICAL CO (company) — FILER
• 20231229 (date) — CONFORMED PERIOD OF REPORT
• 20240227 (date) — FILED AS OF DATE
• 0000718937 (company) — CENTRAL INDEX KEY
• OPHTHALMIC GOODS (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 3851 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (jurisdiction) — STATE OF INCORPORATION
• 10-K (form) — FORM TYPE

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risk due to concentration with one customer, as indicated by the 'OneCustomerMember' and 'SalesRevenueNetMember' data points for the period ending December 31, 2023.

Key Dates

• 2023-12-29: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (This is the primary document filed by STAAR SURGICAL CO to report its annual financial results.)

Key Financial Figures

• $52.57 — based on the closing price per share of $52.57 of the registrant's Common Stock on tha
• $0.01 — 5,875 shares of common stock, par value $0.01 per share, issued and outstanding as of
• $322.4 m — e Company reported worldwide revenue of $322.4 million, 99% of which was generated from
• $ — hai Lansheng Fiscal Year Net Sales ($, in thousands) Net Sales as Percentag

Filing Documents

• staa-20231229.htm (10-K) — 3704KB
• staa-ex10_3.htm (EX-10.3) — 128KB
• staa-ex10_13.htm (EX-10.13) — 12KB
• staa-ex10_20.htm (EX-10.20) — 34KB
• staa-ex10_24.htm (EX-10.24) — 101KB
• staa-ex10_27.htm (EX-10.27) — 32KB
• staa-ex21_1.htm (EX-21.1) — 14KB
• staa-ex23_1.htm (EX-23.1) — 4KB
• staa-ex31_1.htm (EX-31.1) — 11KB
• staa-ex31_2.htm (EX-31.2) — 11KB
• staa-ex32_1.htm (EX-32.1) — 9KB
• staa-ex97_1.htm (EX-97.1) — 15KB
• img9077878_0.jpg (GRAPHIC) — 5KB
• img9077878_1.jpg (GRAPHIC) — 5KB
• img154917811_0.jpg (GRAPHIC) — 274KB
• img247960662_0.jpg (GRAPHIC) — 3KB
• img260869957_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-020572.txt (&nbsp;) — 18120KB
• staa-20231229.xsd (EX-101.SCH) — 1882KB
• staa-20231229_htm.xml (XML) — 4170KB

Business

Business 2 ITEM 1A.

Risk Factors

Risk Factors 17 ITEM 1B. Unresolved Staff Comments 30 ITEM 1C. Cybersecurity 30 ITEM 2.

Properties

Properties 31 ITEM 3.

Legal Proceedings

Legal Proceedings 31 ITEM 4. Mine Safety Disclosures 31 PART II 31 ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 31 ITEM 6. [Reserved] 32 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42 ITEM 9A.

Controls and Procedures

Controls and Procedures 42 ITEM 9B. Other Information 44 ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 44 PART III 44 ITEM 10. Directors, Executive Officers, and Corporate Governance 44 ITEM 11.

Executive Compensation

Executive Compensation 44 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 44 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 44 ITEM 14. Principal Accounting Fees and Services 44 PART IV 45 ITEM 15. Exhibits and Financial Statement Schedules 45 ITEM 16. Form 10-K Summary 48

SIGNATURES

SIGNATURES 49 1 PAR T I SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Annual Report on Form 10-K (Annual Report) contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), and the Private Securities Litigation Reform Act of 1995, and is subject to the safe harbor created therein. All statements other than statements of historical or current facts in this report or referred to or incorporated by reference into this report are forward-looking statements. These statements include comments regarding the intent, belief or current expectations of the Company and its management. In some cases, readers can recognize forward-looking statements by the use of words like "anticipate," "estimate," "expect," "project," "intend," "may," "plan," "believe," "will," "should," "could," "forecast," "potential," "continue," "ongoing" (or the negative of these words and similar words or expressions) although not all forward-looking statements contain these words. We caution investors and prospective investors that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors, which if they do not materialize or prove correct, could cause actual results to differ materially from those expressed or implied by such forward-looking statements. We caution you not to place undue reliance on these forward-looking statements and to note they speak only as of the date hereof. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements are included in the risk factors set forth in Item 1A, "Risk Factors." We disclaim any intention or obligation to update or revise any financial projections or forward-looking statements due to new information or othe

B usiness

ITEM 1. B usiness STAAR Surgical Company designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems used to deliver the lenses into the eye. We are the leading manufacturer of lenses used worldwide in corrective or "refractive" surgery. We have been dedicated solely to ophthalmic surgery for over 40 years. Our goal is to position our refractive lenses throughout the world as primary and premium solutions for patients seeking visual freedom from wearing eyeglasses or contact lenses while achieving excellent visual acuity through refractive vision correction. Unless the context indicates otherwise, "we," "us," the "Company," and "STAAR" refer to STAAR Surgical Company and its consolidated subsidiaries. STAAR generates worldwide revenue almost exclusively from sales of our implantable Collamer lenses, or "ICLs." Our ICLs are made from Collamer, which is a proprietary collagen copolymer material created and exclusively used by STAAR to make our lenses soft, flexible and biocompatible with the eye. Our ICLs are phakic lenses, meaning that they are implanted into the eye without removing the eye's natural crystalline lens. This distinguishes an ICL procedure from other refractive procedures, as it does not involve the removal of corneal eye tissue. All of our ICLs are foldable, which allows the surgeon to insert them into the eye through a small incision during minimally invasive surgery. Further, while ICLs are intended to be permanent, our ICLs are reversible lens implants, meaning they can be removed by a doctor if desired. We market and sell our ICLs for refractive surgery to treat myopia (nearsightedness) as our "EVO" family of lenses. We believe our EVO lenses are an "Evolution in Visual Freedom" designed to provide premium refractive outcomes while optimizing patient comfort. Our EVO family of lenses includes our EVO ICL, EVO+ ICL, and EVO Visian ICL. Our newest offering, EVO Viva, has an extended depth of focus (

View Full Filing

View this 10-K filing on SEC EDGAR