Staar Surgical (STAA) FY2021 results: revenue $230 million, up 41.0% on the year

Staar Surgical Co. (STAA) reported revenue of $230 million for fiscal 2021, the year ended 31 December 2021, up 41.0% on the year before. Net income was $28 million, up 365.3%, and diluted earnings per share $0.56. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$230 million

+41.0% on the year

FY2014FY2021

Operating margin

14.5%

4.1% a year earlier

FY2014FY2021

Net income

$28 million

+365.3% on the year

FY2014FY2021

Diluted EPS

$0.56

+366.7% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	230	163	150	+41.0%
Cost of revenue	51.8	45.1	38.2	+14.9%
Gross profit	179	118	112	+50.9%
Gross margin	77.5%	72.4%	74.5%
Research and development	33.9	31.9	25.3	+6.1%
Selling, general and administrative	145	112	100	+30.2%
Operating income	33.3	6.8	11.9	+392.5%
Operating margin	14.5%	4.1%	7.9%
Interest expense	0.0	n/a	n/a
Pre-tax income	31.3	8.3	13.0	+278.7%
Income tax	3.8	2.4	-1.0	+61.1%
Effective tax rate	12.1%	28.5%	-7.8%
Net income	27.5	5.9	14.0	+365.3%
Net margin	11.9%	3.6%	9.4%
Diluted EPS	$0.56	$0.12	$0.30	+366.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	44.0	21.0	25.8	+109.8%
Capital expenditure	13.6	8.4	10.1	+62.4%
Free cash flow	30.3	12.5	15.7	+141.6%
Free cash flow margin	13.2%	7.7%	10.5%
Cash from investing	-13.6	-8.4	-10.2
Cash from financing	17.8	19.6	0.1	-9.1%
Depreciation and amortisation	3.6	3.1	3.7	+17.7%
Share-based compensation	14.6	12.1	10.5	+20.2%
Diluted shares, weighted	49m	48m	47m	+3.1%
Shares outstanding at period end	48m	46m	45m	+2.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	262	197	160	+32.6%
Debt	0.0	1.4	1.8
Operating lease liabilities	28.3	6.5	4.1	+332.4%
Finance lease liabilities	0.4	0.0	0.4	+905.3%
Other liabilities	55.6	52.2	41.4	+6.4%
Total liabilities and equity	346	257	208	+34.3%
Fixed assets	35.9	24.0	17.1	+49.4%
Goodwill	1.8	1.8	1.8	0.0%
Intangible assets	0.2	0.3	0.3	-19.3%
Cash and equivalents	200	152	120	+31.0%
Receivables	43.5	35.2	31.0	+23.6%
Other assets	64.6	43.6	37.4	+48.1%
Total assets	346	257	208	+34.3%

10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.