Staar Surgical (STAA) FY2022 results: revenue $284 million, up 23.4% on the year

Staar Surgical Co. (STAA) reported revenue of $284 million for fiscal 2022, the year ended 30 December 2022, up 23.4% on the year before. Net income was $40 million, up 44.2%, and diluted earnings per share $0.80. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$284 million

+23.4% on the year

FY2015FY2022

Operating margin

15.4%

14.5% a year earlier

FY2015FY2022

Net income

$40 million

+44.2% on the year

FY2015FY2022

Diluted EPS

$0.80

+42.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	284	230	163	+23.4%
Cost of revenue	61.0	51.8	45.1	+17.7%
Gross profit	223	179	118	+25.0%
Gross margin	78.5%	77.5%	72.4%
Research and development	36.0	33.9	31.9	+6.3%
Selling, general and administrative	180	145	112	+23.6%
Operating income	43.8	33.3	6.8	+31.4%
Operating margin	15.4%	14.5%	4.1%
Interest expense	n/a	0.0	n/a
Pre-tax income	45.6	31.3	8.3	+45.5%
Income tax	5.9	3.8	2.4	+55.2%
Effective tax rate	12.9%	12.1%	28.5%
Net income	39.7	27.5	5.9	+44.2%
Net margin	13.9%	11.9%	3.6%
Diluted EPS	$0.80	$0.56	$0.12	+42.9%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	35.7	44.0	21.0	-18.8%
Capital expenditure	18.1	13.6	8.4	+32.7%
Free cash flow	17.6	30.3	12.5	-41.9%
Free cash flow margin	6.2%	13.2%	7.7%
Cash from investing	-156	-13.6	-8.4
Cash from financing	8.3	17.8	19.6	-53.4%
Depreciation and amortisation	4.5	3.6	3.1	+23.8%
Share-based compensation	20.4	14.6	12.1	+39.5%
Diluted shares, weighted	49m	49m	48m	-0.2%
Shares outstanding at period end	48m	48m	46m	+1.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	336	262	197	+28.5%
Debt	0.0	0.0	1.4
Operating lease liabilities	27.1	28.3	6.5	-4.0%
Finance lease liabilities	0.2	0.4	0.0	-45.0%
Other liabilities	55.4	55.6	52.2	-0.4%
Total liabilities and equity	419	346	257	+21.1%
Fixed assets	50.9	35.9	24.0	+41.8%
Goodwill	1.8	1.8	1.8	0.0%
Intangible assets	0.2	0.2	0.3	-20.6%
Investments	139	n/a	n/a
Cash and equivalents	86.5	200	152	-56.7%
Receivables	62.4	43.5	35.2	+43.5%
Other assets	78.0	64.6	43.6	+20.6%
Total assets	419	346	257	+21.1%

10-K for the year ended 30 December 2022, filed 23 February 2023: the filing.