Staar Surgical (STAA) FY2023 results: revenue $322 million, up 13.4% on the year

Staar Surgical Co. (STAA) reported revenue of $322 million for fiscal 2023, the year ended 29 December 2023, up 13.4% on the year before. Net income was $21 million, down 46.2%, and diluted earnings per share $0.43. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$322 million

+13.4% on the year

FY2016FY2023

Operating margin

8.7%

15.4% a year earlier

FY2016FY2023

Net income

$21 million

-46.2% on the year

FY2016FY2023

Diluted EPS

$0.43

-46.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	322	284	230	+13.4%
Cost of revenue	69.8	61.0	51.8	+14.4%
Gross profit	253	223	179	+13.1%
Gross margin	78.4%	78.5%	77.5%
Research and development	40.5	36.0	33.9	+12.5%
Selling, general and administrative	225	180	145	+25.0%
Operating income	28.1	43.8	33.3	-35.9%
Operating margin	8.7%	15.4%	14.5%
Interest expense	n/a	n/a	0.0
Pre-tax income	33.7	45.6	31.3	-26.0%
Income tax	12.3	5.9	3.8	+109.8%
Effective tax rate	36.6%	12.9%	12.1%
Net income	21.3	39.7	27.5	-46.2%
Net margin	6.6%	13.9%	11.9%
Diluted EPS	$0.43	$0.80	$0.56	-46.2%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	14.6	35.7	44.0	-59.1%
Capital expenditure	18.2	18.1	13.6	+0.4%
Free cash flow	-3.6	17.6	30.3
Free cash flow margin	-1.1%	6.2%	13.2%
Cash from investing	74.3	-156	-13.6
Cash from financing	7.4	8.3	17.8	-10.6%
Depreciation and amortisation	5.1	4.5	3.6	+13.6%
Share-based compensation	23.5	20.4	14.6	+15.4%
Diluted shares, weighted	49m	49m	49m	+0.1%
Shares outstanding at period end	49m	48m	48m	+1.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	386	336	262	+14.8%
Debt	0.0	0.0	0.0
Operating lease liabilities	31.4	27.1	28.3	+15.8%
Finance lease liabilities	0.0	0.2	0.4	-80.0%
Other liabilities	71.3	55.4	55.6	+28.7%
Total liabilities and equity	489	419	346	+16.7%
Fixed assets	66.8	50.9	35.9	+31.3%
Goodwill	1.8	1.8	1.8	0.0%
Intangible assets	n/a	0.2	0.2
Investments	49.4	139	n/a	-64.5%
Cash and equivalents	183	86.5	200	+111.7%
Receivables	94.7	62.4	43.5	+51.7%
Other assets	92.9	78.0	64.6	+19.2%
Total assets	489	419	346	+16.7%

10-K for the year ended 29 December 2023, filed 27 February 2024: the filing.