STAA - Earnings call transcript Q2 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Hello, all, and thank you for standing by. Welcome to the STAAR Surgical Second Quarter Financial Results Conference Call.

During today's presentation, all parties will be in a listen-only mode.

Following the presentation, the call will be open for questions. [Operator Instructions]. recorded August being XXXX. is call today, XX, Wednesday, This the like to At I'd turn conference this time, to over Mr. Brian Moore, at Development and Relations Vice President, STAAR Investor, Surgical. Media Corporate Please go ahead.

Brian Moore

joining good this call to quarter discuss results Thank Thank ended Surgical financial afternoon afternoon, company's the operator, the STAAR and you you, for for us the July on conference XXXX. everyone. second X,

second Patrick Mason, quarter Williams, after Eastern today at call STAAR's Chief and the release just President of was Web are press results Caren our Financial issued X.XX Chief Time Officer; now On Officer. and site The and available Executive PM www.staar.com. is on

law, required outcomes statements so. as assumes and with described to well forward-looking call to press company's you Before as from as statement you actual call intend is results events call, the SEC. materially are of obligation that by Harbor that in plans, The that statement. with Safe we about cause are is conference future statement this of remind this a based remarks or subject uncertainties not make and risks described that to STAAR conference judgment filings the forward-looking to could STAAR's and webcast me public the statements today's and and release, associated statements those the of and begin, on differ these quickly reflect during statements. includes forward-looking risks made projections, analysis as company to periodic actual no numerous Except historical and prospects. of the does update do forward-looking caution forward-looking the fact These any not in let important conference statement expectations, a uncertainties the in course this This are will We in date the statements. beliefs,

We we share the non-GAAP the to A believe reconciling In sales our in GAAP addition, adjusted information meaningful press performance. currency. the historical per and supplemental are earnings today's numbers, assessing constant and included information income in future numbers and and provide in information non-GAAP have adjusted non-GAAP is supplement release. that GAAP provided to helpful net table these

remarks, We questions to analysts to of open line limit process. to STAAR. Following cooperation themselves ask this everyone Caren the our for the follow initial that, thank now analysts. their re-queue questions, Mason, like with with publishing to CEO from will I would we call two in prepared ups. We and over And with advance any turn President then

Caren Mason

everyone call. Thank and you, thank Good on joining afternoon for you today's us Brian.

The XX% for second in our U.S. EVO market, quarter sales the results a the EVO in includes we of million, sales game-changing level ICL reported lenses. lenses possible with market will largest to We could more among with the of suffer from visual be Jonas, who myopia our drive partnership correction. separate millions today lenses release awareness EVO partnership announce I freedom Joe the musician our record year-over-year which $XX.X and second Considerable to will a not represents progress considerable in more in today thrilled touch and for start quarter introducing who press and shortly. represent fantastic on of refractive globally. growth our the a progress advancing family vision STARR quarterly the

related we the despite XX COVID quarter, currency challenges results For foreign and second record achieved headwinds.

second July DEKRA. quality MDR on European Certification Last of and culture quarter generating month XX, excellence official our Body, to fast held the from Notified we five-year received our results. manufacturing our in also We

our commitment to teams MDR device and milestone teams My regulatory the accomplishment demonstrates quality companies know, quality imperative. have Certification. MDR a STAAR's of this change of thanks many the and framework regulatory to you to fewer Certification culture than XX% and is the recent involved suggests particularly received STAAR As data in of which further medical

XX%; Pacific all distributor Asia China, well the XX%; Europe, implant growth United up ICL the to was up softness up India, we procedures XX% to quarter EVO up despite In Japan, compared year-over-year, XX%; prior up macroeconomic unit attribute XXX%; some of in in China, ongoing growth strong ICL we which unit up as peak quarter. for States, season achieved For the second factors. and XX%, underway. year summer global XXXX, By the markets geography, is

in with about the end our zero talked last tolerance the COVID-XX policy March. multiple implementing on lockdowns China of associated we call, As began related at cities

refractive refractive team While China lockdowns. agile in other In Lockdowns perform surgeries the some week. below were seven are the also various our levels clinics, responding during quarter. China, China surgeries in refractive have surgeries to temporarily we halted STAAR's customers to in continue extremely provider and surgeon days locations parts in the continued. of in saw per our China peak customers second hospitals currently and been

challenges of for moment Joe now of U.S., is our ambassador our EVO day future meet EVO the the levels is and on in and U.S., the our In including partnership successfully most actor lenses social songwriter Jonas. of today a commercial media, tens Each to family expect myopia of start. the singer, announcement related COVID-XX With represents strong recognizable and STAAR are a Joe introduction new followers and Jonas the globally. We anticipated demand. of navigate off to millions seemingly of with EVO current exciting milestones

low, begin in to candidate his marketing is great illustrates have month, EVO suitable and high. EVO mid a EVO. global the EVO lenses for correction patients Freedom simply our he was spokesperson. advertising, media vision Importantly, case myopia; for campaign. Joe a EVO actual solution and EVO Joe all for not a are an This that again wide and EVO lenses of a below Visual diopters, a X as minus thrilled next of sharing and Joe of patient needed Jonas once details is range Beginning ambassadors. more his via social with Jonas is which will

and surgeons to is and adoption story also journey to of by willingness millions potential media, end surgeons his media at personal with benefit others than on EVO customers are with Enthusiasm our by U.S., track Freedom. our from Existing life and U.S. experience share could a here market EVO opportunity certify appreciate least and EVO the surgeon consider clinical certified with actively data about surgeon us they inspired when already XXX who U.S. today. trained living excited local the when of they and on Visual to of their efficacy EVO from his also U.S. they are EVO and surgeon the We trial. customers by their they providing EVO more in We surgeons staff are EVO positive review the this LinkedIn, remain U.S. Many on and social train of safety peers outside refractive speak and testimonies. tell XXX growing. when Joe's year and

the on implanted U.S. the to and of We Data with trial. Investor in also published addition by findings a key trial clinical now the Mark available XXX from paper EVO Dr. clinical In review been STAAR's from EVO site, trial. Monitor investors eyes analysts subjects invite the Medical updated discussing clinicaltrials.gov. lenses XXX has to our Web U.S. Packer on

Cataract Experts of XXth month lenses Italy. of our and Next Surgeons and showcase the meeting EVO we Society Milan, in entire Refractive Congress the family September, at Annual of in will our European

innovative Experts Viva, and both our feature We ESCRS. meeting for lens presbyopia our at will

will surgeons the Mark of which We countries approved, commercialization where is and Viva recognizing also Mark. begin to certify geographies CE CE

Texas San U.S. Looking Antonio, Council our customer host in engagement, November. future second ahead to Meeting Surgeon's surgeon we in to plan

and for Looking current continuation at full In we year of the XXXX which provided $XXX in demand COVID-XX significant sales Organizational stronger takes for beginning third and a offset today's headwinds elsewhere, than outlook EVO quarter. and into the currency China especially related XXXX. earnings our which release, exciting. global fiscal approximately challenges continued fiscal enthusiasm at previously by of is our through account million, of STAAR level of lenses, energy the the net reaffirmed expected

shared, other Gen NBA surgeon U.S., to EVO a planned player engagement actress, have ambassador and lineup influencers of an a activities including style the Z icon. and I the and just we addition model in In additional

U.S., EVO all Joe also are have campaigns or will soon including new and and Korea. We our had procedure. outside Jonas, the have Like EVO Japan introducing ambassadors of the ambassadors South

the first achieved X X the ambassadors EVO their It months. three begin just the million for of sell million will sharing we in took XXXX. second years journeys coming ICLs about a sell over Our milestone June in to and XX STAAR years to lenses,

company. aims be to STAAR freedom visual the the and Now, in future,

For those and lenses glasses, life an want choice Patrick? who active free fulfilling EVO. from and the contact is to experience

Patrick Williams

and increase increase compared of up sales. million, XX% to in net from Thank you, sales for QX net in QX in QX on net sales The attributable and XXXX XX% everyone. sales year-over-year afternoon, sequential XXXX up a a to Total million is XXXX. $XX.X as basis good XX% ICL were $XX.X Caren,

For QX ICL net represented sales. year of XXXX, similar in XX% represented sales of total company which ICL to sales total sales net quarter ago the XX% company

year-over-year primarily additional products in Japanese net sales XXXX release approximate from year-over-year. currency, expect currency to impact yen the been well have sales detail. QX Please reported million, in XX% as to to XXXX. for In continue as total refer sales up $X.X approximately be for negative table changes net other fiscal the constant will over We currency, would earnings of net euro. X% million $XX.X company an sales QX XXXX for constant today's include

For net expect to $XX headwinds, $XX be million. sales analyst approximately to QX purposes, due modeling to we currency million

approximately the even currency in it's able are global outlook million. Our actually our outlook unit XXXX and fiscal remains today fiscal for of our net to of Therefore, entering growth XXXX the year. previously sales for provided robust, than headwinds, higher we face outlook reaffirm ICL $XXX significant

back million net to or QX of for inventory ICL mix million costs and net of to $XX.X and XXXX our in XXXX partially increase and is net associated of as discontinuance XX.X% in with period or XXXX. margins the increased Turning product U.S. sales and reserves to basis increased due from of XX compared offset QX sequential sales generation manufacturing was QX points XXXX efficiencies, gross the Gross projects. $XX.X or favorable million gross XX.X% geographic sales profit to primarily for Visian XX.X% The older due QX $XX.X for of QX. profit manufacturing by

to margin year sales. gross fiscal be and now approximately we QX expect QX net of XX% For XXXX,

XXXX. increased to now closer tradeshow $XX G&A due QX year income $XX.X and XXXX the decreased expenses. were expenses, XXXX in components expense marketing both compensation-related be and expect as was reflecting well marketing QX margin expenses. $XX the for We expense clinical for XXXX. and in now $XX was increase $XX marketing, QX for million the advertising XXXX down XXXX. compared million compensation-related QX, QX Taking as and for million XXXX and or is was increased is The a XXXX was offset for expenses $X.X XXXX and for and million G&A timing was QX The R&D of due selling XX% year approximately in for was net million sequential in for QX increase partially partially The QX and net promotion the QX Caren approximately million by We for timing selling We to than offset fiscal $XX.X Operating investments. QX increase now for is due in QX to expense QX tradeshow approximately XX% lower or expense to to primarily expect globally to exciting the and than for advertising XXXX sales and million of operating R&D $XX.X to QX expect XXXX is $XX.X compared gross marketing prior anticipated of compensation-related margins We due million $X.X and to increased to $XX.X million million XXXX marketing, and and XX.X% QX G&A statement, now million QX approximately million XXXX expenses. million the XXXX. for $XX.X increase in The both be QX increase to Moving expenses, selling expense from XXXX. and trial expect facility XXXX year-over-year by percent compared marketing as discussed. due expenses in due XXXX million expenses, for and investments of expenses. $X.X expenses, sales QX for $XX for to sequential to compared to million due $XX.X increase operating as at $XX.X expenses, to XXXX. QX be to million in XX% XXXX compared marketing for Selling Research a The operating increased expense of look sequential compensation-related XXXX, QX lower be The expenses. sales that development in just expense and promotion to expenses. QX QX higher income QX anticipated as from costs increased year-over-year compensation-related compensation-related new due expenses $XX.X million operating QX R&D to to expenses. of from ramping total

million GAAP $X.XX net the $XX.X income for note for compared modeling to is share XXXX XXXX, reconciling QX for purposes, XX% or no continue and diluted to per we to diluted or valuation that change financial or in or QX a adjusted table QX in net tax the non-GAAP included rate net compared adjusted quarterly will A release. per today's share was For our to $XX for of $X.XX information for allowance. Also information XXXX, On please significant expect QX QX $X.X our $X.XX QX XXXX. be income to $XX.X share share net was subject non-GAAP diluted income XXXX. approximately basis, million per $X.XX income analyst per million million of diluted

balance our sheet. now Turning to

end and Our million from QX $X.X cash and compared at to as million XXXX. as cash July $XX.X cash of property of XXXX, and million in XXXX the equivalents generated in totaled we operations In $XXX.X $XXX.X invested million equipment. QX X,

the be $XX for XXXX will year approximately CapEx fiscal million. expect to continue We full

cash for XXXX. the the operations and positive ending with balance of cash generating anticipate higher from balance a to XXXX continue also fiscal than We year fiscal

Point, our be XX. the on to and MedTech participating Coast and on XX; these trip This STAAR trip August Virtual to California events. Coast in will many now we Dana are events XX coming August Blair prepared the conferences look and Conference on Finally, in Piper We investor Needham several field Sandler West in Operator, with questions. August in including William weeks, concludes Diagnostics San at field ready the the California; forward speaking take remarks. Diego, you of West

Operator

Instructions]. Thank you. [Operator

Brackmann comes question Our Andrew first William of today from Blair.

Please open. is go line ahead. Your

Andrew Brackmann

on has been I obviously you part all taking go call. questions. influencer guess platform, are, afternoon. ask seriousness, guys. Caren, thanks Hi, And Brothers' really for favorite the your I Good there won't before. songs playbook but the In I what want of Jonas this to big maybe this internationally on this a

what think you United coming as expecting the helping of sales U.S. sort about trajectory of this moving particular experiences, then this? in terms launch, partnership sort So sort in that and from States announced separate you're past big tell this us sort the to seen of with experiences And of when of what can you you've Thanks. like you a from in forward? anything historical partnership have about

Caren Mason

us today. Andrew. you Hi, Thank joining for

the on Collamer EVO. getting is those are And focus So are especially individuals challenged when very also influencers, an glasses who those we more. contact interested with immediately called focus influencer, is out that lenses to learn and there launch implantable is of with really get the lives the who the in lens a major message to

with facing tends surgery nice you what get, our very like happen talking doc having so And you consumer Joe huge bump is to actually transformation what as of do And if about to in a were information to journey. front a imagine, to finders, done and the personally increase a done. can and rate we very his go evoicl.com transition is we've that interest, the nice we we Web on our today, there you on is today, site page have, in

combined, XX the has well media rolls X a over on out Twitter of culminating number million over September I who their the have So in Actually, as million. where then a expecting he XX by on we're site, People Instagram Magazine's our with interviewed New a immediate Joe, weeks, daily unique Web be up followers that People lot they to York others, has see U.S., is and on Magazine especially and by in -- national think appearances today six month been and on posting on People going with XX to million full as online and online. day Joe's expectation next, and their Instagram, campaign publishing approximately Also, visitors Magazine, of Joe that City interests. followed you're featured a television, TikTok, make

story So important. on this love is influencer, think we real particular we believe terrific. Joe's And We and Joe. Joe's

a will lot the more is expectation than there our we've interest, so world. be experienced of else anywhere And around

Andrew Brackmann

guess visitors a numbers I Thank you. ask China. some sort could unique. of And big and question maybe I there for There's then in around

quarter share in strong can of years? to we're here, predicated to change little it over as some to are guess next thinking using of you've about going clinics the the of be as region, on country? longer another might of already obviously in market growing the different Is the there. to up bit that sort into share share move ladder large or getting a that sort geographies So it talk continued the still the I shift several does how more just clinics smaller But within and you that of Thanks. performance or EVO, on of term drivers sort us maybe

Caren Mason

where that continues shift grow, going of we're many to space, alliance very and with successful And continue we they large, EVO, means to with very are. make lens work them to the Well, Iiar to namely continue the path sure we're are model partners, on their strategic [ph], that aggressively. our toward has largest whom us that successfully as that gotten being going business

to celebration to China grown have too, their our especially refracted anniversary XXth with growth and of the the in be But in base X,XXX actively in we clinics. now participated commitment actually over Iiar, space. hospitals and we impressed just continue we their So and

opportunity, sure able to we to get continue move surgeon absolutely in there are increasing We distribution directions all in that anywhere Wherever China. to any in centers we're is country, make needed. when the our to

commitment be to the U.S. And for our continues give to money. expect, way, very we so in a strong. And the by China run them their

Andrew Brackmann

Thanks so much. Great.

Caren Mason

you. welcome. You're Thank

Operator

next Our is line comes Bill, from Canaccord your Bill of open. Genuity. Plovanic today question

Bill Plovanic

for thanks And questions. you. Thank Great. my taking

for on any was impacted all, have my think may that U.S. I of just the standpoint, think a is that. XXXX? that question on And backlog we start But kind destocking backlog million how quarter number Was in of should understand, the kind the manufacturing from where there trying how that the And impacting are that year? nicely. numbers? you One, we commentary the the beginning Thanks. I'll that or burning of XX think First back just U.S. you had at don't any And with the should up lens of second to half? off there's swap second in outs about then about

Patrick Williams

Bill. Hi, phenomenal. Yes, It's Patrick. was U.S. the

approval got when up late were switch launching, wanting to And doctors and so over almost we the March to what ended away. right see we in EVO did we

very so we're with XXX on mentioned, training where now. over of we in of be fact, ahead much in Caren track, docs And as of terms to wanted

the So we our old speaks adoption on reserve that did but the a U.S. our how product to did we quickly the just has in in financials, take talk about And happened in that U.S. Visian

back on I'm question, Yes. was orders. second sorry, Your

to we're not on going details it. So backlog, the get look, the into on

on substantial to satisfying think our in about number of needs, up longer there to lenses we worldwide. And shape in rest And year. the but all to a the lenses continue very team deliver bolster QX through through little customer happy us what through our as we're to ability take I work especially is that. we move bit custom and we're we continue our of operational good for produce, very the to that a proved

Bill Plovanic

it you the backlog, on the the Yes, understand you refilled questions. else somewhere kind important -- got when orders, to that or and sitting question to some or on line reserve, negative there or of is thanks it burned took impact that off rid have you just COG still for of a was, the kind was And for there? versus Patrick, of because of taking is have in U.S. or if So my to hit of that, the it's the SG&A then line? stocked old is still sitting just kind and us the revenues you there or

Patrick Williams

Yes.

we the that go. the reserve little impact have our goods no backlog. is cost some through accounted took, full to a that that There's still bit again in guidance. of just But we've cost goods would of backlog, year on I that once we so revenue. So of On for worked say

I'll so it just And leave that. at

Bill Plovanic

Thank you.

Operator

Inc. Our from Stephens next comes question today Please go Cooley of ahead. Chris

Chris Cooley

so moved of some had terms prescribing about the in terms an us these in additional a taking pattern already in of from for in thanks a practice couple quarter. And congrats what could experience now one you're XX%. another questions think on some seeing in you the gave of early you particular, on these the record the to you're and and I us and versus ICL LASIK last just practices, days anecdotal of on learning launch? U.S. commentary wouldn't if out I'm afternoon kind Good that little call, the SMILE. like about the months seeing that diopter, color mind, Caren, mix And interested more you're just you give a bit in

up. appreciate just then you're follow these additional this So got utilized would color kind of in I've how And a practices? seeing on some adopter early

Caren Mason

the the alliance done annually ever here terms results based believe is minus procedures. this Chris. great their offering selection in in how of and at gone XX. out great lens not in committed that are Sure. on of lower margin. Well, quickly volume seen eye number that effectiveness only we've you, Thank the family having adopters We're we're really largest of deals seeing very of that outstanding diopters performed a We safety, of clinical to signing any minus message interested the have a in but members the X to study surgeons range the we've by early a our wide greatest I that the EVO showed patients. testimony wide strategic own And target has think

And coming surgeons top of On mix early to table said they once to it. deals EVO in change the to the their cruise of every certain they're that, approved, offering, the so would that single day who indicators game was now multiple procedures their we that see on get them surgeons' talking work EVO about the they advantages the over through by all about its enthusiasm other media social own as it product, the online, posting they offer. sign

think soon so with we'll surgeons couple when number a XXX And been our on with and influencer multiple very over of that, marketing is more excited out it's very influencers a believe popular you as today, really of that for now as we've months, the that who very, there believe local who beyond doing maybe we XXX chef we XXX, just of all trained channels have well and the only we're more household are exciting who has a with name, the with Internet. the campaign, surgeons, actually aren't we as but signed

push will So all that XXXX started I put I in when the growth we had it first in to believe 'XX. you China, we think together, we and when just rate exceed really

Chris Cooley

margin update up then Really where on you upper in company's you. And more an this up Patrick. we Thank And as when how But then for to importantly, process? how absorbed, that think about give this quarter. the of about should could maybe an just congrats And we it margin? about operational the scaling if margin super. gross the maybe comes would gross been and you appreciate you're in That's color. us relates we all or should the a it's top as again, think little today. are gross capacity, think The appreciate term? capacity profile on step tier Obviously, question bit tripling product just longer online

Caren Mason

Thank you.

Patrick Williams

Sure, Chris. Yes.

facility for and where we're saw up only things add at, huge positioned of terms such us year. continue has outstanding. We're move really the we our team we capacity, a And well in are especially for U.S. delivering by we Switzerland The on basis. to into well So as rest into XXXX. not QX a as will in but the just out of going operational stepped the sequential as

account fixed to impact In you any costs, trying on from gross modeling in standpoint. the we'll as you and I do guide terms all that we facilities with and of your on for XX% and very best approximately given quarter to margin new that. think in I QX in our QX that bring comfortable get But as guidance, we're said,

So I that all good think from it we're when that, comes shape in other than stuff.

Chris Cooley

Thank you.

Operator

Zach today Please question Weiner The next comes Jefferies. from of go ahead.

Zach Weiner

COVID new -- the for Thanks press wanted Hi. just if China provided there's growth and backlog sorry, this in appreciate you I to taking another guys and that I color if great China have, and trends some volumes, quarter. through in the a fully on any congrats on procedural policies China on seeing? unit local question they color touch But procedural like give the in could on release. are you

Caren Mason

which to case, knew it would effort China. demand are Actually, we busy be what to be increased we this year, of had the And manufacture best using historically turned the because really inventory in we season be this to all. very able had for has aggressively to position support the actually intense we've out

busy in really quarter. we're strong line through the today season So a the bottom having third is

mode our be continue QX, we'll busy through replenishment aren't typical in September. Our appropriately that expectation quite that which annual the end as about a aggressive season, for as is then of expectation. more quarters is which mid And we'll our the follows

everything in we're here using that to line is to So that replenish because we're we're definitely -- going think I bottom we're need sending.

Zach Weiner

any one feedback just then you're And you on hearing that that helpful. can the share? early lens, just That's presbyopia

Caren Mason

surgeons from still learn have to that they the edition family after their longer, myopia early patient not we're as up. We're with giving market. feedback takes whole heck going we're really identify contributing It takes the in formally implant limited from what armamentarium properly a now of different the follow Viva for The Well, presbyopic patients to It September presbyopic them properly it getting playbook the to their XX. of the and treat is who we're to surgeons a believe target EVO is we launch a the until lenses in but entry is game. launch. patients, beyond that an the business great going are about to

Zach Weiner

one beyond countries? markets just lens Got it. the other on Any could. That's the helpful. for on Mark And lens, getting if the questions. CE Viva Viva then the I up color follow taking into Thanks

Caren Mason

CE countries focus, initial will be and Thank getting lens. where was that other Mark you, to of to we recognize course, countries the our also able CE Mark Yes, announcing the countries Zack. are distribute closer we that

Operator

Zimmerman your questions. Our today question Please Ryan of ahead go next comes from BTIG. with

Ryan Zimmerman

Yes. afternoon. Thanks to for want if could and pricing Thanks. questions. I Caren, our Good I around start, taking ASPs.

it industry? the little of dynamics what the of think a on just to saw a as you based just think larger we given I First, are say how on U.S. bit medtech inflationary you One, your the larger lower thoughts sales? China, of FX about proportion But correct? ASP. ASPs becomes is sales that can that into globally, the across in modeling terms proportion And and seeing

Caren Mason

FX answer back the million the of think I'll had $XX.X be would Had headwinds, question of we first. half not your we I Well, revenue. reporting

And so that. very with pleased we're

the by are highest aggressive do being the ASPs volume. our differ for country, each in pricing track China They Our most Asian on markets.

terms of in as marketing we Asian point. ASPs increasing garners price to our pricing that volume premium increase of primary our be of spite in and of commitment our that kind other kind In markets, continue in

go United the As we price add we more direct. a where charge do in schedule, States we different do volume

a XX of over going as to months. that, next the up we result those to And ASPs see so ought XX nicely

Ryan Zimmerman

just, And idea your FX much expectations Caren. the an helpful, FX guidance? that's given the year, revenue, this for do for the that guess reaffirmed you're Okay, say remainder quarter, I expecting underlying or I the the year? Patrick, us underlying, is you given should FX full the given FX give can for of impact How have you or what

Patrick Williams

the appreciate Ryan. I Yes, question,

headwinds On year. the of six plus really QX of at see about with the table, dollar. approximately so is the the we million constant increased of now gave strengthening beginning when the $X you our had currency the seeing which FX started million And X months. can guidance we Notably, that for XXX first within volatility we've of original

go I really year the impact steady back second initial in keep that half those been the headwinds. which we've the what would to light of be really able of now have to So to on in based guidance,

additional would it think FX second say million in be I $X the probably the year. impact at there's to of So half least of fair

account And into units. have see guidance. comfortable that from we're that's And so we've But just the we're on we at. on a we'll the everyone still rates growth why XX% over focus to feeling with in able this where revenue. try go side, unit It's phenomenal to quarter where the here. And taken we're unit with to but deliver

Ryan Zimmerman

for any how already, asked has the of that. then, been appreciated kind how EVO for see Street were I appreciate growing The about think of commentary of to Street? I where quarter launch by or remainder lastly would of this the I I and kind And color me, U.S. think expectations give, quarter-over-quarter, be trajectory? Okay, first And you you year, do but given think say, this kind through that can should of guidance, the

Caren Mason

should will haven't are doing we thought that really growth really or is be. we What Well, growth. reporting be we great released what

hopes second overall now But onslaught of tangible I of But States grow the the quarter ready the real we and third think than at bottom just wouldn't is strength in so more We're the hope have I point, we the ability it's real, and giving and be some what be our in that view business, interest. quarter sure the on. uncomfortable partners focus our well. we're in demand. markets is United will business, of of the it's multiple highest the we'll kind line the are to saying for surgeon we making our this did manage for an great

exceed this been. at growth we're we point, a the will but So call number, where going say numbers to that not we've

Ryan Zimmerman

taking questions. for my Thanks

Caren Mason

Thank Ryan. you,

Operator

today Company. question David Saxon Needham next from Our of comes and

line open. Your is

David Saxon

you to a for script questions quarter. the quarter trained. in out XXX docs and on only If last was had the docs. Good XXX congrats the I serves, that number memory me afternoon. Thanks stood the taking guess trained

then the should So just you you're wondering training? looking seeing talk pace think docs And trained, about if in quarterly and share XXX refractive just you at XXX about? weeks is a after have ramp maybe the good we the can for that EVO months

Caren Mason

statistic what play of do know quarters already a year. and trained will other can number we the that out than isn't by coming the the over of we the end there Well, surgeons associated how with

them, patients. we is the surgeons increasing to and patients. have dedicated happy managed commit meet a that the to agreements have they So of have we profile our trajectory so that with to their be EVO they really are commitment that that they growth we goal sure certifying And in

with all ourselves so we're pacing to And that, this of right. do

getting to Every economically on that of benefit an excellent going come in of what that the any be belief device is trained who unlike and that surgeons smart, they the in other to additional and number it's going outcome market. very In from believe patients. interested our with surgeons getting surgeon is not for be new sure catches on, their terms medical making the we incredibly strongest is

stay you to is answer my So that tuned.

implanting we call to goal volume have might other have Our are an vision a XXX maybe who practice. we with you committing timeframe thousands what of surgeons new laser from are longer to so the but as not of a lenses brand than success year, this surgeons or refractive end the is to to through all trained,

is number you your and know a bottom is the on. market relatively small share And it, of the a So surgeons, you catch in get a others lot procedures, then of though huge as line volume does get satisfaction. patient from does have a we and of surgeons that up other unraveled surgery lot out to support that excellent happened perform XX% refractive where and new these rolled to ways garner every really and in certainly XX%. your amount before case That's of I from market what's think

David Saxon

And Okay, It you're to the that's another then from growth on accelerate sounds ask maybe on helpful. like super here out. U.S. I'll expecting

need and talk do this to size you or congrats sales the the is have the of sufficient feel hire maybe in force quarter. launch? force you Do more, sales So U.S.? again U.S. the to the you support Thanks much, like so on about

Caren Mason

much, Thank you very David.

on we excellence. we of So goal marketing, consumers, executives, development, contingent strong the with to unique is We contingent surgeon practice strong really which account very of outreach et work them of make we of a have we very team players. line. them local We cetera. we and It clinical. Web set. monitor over requirement, a It get is sure have their what a We their a their is make skill our wrap sure customers around believe leadership strong a

be are time. position primary not need purely hope a have us We're defense. that way in as continue stay that and being period offensive playing to premium of sales a does also game. today and will time, of for the relatively period expect to we on. We we require organization to an And find situation But add long be in to unique our we for long

influencers. expenditures EVO result media going sales way Those to So more are as that get our a we the of toward tilted will digital and marketing, social out. be be marketing that,

to other asking years, know for for way people for the they laser ask correction. have So procedures, are they EVO vision like important

Operator

our Co. ahead. Thank go comes question from next Steve Lichtman you. today Please And & of Oppenheimer

Steven Lichtman

for region a that think the year mentioned stronger any expectations two expectations now is point upside mentioned there the the versus into And Is out standing your that versus And driving year have you than demand guys. Caren, Hi, you. EVO. you versus your is out in particular you'd heading started. original or expectations? unit you year? when for Thank higher Patrick, I growth expected

Caren Mason

Korea, than India say Germany the and expected. U.S. Japan, and are performing better China, even that today I would

Steven Lichtman

Okay, see to still headwinds And to some nice Are you got so? Patrick, in are it? this How gross from what that offset in margin doing inflation feeling number? guide raise it. if environment. much, you

Patrick Williams

Yes.

thing so forward. our order we do obviously is the fairly nice operation and raw But get about materials build to we're the Collamer. make lenses in we that from So our there, go integrated, vertically

guidance. That's seen have increases. as our COVID We factored into to else related has everyone wage

maybe the team. the generally, seen on raw have everything bit the ability outstanding of do a which with our But operations for We raise margin that has our factored efficiencies I seeing materials, we're gross think to is to little out us in.

second couple to of the very of year. pleased we're with pleased what half last over the what's quarters and they've So been the with doing for going come

Steven Lichtman

Caren. Thanks, Patrick. Thanks, Great.

Caren Mason

Thank you.

Patrick Williams

Thanks.

Operator

We our for questions. have now reached allotted time

the to back now would to So call Mason like Caren remarks. for I closing turn

Caren Mason

you. many interest our call good much We on of Take We days in Thank you. your to forward you Surgical. and to of best the All with speaking the your STAAR investment very ahead. look for in participation all weeks care. you appreciate today. Thank and

Operator

This concludes you call. Thank joining. today's for

You may now disconnect your line.

STAAR Surgical (STAA) 11 Aug 222022 Q2 Earnings call transcript