Earnings call transcript Q3 2022

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Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the STAAR Surgical Third 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. have minutes will today’s We Instructions] approximately for XX call. [Operator Wednesday, is XXXX. being call November recorded This today, X,

At this Investor, time, proceed. conference Corporate over I at would like Mr. Development Moore, to Brian Vice Surgical. President, STAAR Media and to Relations Please turn the

Brian Moore

you, the everyone. you company’s ended for third us good financial for call this September afternoon Surgical quarter the results STAAR conference and XX, afternoon operator, joining Thank Thank on to XXXX. discuss the

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

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

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

Following with the from our follow-ups. will prepared analysts. we two questions, limit advance to then ask open this re-queue questions themselves remarks, analysts We publishing in process. line their thank initial cooperation any for with everyone We to

CEO would that, call STAAR. turn now And to of to with the President over Mason, like and I Caren

Caren Mason

and EVO growth accelerating STAAR in up macroeconomic and introduced Society Europe the We us Brian. which unit advanced of ICL the you you, entertainment XX% net to in our campaigns the despite Good global lens quarter, EVO year-over-year. in player Jonas reflects surgeons currency at Max sales initiatives patient to our our Refractive unit celebrity, Surgeons. awareness, growth third U.S. the today’s subsequent joining Viva media challenges ICL everyone thank and on for presbyopia during Joe and of the meeting Strus constant U.S. Congress call. APAC engagement In quarter, third with and growth in preceding by building afternoon, and in Thank for achieved the highlighted Cataract global and NBA quarter, European Annual strong the headwinds. XX% experts and EVO third market growth strong was

year market successful units concluded of that by refractive on peak In end. XX% surgery another put to China, we EVO a exceed season track share busy

million for lower sales, yen net fiscal weakness euro, anticipate approximately tighter $XXX will $XXX However, headwinds and sales constant due resulting adjusted China, COVID currency. we and ongoing products other be in total represents to fourth Europe, for in in expected delayed demand million restrictions quarter, the in the XXXX, in which now

Our million. growth $XX year-over-year of and ICL XXXX product approximately other includes approximately fiscal sales XX% of representing sales million $XXX outlook

today, At other approximately the business, STAAR our and and time, increasing IOLs, the that injector with it chain X% same our As we products. you represents is products focus IOL know, vital of which of injectors parts, has on significant low-margin EVO opportunities sales supply consists premium cataract growth have faced challenges.

other of we business able other as chain to only and have support be As supply result that a materials no we products longer third-party challenges will affect historically. products our

the of of customers support XXXX. to continue other through end will We products

look aforementioned tremendous we total sales to expect which $XXX we in year-over-year XXXX, ICL limited company to growth million net approximately to sales, other As challenges, the approximately sales contemplates fiscal see look large achieve despite XX% focus, for from especially XXXX. efforts EVO our and forward growth to lenses We growth family U.S. Asia and on continuing in our opportunities of the and potential resources products. in globally

strong the quarter. South Japan, Turning on States, up for up songwriter and Joe singer, advancing advertising announcement quarter, progress the was XX%; geography, we in achieved Korea, United compared launched we partnership through our actor, engagement. EVO included to geographic The with featuring Snapchat, Jonas, TikTok, the and XX After XX%, September XXXX, advertising year U.S. engine and to XX%; surgeon back third of search prior the adoption the population marketing. ICL up target awareness the XX%; targeted of and display XX%; XX up lenses and on brand in Joe multi-channel to U.S., in growth EVO patient the pleased advertising August unit campaign By YouTube, unit core Instagram, old XX. our to third quarter distributor are APAC China, we global In year XX% year-over-year. as up ICL all our markets, up growth with

top is with model, a of EVO we sharpshooter NBA including other had a style example than of for a which of their EVO on Miami chef, and announced fitness implanted XXXX in the who Max and others our Max myopia own with Heat. our Max with new a contribute about believe another Strus, the XXXX. is U.S. lenses better a with and partnership thrilled patients Each and diopters, that ambassadors will is vision, EVO’s inform unique now less Last X EVO momentum in and a his person wellness speaks expert continue U.S., joins brand minus to of we player, experiences. month, than broad are based a who voice the potential to to of helping EVO to blogger success the TV potential EVO patients prescription build ambassadors coach benefits

expanded engine Max’s EVO. decision channel search YouTube we our second EVO choose educational ICL we The Joe X popular our August, on added now target now individual the X videos to YouTube EVO and video is series is most launched as has on about In audience. to videos which million YouTube, approaching ICL for views.

macro expand and with EVO forward, patients. will we to the can our brand have with potential new partner Going we U.S. in continue through our experienced engagement that celebrity since successfully micro, ambassadors earlier we partnerships

engaging also refractive with are We U.S. surgeons.

our vision Our surgeons correction based or to education EVO accelerate may options solutions that goal to is with the entire lens, our lens mix of so practices family of lenses. increasingly transition of

measure trained” “the XXX number surgeons surgeons that over for and XXXX. and certifying the approximately or today, since U.S. of take on As ago. of certified EVO on exceed have We to we engagement. metrics just FDA XXX surgeons surgeon note of one is manage our of in approval we on meet U.S. patient months training remain X goal track EVO Please and trained establish, and

freedom. to is their organization the U.S. patients to appropriate Our visual EVO journey offer confidence surgeons commercial for and and desire seeking and freedom working their lenses visual diligently and STAAR contact in in management glasses based assist to assist lens solution from to patients

focused transforming the qualified are industry. to EVO an patients industry on We lens-based for refractive

are in third QX. in and report up XX% the We U.S., from will accelerate to XXX% XX% approximately the accelerating We the pleased in fourth anticipate unit unit to in up U.S. further year-over-year the quarter in quarter growth growth year-over-year.

STAAR. business our expansion surgeons. around to includes regulatory get clinical generation to to a potential moat our remains of of market our This next execution for and existing the and and strengthening pathways R&D, products and new certified lenses to strategic enhancements EVO indications and and other imperative Innovation

outlook happy fiscal EVO of patients for investment, and a XXXX, prudent look strong Patrick? for surgeons. As we ICL EVO is new share to gains, ICL growing many our and continued market growth trajectory earnings,

Patrick Williams

XXXX in increase company sequential and XX% XX% year in year-over-year to The sales, X% afternoon QX. were ago Total of $XX.X $XX everyone. up from sales down QX to QX from to net is net QX QX in as in good XXXX in total XX% were the ICL sales for net On you, similar XXXX. compared to sales which increase sales QX sales million, which quarter. QX sales XXXX, basis, the a step-down Karen represented million attributable a Thank XXXX of net is XX%

changes quarter euro. constant up Japanese approximate an negative the includes approximately as primarily in $XX constant sales QX the currency, year-over-year. XXXX impact In year net XXXX reported XX% QX to to the prior and net been million, million currency would for have $X sales compared due currency, yen

million For table the changes in sales today’s constant XX, impact the XXXX, in $X in months negative outlined X reported currency a earnings ended includes from net constant September as release. currency

which other call since expected delay in approximately approximately of tighter certain net in COVID of We for sales China, products in of $XX $X $X QX an QX in million, approximately $X.X million. fourth XX XXXX, restrictions euro lower headwinds demand and the our ongoing of Europe anticipate cities weakness sales million, contemplates million yen and approximately earnings in million, approximately currently in resulting quarter $X.X the in August

mainly product projects. or points to increase net compared XXXX QX sales margin period sales QX, basis or Turning million or XXXX in XX increased geographic year-over-year to as million $XX.X inventory decreased sequential and net associated The in gross sales with by geographic XXXX. reserves cost manufacturing period increase for $XX.X was offset The by QX back point due million associated to net of mix of partially of XX.X% mix XX.X% XX.X% gross profit manufacturing cost gross due with QX basis is projects. is gross margin offset XXX partially for profit to and $XX.X of from increased and primarily of and product

For gross approximately be QX expect net now XX% sales. will of margin XXXX, we

compared Moving of compared look compensation XXXX. million and $XX in was QX Taking total and and for a to QX components $XX costs $XX.X QX XXXX related QX for for increase closer year-over-year operating $XX $XX.X for due down the income million to for expenses, expense The G&A XXXX million XXXX million the as is XXXX expense $XX.X QX QX outside expenses, in services. was operating XXXX. facility G&A at to statement, million million increased

expect $XX million XXXX. to continue G&A expense be for QX We will approximately

to tradeshows, expense sequential QX XXXX. XX% increased advertising in marketing, for tradeshows QX expense from and million $XX.X activities, meetings, compensation decreased in XX% XXXX due for and expenses for expect due marketing will promotional $XX.X offset expense increased and percent prior compensation, meetings, now and QX XXXX. marketing and for travel XXXX related selling million sales The was compared $XX.X and marketing approximately and XXXX expense a expense be to and sales partially year expenses. marketing QX travel Selling increase and and as advertising million the selling QX by is The sales We selling decrease is of for to promotion to expenses.

increase and to approximately expect expense increase R&D The for expenses. is QX study from to R&D QX due due XXXX sequential post-approval million QX million expense to $X.X XXXX clinical Research now and compensation increased XXXX. be increase million related is development $X.X partially in XXXX expenses. million trial year-over-year QX for QX was will The in We $XX for $X.X compared XXXX. R&D in

sales to Operating QX million compared as net income for was or XX.X% in of XXXX. million net QX $X.X of or $XX.X XX% sales XXXX

sales expanding expect the drive to will STAAR XX%. levels to operating profitability. of be continues high be fiscal proud our while XXXX continue very ability We year team approximately of for margin The to growth

share, our income a For QX share or QX our reconciling table GAAP expect A included approximately basis, million QX $XX.X $X.XX $XX.X net $X.XX net is no XXXX income to change diluted effective in to per was income allowance. compared rate of to XXXX. $X information per fourth XX% income $X.XX be million $XX.X information compared million share QX or for or now adjusted diluted XXXX. net tax in for non-GAAP quarter financial million diluted per adjusted diluted On today’s or net $X.XX valuation was of subject for per release. to the XXXX, will the non-GAAP share We

AAA did while Turning capital investment now preservation, of of treasuries XXXX. The investments sheet, in for balance investments discussed to high in U.S. we XX-Q. cash policy on interest our our A resulted maturities. This is policy additional growing a and the our portion investment The with on to a implemented policy our today’s shorter commercial in investment quality to maximizing to return paper of shifting further income QX in STAAR balance cash primary gains an sheet. portion in objective minus result

cash, cash operations on XXXX, manufacturing CapEx as property compared capacity million as million XXXX. track and equipment. cash $XXX.X XXXX million end sale invested totaled XX, QX In we of million remain our in full primarily for generated and $X.X at from approximately fiscal for Thus, the support XXXX equivalents of investments to to and expansion. year of available QX million the invest We on to $XX.X September $XXX.X $XX

in year estimate net for approximate of year With $XXX equivalents XXXX. and in constant regard year, full ending negative We foreign sales, this an QX fiscal initial balance also XXXX normalizing headwinds million. compared year now and to we exchange of a $XX FX guidance impact in XXXX cash headwinds, higher rate net with approximately to sheet from fiscal continue our cash sales to fiscal cash, investment when full results million the January anticipate in generating operations currency on positive these revenue XXXX

XXXX, Asia we offset challenging changes year-over-year, XX% growth little environment as other budgeting, sales U.S. sales our complete of approximately impact contemplates more rates, continuing markets. and macroeconomic we achieve trajectory Europe, of the net no believe COVID, to fiscal by to our business, growth ICL currently a initial in planning exchange a For we in significant and lessening of which which no is strong foreign than product from and can

We Conference on XX; Stifel on several in Tour events. November Nashville, California to Bus weeks, will these Ophthalmology November in Finally, investor the BTIG’s many Investment December in in meeting Day the including and events XX; participating be forward STAAR Coast, and of look at conferences on XX. Stephens Newport Tennessee, Virtual coming with the Investor you Annual

remarks. Operator, now ready now take to our This questions. prepared concludes we are

Operator

Anthony, Absolutely. today Our question Anthony [Operator Petrone first line now from of is your Group. Mizuho Instructions] line the comes open. with

Anthony Petrone

Thanks. to XXXX. XQ And were two of questions that the I out implied as will outlook as I doing some for is well. the my well everyone statistics hope keep thrown there

how broken was currency out? little just And in are to So implied headwinds shipments, up it U.S. into guide called headwinds when sort to of but follow translate dollars? the color have in out that terms million called several China like units, $XX looks XQ, implied more the we then and on are you quick $XX those should at we And look out million outlook, ICL of for implied delays how I’ll there one XXX% a bit maybe growth is on in we ‘XX. missing then provide

Patrick Williams

issues and Anthony. Patrick, on Why I then Yes, kick this moment. be Caren off some is having connection don’t might the at

highlight Caren and question tried there your to to my answer in if on To your I you in. question, answer comments. jump please – So get prepared

generally FX $XX the are QX side $X the million we macroeconomic talked dollars is August what which business. since IOL revenue what and little guided comments, about think the China, very call we another European couple to factors. IOL. about related million then highlight other million tighter to XX COVID on $X.X direction, right, prepared million of And we in delayed million is earnings lockdowns related we right of you $X.X you in saw to our described my contribution and to the related products, in is then in I legacy from what and So did our

could. provide transparency try we as we to that bridge much and as So gap

Anthony Petrone

$XXX to healthy year-over-year. ‘XX certainly at for be And would then growth ICL, as the predominantly mostly calls we bridge just million it follow-up

course, can geographically, for and geographies, we have have then Just in wondering from also there you headwinds still the ‘XX? of headwinds into then about more for is China of U.S. rest bit we lingering launch a if think instance, growth, phase little And color the on Europe. is provide what we when the some contemplated in assuming COVID

how about the should XXXX? we geographic So just in makeup be thinking

Caren Mason

be am you today. I to bit connection Anthony. had I a with is little issue. Hi, Caren. of happy This

to into… regard with So looking

Anthony Petrone

Caren. Thanks,

Caren Mason

Thank you.

number basis in still XXXX, this We might, demand range. largely will individuals election XX% we on a that be in believe has COVID for that the is to challenging. the seems believe, the – concern delayed exceed a Looking of recent into provided lockdowns about more some stated, how little unit might to perception would as it be fact growth China handled a be fact COVID fact, Patrick a in due that that

our much big that China. So yet, terms be within There clinics lockdown our I validated freedom very are been to favorable customers hospitals, the and belief changed what fact, media that will is that’s XXXX. hearing are social COVID principle are of a on is think in forward more hasn’t we looking in very, of movement

I in So kind of bottom demand. think XXXX for line, a great resumption look of we

talking growth. With the U.S., we regard about very strong are to

year’s We way of are terms in this growth above talking percentages.

the months of terms We to foggier within in out when to stipulate be challenge. expect of a market China that a a little seems I we But that terms in in to able little want bit growth XX similar mode again, Europe perform recession, think we of that’s of share market. have wins. Europe, market to With will to get in U.S. which a predictive that expect every also really we to regard are

etcetera, to see at trends, the blue stagnant challenges, light just but sky nowhere. greatest be of ahead. its in when are political we demand nothing, macroeconomic It’s is some going overall, We but the of

Anthony Petrone

you. get much. Thank in I Thank you queue. very will

Caren Mason

Anthony. you, Thank

Operator

with Margaret, is comes now Margaret the today Blair. line your William Kaczor line open. from question next Our of

Margaret Kaczor

X to only Presidential in thanks delaying, It growth? start have other but commentary XX% you I everyone it first the Maybe for mentioned that it just could on afternoon, not the wanted provide look seen comments. least what’s to seems the maybe and guys pulling be I XXXX. at, wrong, Is kind guess like that could years. the could COVID the any the and that for China taking on indicate what for the should that’s I just lockdowns it good election, but but base we back follow-up time at question. Hey, of you

Caren Mason

amount contractually are the what Thank markets, with are been our other you, last I as the critical The aware These the lenses, have little the appropriate happen where the of what XX% able Margaret, which election hesitant well the saw built the place be read kinds week, them. fact the are consumers continue spheric X.X the government years. can a for on about growth. all concerns you not being experienced throughout at the question than the in what demand time we plan which different home? toric an XXXX team outbreak? about Will as COVID hospitals the clinics to around wrong wrong on are is end may if freedom of has as happen accounts week making with grow along already joining it in we you focus we X.X the even how challenges is and what are why by after today. reason make for last may us strategic to employees basis to of We know agreements we over growth the up Foxconn, in to people our right that the there is such with and And to preparing behaviors major the have COVID. react fourth quarter mark a as for already The planning in above because with

to strong of be prudent ship So to right a amount to we rightfully have the XXXX. prepare decided for inventory

Margaret Kaczor

more Okay, Thanks. in something back surgeons they are color XXX not on appreciate me seems are that. then color. or maybe you number. right I is of maybe tell the at a you an point, converting portion the of are XXX half then those they whether shift and maybe EVO option great. are good let’s trained on the to like am of and this a inflection I eligible or for the And wrong pointing that an on just LASIK whether very And large for any the can U.S. adding the year towards planning profile obviously practices patients of aren’t response? in It that or maybe to that

Caren Mason

will is So believe technology the lens market in that expansion beginning. happen the believe the we States, enthusiasm of EVO United this U.S. for which just with we based

So, very soon as the with have most training first, are signed who STAAR a to started strategic the agreement get beginning from just ones committed interested we the possible. as obviously, surgeons want

was exaggerate because to the note, can of Just gathered and States. Sandy the by enthusiasm a the outstanding fun people you major, And San United my lot went door, with there we I got around is other a day, husband on And And was around this ceiling I poster, Jonas personal Diego, in not my visit, the being personal it. do Joe when entire just Dr. surgeon imagine was Florida Feldman. that replicated it team. this her

result in little a quickly And talk practice. how moving business XX in lens-based you of EVO, lens-based providers the our direction, largest as their while, major start from terms else, markets strong that around business about move model XX training practice a found of we are some the the they right going movement it you that, going that to months, the by a are so those to when to months around and And because to surgeons varies. everywhere LASIK-based takes some to But over markets. within really see including we world, of largest

XXXX will want going year, of XX% of we into by and end the be really have XX% market XXXX. XXXX, strong expectation growth. the really, to still We by our So, is in next

strong. especially has them. last we these continues And are as very it to are believe rollout going but be over big meet been numbers, we weeks think several we to the So, the that

Margaret Kaczor

guys. Thanks

Operator

Thank you.

Bill, is question Bill open. from line of line Canaccord. Plovanic is next with Our your the

Unidentified Analyst

convert doing asking do question. infrastructure U.S. Thanks. laser have and the Patrick. or about able they our the any they talk for out? Plovanic. John to on clinicians? been questions. Thanks for It’s today, Bill practices you you want to follow-up procedure build Have Margaret’s Caren users? just especially Could users? I on to Hi, this those only today only facilities exclusive laser see you And the Do support need early

Caren Mason

you, John. Thank

it So, the on depends really practice.

of never they whether have lenses, strong doing not terms done premium of have if lenses, assuming even In or they type EVO lens. they a practice, cataract cataract are in the previous Visian

that So, little eye, your lot confidence those surgeons intra-ocular move your the let’s who etcetera. say model refractive going EVO premium you lens probably doing you are take it to will It’s lenses exchange of procedures. very a not to longer clinical then Visian at a practice known are either used be on before, lenses, very and/or are our cataract good having as for they comfortable and

quickly, to LASIK go varies. from all our certainly to moving a aggressively are more of to are surgeons base not number there procedures that maybe weigh EVO. it from of So, who base a but lens But mix

users So, the the pickup identify that would currently have. probably and say I greatest greatest would we

Unidentified Analyst

That’s really helpful. you. Thank

As was you able and about and setting there end? catch China the by when and QX ‘XX, are existing, period are have any backlog can there how the updates spoken about that year to we for maybe the softness to use you this and up thinking that up

Caren Mason

Yes.

just is shocked. appears I but not QX I are appreciate quite all, because soft, it’s reporting of that and it growth XX% often, So, we first

the We COVID of are people trying are going China still how units. to not we out quarter out. to are In to be challenge growth It’s just at fourth XX%. looking XX% to figure as delayed this XX% XX% plays while

going that expect is growth will strong we continue. what these it of numbers terms In forward,

Unidentified Analyst

Okay. one Thank though other some ICL use out. because last surgeons, any KOL questions. products know do sneak you Thanks line was discontinuation. to to expect other U.S., one that important product impact to that just And you. my for phase I again taking then of into the

Caren Mason

there going and sure and moved of parts, we at users we very the we STAAR’s And are very have injectors injector as lenses not, do business we out injector for sources we point, find other that they their make and lens long our to as time. are happy markets, IOLs parts. that this with of inventory until provide the No, IOL lead alternative that IOL to are they is a and supportive

We is a IOL that our in those us are talking And where about conversation a hope business even the cycle. business be will stronger long time, a been, markets. for really really markets of focus has bit two ICL downward in for really, a not

So, going fine up ICL our positives to see And be forward. only we going those talking picking we are just business as in markets well.

Unidentified Analyst

Thanks Caren.

Operator

Thank you.

Our is next with of line your Zach from open. Zack, Weiner Jefferies. the is question line

Zach Weiner

this in it on in quarter. everyone. give the about U.S. just you color it the flat U.S. looks to some touch in was questions. Hey, the performance want be released, was quarter how I should on U.S. looks market. at we sequentially Thanks fourth taking Can the for just the It like looking the like thinking that and quarter? Q

Caren Mason

don’t do you flat not take why So, one. Patrick, believe sequentially. it was that I

Patrick Williams

correct. are You

we what see XX% me maybe No, to to QX. prepared in to in even to unit even growth XXXX. larger from then go going share closer look let see the gains exactly. expect move you you said QX we were up, that. as double-check continue XXXX be up go as comments, actually we I her to as are through go revenue we XXX% at on to market need sequential But pull XX% And to again in seeing as So, Caren said, year-over-year. year-over-year

Zach Weiner

And volumes And looking at procedure the guess Apologies look at through China I through wrong the I think just do about that was performance, we you Thanks. should missed, how XXXX? thing. mostly the how quarter?

Caren Mason

then a XX% I quarter the XXXX, volumes trajectory So, growth expect have to said, XXXX will that in to and plus. be in as from XX%, China procedure we XX% fourth

that consider that if we growth. So, strong healthy

Zach Weiner

Thanks taking for my questions.

Operator

Thank you.

Our next line open. Zimmerman your BTIG. the is of question line with from Ryan, comes Ryan

Ryan Zimmerman

taking thanks evening for questions. and Good the

point on follow-up question, the to Just of clarification. last

of just on I you that. the based that in the growth, about the and I and revenue that And your if just think up. if fourth on goes math and am question was could my quarter. did expecting the unit injector to the and in U.S. coming units the are Caren, to hope, U.S. in Q I with X.XXX $X.X growth the quarter what some guess that for are I appreciate implied out that’s launch, of the in sales kind see guys EVO want you I the U.S. you the U.S. that’s just to fact think quarter on million X.XXX, speak Maybe But for to check second fourth XXX% the sequentially,

Caren Mason

so I finance, greatest and will to Well, the it over you checking that’s if in are Patrick. turn math, guy

Patrick Williams

Yes.

is quite of on to noise bit some and America, related perhaps there So, there so side Canadian one. you North domestic on get can’t in little the a apples-to-apples that

looking math the right market has is of I longer. your gains product terms you That in share as headed in greater In direction. QX, get as at to the say would the of market are directionally, we Caren expect said,

are quarter of a the currently is this fourth we As reminder, only commercialization. in, quarter that third the

exit XXXX to we have consistently from and bigger see we been contribution in certainly as gains we as XXXX move terms so expect we of U.S. as And through saying, very

Ryan Zimmerman

and the color Okay. that Appreciate clarifications.

your up a Caren maybe relative to On the larger to you to expect guiding are sales of around versus the And unit underlying proportion much price. number becomes would the an that just how U.S. or XXX, price of on units year basis. to appreciate next the the pick at impact expectations series Patrick I you either thoughts,

Caren Mason

Patrick?

Patrick Williams

Sure.

I have in U.S. would very So, that ASP say on we that a healthy what one, the is

a pressure on at what is the a exactly nature a Where or And question the going come of is pricing see of geography globally. don’t the the we on We Still, your toric relatively what ASP. set our spheric, strategic we U.S. in product to that’s ASP in terms which was the either small year. terms of contribution. of for being our see mix, where a alliances which of going all, direct get side really forthcoming course, revenue with ASP, because is to know we the see more mix, In from of piece lot U.S. for are mix higher we of toric do the and ASPs

the So, much. it’s move needle to going that really not

units, said, In higher have as if revenue in you growth U.S., year-over-year look were fact, revenue XX% on actually because of the the and we at on higher we our ASP.

So, question, answers your that hopefully Ryan.

relatively I those piece think we of be think terms will is, a viable still as I move said questions – modeling. through small of a are as we lot contribution. in XXXX, we then more the But it’s

Ryan Zimmerman

the implied So, to just unit as the then, some in growth essentially and impact other a XX% there or XX% there, diminish? sales XXX, – equates is growth, price clarification the dice

Patrick Williams

as think your would ASP, We growth. that as with I point, perhaps the past more U.S. starting expect the unit were Yes. come such onboard when But China. as it’s higher differential a as Asia is concentrated higher to market slightly we great with pricing to is been a not lower in

Ryan Zimmerman

for taking Thanks Thanks. Appreciate the my color. question. Okay.

Operator

Thank you, Ryan.

in queue. are more questions We showing no

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

Patrick Williams

with have might dropped connectivity. She some off

participation We to you appreciate So, investment STAAR seeing Surgical appreciate to best conferences. forward everyone’s your we the in I and look And today. and in at everyone. these and interest will chime upcoming

Operator

That your concludes participation. you Thank today’s for call.

lines. You may now your disconnect

STAAR Surgical (STAA) 2 Nov 222022 Q3 Earnings call transcript