Earnings call transcript Q4 2022

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Operator

Good day ladies and gentlemen. Thank you for standing by. Welcome to the STAAR Surgical Fourth Quarter and Fiscal Year 2022 Financial Results Conference Call. [Operator Instructions] This call is being recorded today, Tuesday, February 21, 2023.

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

Brian Moore

Good you to everyone. on you, December fourth afternoon, Thank operator. year fiscal Thank financial for Surgical ended call quarter and company's XXXX. the conference for this the afternoon discuss XX, results the STAAR us joining

issued Patrick p.m. Tom our Officer. Financial The Time release of today On of now STAAR's Board, Chief the are available call X:XX President website Williams, the quarter just results and is at was fourth Chair Eastern Frinzi, and after CEO; and on press www.staar.com.

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

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

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

with call over Tom Frinzi. that, to the And Tom? would now I turn like to

Tom Frinzi

with my first Brian afternoon, Thanks, and and quarter an our of XX us. my provide thank good results the our on XXXX. and our for commentary as for begin to and I days CEO financial details for turning additional you outlook before year everyone will joining fourth and for performance XXXX. will overview fiscal then Patrick priorities

open then will the call to We questions.

record growth. a currency, XX%. units track am I STAAR again in of that report ICL to pleased achieved XX% fiscal ICL grew and grew market-leading year-over-year multi-quarter top sales line XXXX, once in constant XX%.

increased is also medical investments maintain our over with that the cash million continue to operating future through by on as XXXX, areas growth. increasing cash in a one traded position earnings balance GAAP key $XXX to company We STAAR fiscal generates also of while strong ending year the high-growth companies generated device internal publicly we In and flow. with few funds, sheet $XX million over investments. cash our of positive continue our

fourth XX%; quarter in sales North currency regions APAC was growth ICL constant led sales and and units U.S., XX% unit units was EMEA growth XXX%. XX%; up China, sales in on up up were unit ICL up were and units in year-over-year. follows: XX%; sequential XX% units quarter, a increased. up our also results by sales ICL country basis. growth by In India, America slightly the year-over-year the Year-over-year fourth up Japan, up ICL while was year-over-year quarter as the Fourth

know and U.S. progress the China market top is in you state of of the for mind in many our the of I

So let's begin China. with

the impacted During fourth EVO in were quarter, refractive including China COVID. by procedures,

infections the the are consumer the ICL Later, change these COVID protests with November in Zero further in China for STAAR growth deliver that level in earnings backdrop, beginning of lifting quarter. country's out fourth call. policy XX% Then procedures XXXX on a behavior of X, called refractive fourth XXXX. operating unit and we to the of the subsequent follow. rise First, COVID in impacted Against the quarter the proud

signs and X resilience. are Through weeks our stabilization, and market of line first sales the in first volumes the restoration of encouraging procedural China with results expectations. we end Weekly market see XXXX, of quarter in

market China So season for ICL to procedures. China has greater the in outlook from normalized, declare surgeons summer implant lenses in today fully largest that China the many our premature fiscal the further the while world can we our peak X,XXX-plus sales it and normalize larger this that have year do we approach of strong as implant the the full we our commitments bolsters will confidence XXXX. market the that in EVO confidence meet at in consider for customers refractive our that market time China, we The

XXX% provided, up with XX% fourth XXXX We quarter. Turning fiscal U.S. in unit to surgeons the and implant quarter lenses U.S. certified fourth ICL previously XXX year-over-year outlook growth exceeded than the year-over-year in the the to the EVO up more exited we in

support add in is commitment work transform practices U.S., and focus their While more for increasing we they and and/or surrounding refractive comfort, surgeon the to to train for as marketing practices certify our confidence their surgeon lens-based sales, our with EVO customers standard. EVO surgeons by and XXXX to continue to clinical

that and perspective, data our are marketing positive receiving sales. marketing our raising impact brand on surgeons The marketing that a feedback From U.S. from we illustrates also a is desirability. awareness having is positive EVO consumer

advertising in XXXX, cities compared cities activated did sales targeted we As where greater our key example, to quarter where the of we during achieved an fourth not advertise. we growth

did advertising our we almost Jonas growth also Activity Joe where key not advertise. when Finder we fourth increased. campaign, has the Doctor advertise launched to sales saw compared in we on the we as double cities where targeted cities During quarter,

Doctor quarter. up year-over-year fourth Finder were in the approximately XXX% visits in U.S. the

also EVO are promise our medical U.S. and matter economic the and surgical no of support the with surrounding demonstrate clinical sales surgeons to We setting.

procedures has looking As is cataract EVO. you more At for vision next for in believe increased many more EVO. of already doctors and compression experiencing predominant same been big and showing other the the it our laser interest challenges. industry, time, been The surgery industry we and procedure know, has reimbursement correction technology; refractive ophthalmic in as IOLs the

I surgeon from for opportunity the I plus. his met in XXX weeks to instance, lenses encouraged In year in to commitment EVO with I'm lenses with papers customers annual increasing X,XXX-plus individual to confirm EVO's EVO meetings met panels. podiums a and by clinical also with an XXX its vision industry U.S. My on In growth lenses in another in commitment to per XXX increasing laser increasing chain that the from recent correction surgeon, EVO is meeting, XXXX. one presence

to of with week, Chief LASIK. panel benefits Winter Barnes, AECOS, Congress participate Ophthalmic a Scott speak other Surgeons, panel opinion Officer, key part STAAR's EVO. and Medical of Next titled of The is the will leaders American-European Dr. Symposium, life in in their as the after

strategy. more XX people been able overall as closely assess have my CEO, on first As days business, STAAR's and I to reflect I

well Our to will international continue business is established growth. and show

are now the market EVO-focused realizing U.S. tremendous on that We the represents. potential

stability. result and are a now direct position strength fiscal a last in As several of STAAR's of over financial management the prudent years, we

marketing surgery to plan U.S. move EVO purpose. lens-based will adoption full with development the XXXX, surgeries means earlier. time even campaigns. refractive take We as applications STAAR's To the advantage spend strength additional sales, financial on described STAAR include to forward of EVO's our dynamics greater in U.S., awareness, accelerate personnel confidence In consumer market EVO as and build I this It's particularly time. It's intent the surgeon time. given market, which in will doubling and refractive in it's clinical well investments practice digital

Patrick?

Patrick Williams

January million Tom X, sales consistent to sales IOL XXXX, November increase pre-announcement with The $X.X ICL our in and consists million QX in sales in XXXX. $XX as partially will primarily QX sales, attributable Total announced by increase Thank we products business company $X.X a other offset in longer or on afternoon, which you, million, lower-margin net The XXXX that year-over-year XXXX. good decline support cataract XX% $XX of compared QX noncore net million $X for a net no of cataract everyone. is IOLs. to X our after XXXX were million

approved on ICL net QX year-ago up of U.S. QX ICL ICL in XX, sales for period Therefore, XX% $X.X sales XXXX. million represented normalized sales EVO both of to sales. were XX% Vision EVO allowance total sales and million. $X.X was sales includes XXXX for in QX XXXX, company reserves compared the March XXXX.

our results. under website We have posted latest a U.S. ICL supplement to investor quarterly sales

For sales in negative QX headwinds constant impact China that in XXXX, from the included and reported a $X.X discussed the yen Tom net changes Europe of impact transient primarily currency, in the earlier. million

$XXX table reported $XX.X as a changes impact included earnings constant For in the outlined fiscal release. XXXX of today's net million for negative in currency sales currency, million in constant

the weighted for in $XXX of will fiscal transient as year the fiscal million, second over $XXX is headwinds million. XXXX ICL approximately approximately half anticipate outlook XX% of We the sales towards sales XXXX sales of representing Our of sales net growth be ICL XXXX subside. for calendarization fiscal

QX a As lowest historically represented seasonally has QX and reminder, our quarters.

sequentially be U.S. XXX% $X to represents range growth. net million the QX and sales will are be expect XXXX up in to QX million approximately sales of expected We $XX quarter from XXXX year-over-year $XX sales first million. the in which approximately

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

For and fiscal XXXX, will year each the we XX% margin be quarter. gross full for approximately expect

QX million is QX in associated operating $XX.X the expenses, to Total due XXXX look with was at statement. for compensation-related in for XXXX of $XX.X The is closer to our $XX.X G&A and services. $XX increased to compared due million in The QX sequential increase million expenses, expanding year-over-year costs manufacturing operations. XXXX G&A corporate compared the facility outside expenses to increase as a and million for and million QX costs higher year-over-year for to expense components facilities million XXXX. $XX.X XXXX. up and G&A down 'XX for QX QX Taking XX% income $XX.X Moving operating were

For for we G&A be fiscal XX% will expect net of approximately year. expense XXXX, full sales the

and expense For expect $XX.X quarter. will subsequent each for XXXX QX and million G&A million compared $XX.X we XXXX, was for $XX expense QX increase to QX approximately million XXXX for Selling slightly expense XXXX. marketing due marketing and promotional expenses and compensation-related shows year increased and expenses. increase $XX.X meetings, trade from sales selling million QX the activities, prior travel The and for in advertising is and be to

selling XXXX expense increased sales in and decreased promotion trade is offset due increase marketing, sequential The partially expenses, to shows and QX from and by advertising marketing meetings.

sales discussed and and patient marketing investments expenses organization we Tom XX% approximately we awareness earlier. important will of XXXX, make fiscal our that ICL the net sales expect EVO selling be in For as

$X.X selling $X.X sequential expect be In expense quarter $XX and QX XXXX marketing increase R&D compared $XX for QX for development expenses we million is million million XXXX terms our each was Research and million XXXX. to of and year-over-year expense associated post-approval million QX and studies. QX in thereafter. with due The calendarization, and XXXX to in U.S. increased approximately for will $X.X

expense will as year XXXX net for million For XX.X% sales Operating approximately $X.X be for income XXXX. was full the QX compared of quarter. $X is each in R&D XX% or X.X% fiscal of $XX XXXX, net approximately sales or we to which QX expect million million

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

will We expect for operating XX%. be margin fiscal approximately XXXX

compared was share $X.XX QX income a of per basis, diluted $X.X million to XXXX. million of adjusted the QX or XXXX. the diluted in GAAP per net is share million income diluted compared release. $X.X XXXX, adjusted or $X.X income non-GAAP For information $X.XX non-GAAP was 'XX for net to information table reconciling today's for million income QX for On QX net diluted net $X.X or $X.XX per share to per or $X.XX financial share included A

we in XXXX, our valuation effective allowance. XX%, approximately fiscal subject tax expect no our be change XX% For to to rate significant will

balance our Turning now to sheet.

totaled and as cash, operations for equivalents at XXXX. cash generated as property December million million $XX.X long-term and and $XXX.X equipment. invested sale to fiscal investments and Our XX, in both XXXX, million we available million XXXX, $XXX.X in of cash XX, compared December short-term In from $XX.X

For were million equipment fiscal $XX planned approximately in XXXX, XXXX. that we property expect of approximately to $X which invest includes expenditures carryover fiscal capital million for and

investments equipment and in primarily support are a sales capacity expansion strategic strong property trajectory growth. to manufacturing of Our and

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

Operator

from Absolutely. with of William line the [Operator Kaczor Instructions] Blair. comes Margaret Our first question

Margaret Kaczor

asked come may to and headwinds implied at in now whether the I was more things on inputs you're can kind us January? I Great. $X year U.S. expected I with it guess, changed the on year. seeing as wanted the maybe more growth because like the bullish it's in then how the you least million a sounds similarly directionally, with start unit the being QX to to of ease you guys directionally and on China And geographic have guidance maybe the the guidance start guidance previously and sense, detailed versus for and give a basis,

Tom Frinzi

if but Tom. is is question. Sure, China, we I don’t think Margaret, confident. I And this it we certainly as to the for know Thank you word -- right bullish say are would the relates

certainly street China. terms in local team happening at has with Our confidence of the what’s level expressed

travel We’re not restrictions. There testing. are no seeing COVID

done clinic. eye being at We’re the normal procedures refractive seeing more

with together deliver for of stated. we year our can that confidence local I team, we on this previously the remain think China’s the So projections confident as

Patrick Williams

has million. that We gave changed, guidance Yes. relation nothing Margaret, your reconfirm materially I to $XXX think We on the composition, in the right? on early question back the today. January,

now. Tom's just comments heard You

changed up this original good we feeling But at and point. we're the overall nothing materially year when we're where shaping composition gave So is the the where at about is has guidance.

Margaret Kaczor

on And encouraging. was this you on efforts appreciate that that down you U.S. spoke saw of going on roll bit a the are then great. there But as curious you metrics practice provide? impact of to support Okay, of you Tom, that I'm could kind to kind I up little you launch, and What that, of comments maybe kind EVO might launching. out the we follow the your if a that this and development benefit, to any How broadly made want if timing double trial it? outlook

Tom Frinzi

would How a in Sure. launching coming with fabric makes Again, in for lens-based surrounding point I has and I just just in year team this the approach increasing surrounding poised a say, learn management, get with development and tools again, and practices products, to practice? Texas practice towards we team people as we're to in in apps And they specifically held the was think the of approach the proven available off with sense which a development into both by of U.S. think, clinically the customer really refractive But surgery drive of customers, is where a head decision-making sales-wise where customer how common that a view, practice count we're goal. practice practice? the clinical become that close a is I end they have from does Austin, do programs personnel, so development what the it well reduced recipe certainly strong attended doing successful of sales marketing-wise and that seminar certainly recently given my of personnel our lot experience we're a terms

Brian Moore

Thank Margaret. next question. Operator, you,

Operator

Absolutely.

of question line comes next Bill from Plovanic with Canaccord. Our the

Unidentified Analyst

Can typically the just question, for for a reps the become and Bill. productive? Margaret's on cadence, hiring I? you reps to long about on could Just [ph] these XXXX? beyond follow-up And Jon it's talk cadence Patrick, of the Tom, clinical how take sales the

Tom Frinzi

field to this infrastructure continue Sure. half X Thank already the question, throughout think and increase people to or of I We've you the X in year. our QX for we're an going number, first overarching hire to Again, people look John. by hired we'll XX%. at

the the in productive are half back they So of year.

type So we would that as looking mindset, will. or if experienced at working say cataract into in very them I refractive people, selling missionary bring organization that had practices you understand people the a we're

increase we is the So probably infrastructure so in to in half, the a I think start-up quarter our hope back the but half. first are effective they

Unidentified Analyst

Great. me. And for just a follow-up, too,

expectations what learned reality of And a As more versus in? you've you perhaps your KOL going days, pass curious really strategy little on I'd terms the bit engagement? be the XX of in

Tom Frinzi

surprises thing. XX it. there's appreciate -- And no which I No, days, said, good as is first I been the the Yes.

As people, support there's increasing the maybe more think if infrastructure to in general, States in to business anything, have I'm and the our segments growth our just both U.S. we strategy, I've continuing those our extremely outside business. And infrastructure and thought encouraged. the of about our in focus bringing potential the United I

So changed. dramatically nothing

what just to sure historically a best I direction I excited about which bringing in some making we're is reinforcing putting prepared here. just we're space, maybe STAAR focus what said added today has to white market and mean, our And do U.S. the foot forward think and we're

Brian Moore

next Operator, John. question. you, Thank

Operator

Our Mizuho. line Petrone next comes Anthony question of the with from

Anthony Petrone

XX Tom, here. first on again, days the Congrats

little China, bit was substantial COVID, U.S. pushed on I of one out of procedures Is China, have just On one on how in timing And So to have got the the that, sort up into follow recapture in XQ? with on is backlog? here back will, surgeries if And one your U.S. occurring of I’ll to still maybe that the then a put due been that XQ? rescheduling those that what you

Patrick Williams

was got watch here. Anthony, since it's my on before it Tom Patrick. I'll take that

of number QX there in million our out about QX $X 'XX. So in was as that we talked took about, we

procedure, really everything always because we're it, was going and or this locked either Tom feeling were down weren't getting in And getting nature. out people transitory said, affected. was about so it. good unfortunately refractive talked as and They We any about relieved getting right,

said, market us. encouraging for track. China numbers as we're very end So The back in on very, are Tom

so that and that comments prepared And the led our the again of comments. obviously in reconfirmation we made to guidance once

Anthony Petrone

be U.S. should for FDA year, came patient November conclusion some we a the proposals of I draft that year. follow-up at comment there final guess, period end LASIK the around to guidance a this the would And point side disclaimers for in see, on Great. last the a

of So an be expectation what document One, in to final the your disclosure would for a then here. be questions LASIK timing for ICL as And alternative to LASIK a documentation? couple to patient up show requirements? final for draft we the expect should two, published

Tom Frinzi

Thanks, Anthony.

the I than Let me try what I'd that. what to FDA am answer to something be I could predict going do, doing probably different If is doing.

before, as than So have to clinical the really EVO's FDA want don't less approval. we But issue mean, let to of trial STAAR, their of a of a safe can't data it's you, at it the I said me ago, get as a it I review granted to middle us timing practice But remind on comment did of. I've us, medicine careful effective I decision. think relates in year and and

come and timing time. we're unknown the around think but I tailwind this impacted don't is think at I point cause an So the in us, it for this could out it that potentially when by might

Brian Moore

question. you, Thank Operator, next Anthony.

Operator

question line Weiner comes Jefferies. with of Our from next the Zach

Zach Weiner

year. throughout that throughout you correction talk that year? the average Can how trended average the China about diopter the Just in you and saw lens XQ one correction in on

Patrick Williams

Zach. Yes,

in diopter of for as certainly, I especially an overall, just curve. the still lenses tend migration in we'll a we that's XX below talked I down of metrics. the And area the go those that the forward. the market, we clearly, but specifically We focus Tom company, majority Occasionally, haven't has to really case. look talk given not as U.S., we're the minus the But China that's see know in to think And being and now globally. about about

Zach Weiner

year? Got has it. ASP in just China. on trended That’s throughout And the then that helpful. How

Patrick Williams

on good We're ASP. Yes.

the We maybe in a terms gross byproduct dip think I'll to of margin of answer that margin. and more sure saw for was this as of a want that, understand in I close of we bit the everyone some year. little a out one-timers I QX gross our make

As XX% in I that margin -- going as gross number you margin that guess forward. gross we XXXX heard in magical hit it's our go terms prepared comments, for our maybe plus is of to

our So set contracts, quarter. get be margins there there about how no be concern in should should concern And stuff about gross fourth don't X variation ASPs, of nature the nature in of the the pricing. We up. we

to year. I terms course, did one of the overhead that's some As also as which of in we it. was And out some said, lower quarters sort absorb It overall impact one-timers costs of of revenue. our those you've fixed close of got

we we're good in overall to this and gross ASP shape comes year. as So move through it when margins

Brian Moore

Thank you, Zach. Operator, next question.

Operator

Our next question the Needham. David line comes Saxon of with from

David Saxon

how Congrats, the months with like call. U.S. some first kind over the see much And we back in XX of to implying It tied investments margin half about to so Maybe first U.S. ‘XX? launch could contraction how the continue earnings of the I’ll next Tom, rate kind just to are guidance the expansion your half. in then should the switches into or expected talk and range? start launch of if think Pat. you on I about is the seems as of expansion to wanted

‘XX? why mean, margin are And into think kind improvement there jumping for of so, that’s if as in that our off reasons back half a So XX% point the we should of good ‘XX continue the should implied estimates? any I

Patrick Williams

Yes.

have about would an we Day, we I getting around where At Analyst Investor some think talked doing Day, provide long-term haven't given we obviously metrics. We're our arms XXXX. XXXX. point,

we very is outlined, year, out year, specifically there rate cetera. that's for throwing Clearly, some the only want operating investments strong track. where Tom still clearly now, cash to we're we're a as But margin and goes. make throughout right nice et growing that that have still growing as think one move market companies we profile, we'll I and the in then of how the a off at you're this this on and the U.S. see

I elegant day. So but yet directionally, the business and end don't of a back to you're as leverageable but it's into very, a model of the think corner want okay I us very at

David Saxon

I it. U.S. Okay, how doctors then for the That's talk And from does guess, you on volumes? doctors, then, for the can growth? launch, fully reach it that volumes? helpful. got typically existing of take the to kind or just ICLs incorporate long about doctors new is coming And of And them a new in into their terms and practice state steady increasing

Tom Frinzi

Thank you, Yes. David.

bit Let attempt it's EVO But for a vision both. lens-based think the and in remarks, on why our to customers a certify our of increasing infrastructure But your as combination currently doctors me of they question surrounding transition to equally and have. us that being continue with into we'll have because as board. I currently that's they to go come make laser customers think the more it's the to as to maybe focus we prepared fabric focus of our reduce And certainly, answer I said deep practice we're is I we focus. from continue little their important

customers But really deeper procedure little our we bit think of we itself. a So with go as of drive currently clearly, adoption and the of business have will take both. I care

Brian Moore

question. next Operator, David. you, Thank

Operator

of with line the Thomas from comes Stifel. question Stephan next Our

Thomas Stephan

Great.

just but in ramp for should with XXXX? I’ll XXXX? us just you it the said U.S. just this the million. on, think the how could on the maybe Can a tack on help key you you. back ICL go you the a $X about a modeling you then assumptions Patrick, is on for just XXXX, sort U.S., cadence expectations the here. XQ one sales guardrails any we figure can U.S. And First as bit us provide ICL thinking on view But ramp? or help of I be your of Appreciate But for in revenue question with

Patrick Williams

move said to we're We XXXX. probably XXXX is of what with and it's on punt QX. going said terms the for stick really a see looking take as would our year U.S. sequential to did XXXX XXXX. growth with $X up million to as approach, number back-end get we to business provide as in expect honestly, approximately some going approximately consistent talked this the we right? that we we revenue supplement to previously. the you I'll all to So consistent to million QX going We we And at in and about to cadence, surgeons $XX we've move the there. loaded the comments it, of of look year. this doubling But XX-month some if happen That's throughout about double really XXXX before, journey from out in We is made in did running. approximately and to We into

Thomas Stephan

back the X mean well extremely performed a years as Got like years, it. it’s That’s China over And past bit. to helpful. to it coming strong. And sounds then very if pivot it’s I can well. I X

this example. the should trying self-improvement. things pull a what can maybe I’m competition an there So in what guess they aligners, sort bit we confidence reopens, travel, people gives with the ICL we’ve wallet we greater, demand as be heard about economy to forward just a up? and as is, picks won’t I an maybe saw of ask of hasn’t clear We China a I air then thinking been share a about guess, in that pocket you see demand on variety how besides as spend can

Tom Frinzi

or that, to certainly, to earlier, is his our normal our can as year. I've as are to for goals back procedures add the this meet which to demand No, pick for starting China crack approaching Tom. confident, at extremely user bolster team And end up ability a Yes. which in the our tells said refractive us their confidence our continues status But well. comments Patrick take is I'll in-country local team

So confident as we're what this and very business part is about going China overall year. excited our very to be of

Patrick Williams

STAAR employees And good around in past exactly well as I rigorous in on the know end that think this to. our in market, XX-ish the it's But globally. in Tom that reminder. of We've sold very Tom And we specifically talked as have a referred market, being ground Chinese forecasting the cadence we got Yes. what's China, about a said. we've

And comes so when we'll up move we not reorders in as that else year. throughout us end the and and China we only this -- where quarter of to confidence terms everything it further gives

Brian Moore

question. next Operator, Tom. Thanks,

Operator

Our next BTIG. line question comes with from of Ryan Zimmerman the

Ryan Zimmerman

what Number and Glad couple, a want obligated end those here maintained? I I is are look ask few. customers you midpoint if call market spike contractually with what kind to first I guess ask Because of mean the guidance. if X% could. to dictates again, unit as on year? one, have? it’s COVID the and the for the a about I were about the I what impact get And growth, would China implied think quarter of as contracts at to whether your you at

so I of on trying in here figure given appreciate first of levels kind of fits comments is, the And slowdown topics, with and your both to quarter. that guys. I’m be there is just going kind to out those starts inventory

Patrick Williams

Yes.

and the I'll to the the back come $XXX Ryan. So it, guidance, and composition million of right

there comment a in made now. physicians Tom over China individual that X,XXX out think right we I have

and procedure, account. I in visibility top on always accounts happening exactly what's DocFinders very that, got a And some physicians. in said between the that not We nature. on things good by there know by before, and of question work markets. know And my was done ratio that of I we've end so one-to-one as There's

think we're I it. And pockets question so seeing pause or the -- just like a used or that, around something maybe the not you and word

We comments. today we and as prepared gave. just reconfirmed it doing very our the about is guidance I'll So feel you, back we come well part good of China to

Ryan Zimmerman

and Okay. ask past will me years. Hopefully, try not business, just cut separate a IOL to But as negative you've work through I'm And of the business, then more. few number price I that I that the off. as result had you pressure going one, X mean, Brian Brian. apologize, through

then, And launch? price, a geared promotions maybe but you Now on with more needing the do trial. last up $XX because this in price towards U.S. you a how -- a spending R&D quarter, what you in you commented Patrick price as going demand? that clinical is do Patrick, earlier you’re as to not away, said, you lever to are is launch that's million use on And going U.S. in use anticipate the I’ll Tom, here. in will you my question sneak guys spur to

I’m So Obviously, comment R&D sales well? but you I’m going we Brian, curious year. going Sorry, where kind as that know if one and marketing could on is I’m curious the of where that over. I know spend this is

Tom Frinzi

issue price your the address to try it relates me let U.S. as Ryan, to Yes.

growth you the the think our price, true is this sell of on in I non-factor in And adage a lose even in if strategy on price holds terms can old case, you price. U.S.

Patrick Williams

just people on other it include clinical then does stuff R&D. think side, And the besides traditional sort Ryan, of R&D got what We’ve in of there.

we the of IOP. had part did quality the supplement got We’re PMA, a that follow-up. do also and things. there But the to on We study, of second to still post have right? a in follow-up other we’ve doing related original It’s X-year

that one podium a throughout about, move organization, make supporting just about presence, number as talked the the it -- the Tom we et cetera. good make of to trends and feel So we we want clinical that's we sure as to we’re see have year. strong And we’ll I we big how and sure things that want

Operator

Q&A That I like to session. concludes Tom to back turn the call Frinzi. the would over

Tom Frinzi

out Relations Investor call. today. to questions our you joining thank may any us for to I Thank everyone concludes with reach have. you. That want Please

Operator

today's Thank concludes participation. call. conference your for That you

day. You wonderful have a

STAAR Surgical (STAA) 21 Feb 232022 Q4 Earnings call transcript