STAA - Earnings call 3 2023 | STAAR Surgical Company

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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 listen-only mode [Operator Instructions] This call is being recorded today, Wednesday, November 1, 2023. At this time, I would like to turn the conference over to Mr. Investor Corporate President, Surgical. for Vice Moore, Relations Development and STAAR Brian

Brian Moore

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

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

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

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

to For rates otherwise brevity, unless call stated. refer all to growth on year-over-year today's growth references

remarks, publishing will We ask our open the X with questions to line follow-ups. Following limit questions, to themselves we then prepared analysts. from analysts initial any re-queue

under releases, like our President we website Frinzi, of as call to investor included will should means in addition turn conference complying material that, I STAAR. and SEC intend with monitor of CEO our our Such be disclosures section. Relations to public in for would disclosing investors Investor following our calls over to website and use the now webcast. press on obligations filings to nonpublic and the and Regulation a And Finally, with Accordingly, our information FD. disclosure website Tom

Thomas G. Frinzi

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

peers. For last the net sales outlook market despite for $XX.X on earnings the third which growth consistent call, a sales refractive provided we with ICL XX%, of of million and quarter, our was declining achieved we

XXXX quarter over and companies profitability track is profitability. the also our and rarity annual We're growth on earnings combination sixth another to to compound STAAR, years. GAAP sales medtech path XX% the double-digit size. XX% The high of deliver reporting positive also for puts growth X of us growth a next for on are ICL for We in earnings which of year straight our

the and you on engage We raise spoke Investor our our initiatives recent progress at our earnings consumer about to continue I ICL on prospects, last make and to call customers Day. surgeon awareness and

disruption to financial in million at the potential of fiscal sales for to and expect $XXX come earnings XXXX in release, our $XXX our approximately due previously now our to million of outlook the Middle in seen the Returning to have will you represents end ICL million East. in The Middle provided low our quarter. $X sales certain As East results. macroeconomic fourth of in regions to sales weakness we

quarter but one we our were XX% ICL in million standout sales and the of up is most overtook refractive quarter. making up us an Americas where the and for where ICL ICL XX%. earlier and distribution in grew growth. a populous units in third less sales, Spain it sales region, market were X% X was sales as up region, future China XX%. APAC country our of as India, we resources Europe, currency. were X%. respectively. and represents sales $XX.X investments And XXXX, and ICL opportunity believe world's ICL year attractive of the EMEA global XX% reported constant were than By global market a our are Germany in the In globally were market the up third represents Currently, this India X% markets, For XX% which and down, ICL up X%, largest is for which both

the volumes trend. prospects XX% Surgery Turning long [indiscernible] by Chinese remain industry as to China the Council negative growth. a additional third support sales Refractive the government, in China, In X-quarter X largest XX% confident that bolstered refractive the continuing that In runway demand should the Officer EVO ICL U.S., comments our customers well. including Recent at in reports an Medicine third our We declined quarter, in procedure for Day quarter. our in ICL has from Chief consumer Investor markets. grew by largest long-term actions growth

taking EVO the of in due of to the market, growth XX% for we pace our Year-to-date, to more report you today, XXXX. on shared we our our as current solid removability, ahead greatly patients On business of industry The and a per that dry night the industry my elevating XX are procedures quarter Day. XX% state U.S. earnings I us up tell excellent told, of our industry in despite vision their in period. sales certain are ICL ICL achieving for last have the best-in-class se. our call totaled adoption. am in September growth less accelerate I QX awareness, they in we of talked ICL to and and All pleased compared no including third economic result EVO taking of an market-building U.S. assessment decline geopolitical in additional and technology share And including benefits, and EVO surgeons XXXX same actions environment. eye about lens-based sales a to We apples-to-apples that its value. syndrome, initiatives, procedures basis, well and Our the second and ahead a is progress. at U.S. launched ICL grew are to down QX growth our refracted quarter. ICL was Investor details the the been X%

business in First, and is to standard, the use developing of support final we training, that we comprehensive with to practice and respect and a which are staff. processes customers development our even to stages the set making do with, easier education, tools will our company EVO their enhanced of surgeon

are size measurement and supporting surgeon comfort to lens selection. increase We studies designed several and confidence in also investigator-initiated

a and we peer-reviewed published anticipate the first be study completion, study XXXX. is The in of first journal quarter nearing in the will

of the user and and advancing U.S. novel our ease injector FDA customized are [indiscernible] designed EVO We injector family in is from for introducing The XXX(k) lenses for received of we September products. single-use in new EVO to clearance and use the Second, for increase loaded new efficiency. late

it XXXX. anticipate end beginning are making and through the in to customers a this the delivery We of year introducing device in available subset more markets and the U.S. surgeon of broadly other

our presbyopia focus Turning XX. extended with ages lens, EVO to depth Viva, for XX the of myopia to early

Society and the Surgeons September. Refractive the expanding Meeting of Cataract are the rollout Annual of product We following the in of European

with and have patient are We assist and supporting to patient our outcomes. selection, satisfaction, set surgeon surgeons identified we to expectations protocols help proper Viva and

of alliance practices, driving implemented finally, XX focus And we identified In our to for center we curve in is several U.S. September, pricing all goal partnership call U.S. Today, STAAR. conjunction on new U.S. of leveraging programs. parameters Doctor a lower and between stated moving and of success a XXXX. multicenter diopters we favorable of Third, maintaining Angeles, to the our practices Finder patient group in customers compared customer also solid The cities, U.S. example group and a have U.S. in structure tailored patient other our of efforts launched and October. agreements process. the One base, agreement XX organizational agreement minus sales our to offers XX% Highway additional were existing practice X alliance we that one and U.S. deeper consistent margins Chicago is Highway we center with new XX early call customers adoption in U.S. attractive his agreement will U.S., tools to is linked signed new customers XX and for we have in U.S. where for in Highway alliance EVO our customer surgeon diopter our The diopter customer X through education. minus to XXX% our growth the with with expanded diopters We the in are our gross total of with call is is our EVO center X going up the Los down the and prior approximately lenses intended Highway while and with with analytic referral leadership Southeast. the segmented quickly the calling are XX% including cities our Boston. utilization XX. support year-to-date in and and compared utilization

ability our stages, the in at enthusiasm still Finder website a on of answer loop our our return and lot a sales marketing patient closed have process create early increasing questions to aimed investments. for While and Patrick? we the Doc around

Patrick Williams

Thank everyone. and afternoon, you, Tom, good

please today's key table sales, match growth of will our breakout by increase provided up showed The $XX.X ICL also business. year to was growth all our other As in Total reminder, prior XXXX decrease increase period, a net note my sales. country references press the were to offset a provide ago. of net or $XX.X we year refer to otherwise release Day was unless relative Investor in million, Also, X QX for sales ICL product to the year-over-year we have a and to million XX% September which a $X.X to attributable comparisons compared with major million during stated. geographic sales mostly that and sales in $X.X net sales million a of X% regions

reserve and reserves products sequential offset associated second IOL manufacturing quarter, The geographic for the which previously compared due projects, to product is QX sales in basis announced partially completion gross $XX.X profit Gross products our nearing quarter million million business. gross XXXX by increase that from noncore QX results did recur of XX costs quarter. of exiting for other of profit sales basis to mix. for and are net an IOL net was period a We point or XX.X% sales third geographic point increased margin decrease other is related Cataract XX.X% Normalizing of in low-margin $XX.X a or is to gross compared $XX.X gross in basis XXXX QX with product sales our as sales million year decrease XXX or third of XXXX. margin the net The in to the to return and QX and sequentially not mix. XX margin of due Cataract ago XX.X% XXXX primarily point the

gross and expect for XX% will full to year. the continue be We XX% QX margin for approximately approximately

QX is income million down year Total and increase quarter million, company statement. expense $XX increased and and for for QX components year-over-year compensation-related QX to up for were sequentially million was in as costs from facility future $XX.X for a expenses, position G&A $XX.X The XXXX. compared QX XXXX of we due operating ago XXXX follows: as in $XX.X total year The XXXX. million outside the the $XX.X $XX.X expenses services to the growth. operating in million were expenses down million ago Moving from G&A

be to and in the million $XX.X will million to advertising in XXXX, for the trade decrease year a promotion fourth For in expense to increase of million was million million and expense approximately expenses, QX. We of costs. expense year Research and QX and quarter. year show $XX.X advertising ago is from timing increased and to $XX.X clinical and million sequential X-year approximately XXXX The expect million development QX shift million continue and expense expenses, expense expenses and $XX.X $XX.X due shows to XXXX, Selling XXXX. $X.X trade of marketing increased marketing, expense and selling and investments, fiscal up The the for $XX ago approximately and XXXX. timing. QX a lower compensation-related compared in in was QX promotional expense in in due now QX down marketing G&A we was to selling marketing meetings offset The partially expenses EVO R&D will due increase expect post-approval for $X.X million associated marketing was selling expenses by to with $XX.X U.S. study. due in and trial prior year-over-year decreased and resulting compensation-related from

sales million. $XX.X R&D or we sales compared XXXX. as or was QX, Operating QX expect expense $XX For net income in XXXX continue net $X.X for be QX of to million to X.X% will approximately XX% of million

future X-year approximately we the across to net for On XXXX. continuing in years X%, release. net For adjusted Investor or included $XX business XXXX the net diluted diluted income XXXX. fiscal non-GAAP diluted XXXX, A QX expanding million to GAAP in a table million $X.XX the adjusted million $X.XX investments income make was QX compared income we share the per margins to QX XXXX expect in per in of year was at while income of be to or $X.XX margin to information to our or Day or XXXX share $XX.X will compared per XX% operating anticipate share order in and CAGR $X.XX continue financial reconciling support today's is information $XX.X non-GAAP September. to per in in Vision basis, $X.X sales Net outlined share QX XX% million operating

We continue change effective be significant will XX% to approximately rate expect our to allowance. QX, our subject tax no in valuation in

sheet. balance our to now Turning

On overall our the for equivalents September to and Based The compared available XXXX. QX down distributed year AR measurement net recall a of million due as September XX, voluntary of and the of sales half One total and labeled minus estimate XXX CapEx of do into cash, be the from world October sale fourth in certain XXXX. of power. to XXXX.As approximately beginning down XXXX result year-end XX, XXXX ad million, We timing decrease range, U.S. fourth $XX the the to approximately $XX previously the payments, million forecasted events, additional we end due lenses $X.X diopter third even totaled invested to revenue manufacturing plus of $XX.X on said, quarter. the to end at and as our by item. a EVO+ or began is quarter. in quarter expect projects, in our Our of the current cash move approximately a move to expect year-to-date the in We million in which previous cash environment would will Tom quarter with $XXX.X be full $XX levels low million end down from fiscal due economic which through balance in of $XXX.X at our XXXX, the to EVO now receivable. recent we geographies we the XXXX, in investments of third accounts deviating further now CapEx million million will announced during and QX expect

the attending material and virtual this the BTIG's to on have November we fixed matter. STAAR November XX operational will do and on We Stephens problem, not any Nashville expect costs Day XX. be in related identified and Ophthalmology Conference

respectively, December. investor be Boston and in William will Tom? November Hong with meetings and We Blair in New also conducting York, and Kong Mizuho, in-person Jefferies

Thomas G. Frinzi

tell Inflation I higher not war and has in new and a to yet continues you the exacerbating Chair Thank immune, are war now interest our Chief challenges changed. world broad economic the has continues. been grow. in Executive Patrick. you, Europe Officer, refractive rates can and The of XX months STAAR industry

We share, continue cash. overall generate market earnings take grow market and to refractive and the

look of large. than is myopia As the many market we opportunity growth to and future, technology globally. procedures the But by The more world our I remains opportunity meaningful China, more as contribution X our epidemic million for Today, led is our other largest mentioned APAC geographies. we growth. representing to without the peer our and in people that markets a other impacts before, see refractive

first our and vision freedom those the for remains with our seeking prepared become am growing vision. take momentum, and to doctors now choice will visual Our concludes we to questions. confident that achieve Operator, remarks. patients I we ready are This

Operator

gentlemen. and ladies you, Thank

comes Instructions] first now Anthony [Operator begin session. question Petrone will Mizuho. We from Your the question-and-answer from

Anthony Petrone

Maybe Tom, have Americas, be Thanks. economy? that And major more in geographic across how just the we there where couple APAC, any relates geographies? and thinking to you geography here of I'll of And with particular pressures when the is I'll start commentary just it as a the should seeing then early on regions, think off EMEA follow-ups. weakness about a you're

Thomas G. Frinzi

Yes, had sure. we quarter. Thanks, Again, you. Anthony. Good to hear a from solid

grow the were Asia China very I think India we quarter, regions. continue Asia good was geographies solid, a favorable. had to Pacific other Pacific in

I in certainly quarters. our Spain the X the U.S., direct markets, in those and growth. the As despite But as of good mentioned refractive showed we in ground read mindful as good with our you had and market, markets And Germany the prepared Europe, remarks, what continued people keeping do well. our a biggest And constantly we're air monitoring in to again, factors those we we're globally. in newspapers all declining

Anthony Petrone

on And you That's notable there just campaign. that's seems like where the Iyer back about China. like focused, hop it think quick doesn't I'll and But at any And it's was quarter. how to when the customer, anticorruption any speak largest your relates you to a can more dynamics volumes? really it seem maybe and that Thanks on the exposure one that being on a in and anticorruption leave queue. lot helpful. based ICL hospital again. And not There's has I'm It in just China impact sure there.

Thomas G. Frinzi

Thank material, question. close to hasn't we're public of for XX% we agree. And But It our private To it system keeping to business, is the close XX% is it. geared on situation. public side, predominantly The just hospital the versus the Anthony. on Sure, we're you date, majority again, hospital the that Yes. the towards side. been constantly you really stated, as monitoring private XX% tabs on system. but

Operator

Thank you.

Li. Xuyang comes Your from next Mr. question

Young Li

X minus U.S., on practice Maybe is you'd better patients? to Is about guess, the multicenter as X? curve I at an the the practice? wondering maybe then I the little to I'm selling down to XX- alliance. that guess demand? how example diopter other on they and just be minus give start the and you it Highway highlighted a U.S. driving you What's practices? that U.S. the arrangements to Or patient offered talk can big expanding procedure and are getting bit economic move

Thomas G. Frinzi

Sure. of lot surgery the based have thank practice practice big surgery. again, you the refractive a very and Southeast surgery cataract a refractive The certainly Yang, corneal referenced They the lot for of cataract do multi-location They question. country. of do based a in a growing we lens-based is part practice. nice

continue awareness their more the you minus procedures confidence correction. I be opting consumers for practice I above, our move of down and that the versus about it extremely that driving within done EVO And that But consumer enough benefits to of bit our think level anyone as they're think in through of is surgery, they've EVO is both I certainly marketing. increase to the laser-based what also an going falls of discussion. has internally, curve, hear absolute more little commitment diopter and it's digital terms vision mentioned. a think ICL of made of X treatment part investments what's and terms that We range. in high, the

Patrick Williams

charging in the on down for practice price And EVO. certainly part, the ago that just say premium, practice did I we little more we a X that X was Yes. but last We a they to prior made that their add or this of bit charging when to specific parity. well maybe still would as offer to EVO LASIK from start know slight has months

Young Li

follow that detail your of We on Thank the Tier But Tier to the et same cetera. on bit to very seeing you. strength What more what or there. the customers? the of headlines hear helpful. you of data, It's little versus second Maybe see some larger up are question on from do sales, you the a some macro consumer X resilience I you from China seeing of cities wanted the and are X, a the lower-tier luxury cities? some business.

Thomas G. Frinzi

Sure, Yang.

at color any a and it Patrick would take me certainly, can he Let like. stab add

newspapers We I monitoring closely. you think, certainly again, we're read the read. macroeconomic environment same the

continue the north will we're So be very a on our in basis. our for people on certainly cities, expect a certainly end is QX Tier to strong pleased the year talking the routine we we certainly, in well with I basis, China. to think to And Tier tell deliver They ground X, year-over-year October. market do of as sales. XX% month of But you, X as as to in sales I growth

So hear trends, to like we of we continue what see what but and we mindful have to in be like market. we certainly the

Operator

you. Thank

Needham. from of Your comes next question David Saxon

Unknown Analyst

you XX% discuss through commercial that is XX% cadence the from maybe improvement maybe get XXXX David. Maybe This leveraging margin. of much to to operating investments? on of moving you the some that of Maybe moderating revenues some to Could are that range? is versus expecting to Joseph how for guys increased

Patrick Williams

Patrick, is course. This Yes. of

a As over people still we talk the about good on reference can deck up to basis points the IR expansion Day so certainly We on pretty that. our outlined and time. is X,XXX website, did

One should go. that expansion revenue XXXX. operating we XX% XX% said expect hit will we goes, to So margin would as in

talked XX% So about XX% CAGR. a to we

what hopes Day As we IR a the reminder, today. said in

place to XX do XX%. move near as growth lot the more place, that structures probably that our we the set certainly in just curve the and a down we XX%, as up. the practices XX% higher will be than getting putting has increase from brand in expect with as we're And move years to to in traction we're get diopter initiatives we awareness XX years and of all the We putting to XX% the

confident make we're really want as as see where investments build and do we comes continue in the eventually operating to just strong market expansion a more the the to out and take and more So we well. franchise about market overall It down margin. to to what share build

Unknown Analyst

Great. to currently? some I And you one U.S. adoption the just of Okay. Just to an it size? I of Could discuss guys that you maybe then issue the us. might force down? for missed more package the that. one. maybe you from in progress mentioned the the Or guys Are you big comments. more on with the looking sales if just in know getting people force? happy in add have are don't guess, delivery into sales the in that you I how current times have U.S. the I made is on more

Thomas G. Frinzi

No.

continue then I bringing stated market from goal, refractive terms in certainly, think in side, and which and within always here the orders more what And a XX much on structure Highway right timing his the the with across certainly time, is inventory. we're in period And experience U.S. doing yields from to in most gain particularly meet improving. product., up. initiative. leadership the of we we the the implemented team terms are we is or Chief Toric of the will Relative certainly our are and wealth to a of And inventory Officer, is X-week his to as of an in keeping point think that's active only help we're our of Foust, the customizing involvement view, from an I of U.S. meeting of world. customer such, biggest second ability demand as Warren U.S. taking to our Operating ground momentum levels

Operator

Thanks.

from John Canaccord. question next Your comes from Young

John Young

the about of want XX. just on some made to that AST that lens practices of near Route Q&A long-term one start this program, parity and Are how the you the And to the part being Thanks. comments of able U.S. about specific during we should the ones discounting to I the as offering about curious or to maybe the part a I'm LASIK. initiative? you Highway offset co-marketing as think United States? XX

Thomas G. Frinzi

Yes. John, all, how vision? are how's of your you, first

John Young

great. It's

Thomas G. Frinzi

price. bit flexible give again, and But a part both volume Good. to bit drive to growth. sure little We I They as combination position expectations. right? thereof, the and some little always is a it erosion it's specific of balance we EVO cash ways, the to there should. more given is cuts And and paying no as that relatively give agreement bit generate, but a on the us, to we're little what yes, commitment on consumer strong make the debt our the think, practice price, I surgeon sheet that alliance a in be question, to a within is want it that give your performing and check of in in

Patrick Williams

X as but a at Yes. to, a wiggle more of if would to that gross provided us giving the which full importantly, XX% leeway to Vision a XXXX for we room our margin. John, And at Investor little there, Day, Tom about gives stay addressed all years, we fact still outlined bit a given I be little specifically little. the the need remember, we we said, make aggressive sure, on we're P&L

our so currently numbers we as did numbers contemplate well. and in And future our in

John Young

talked to came more part Europe. The States, and Thanks and continue marketing is United here in you United concerns for being back a follow-up, concerns could impact States think you here? Thank back you've past, to when I in then to the a macro in heard to ad. In just too? about Okay. procedure just now taking this going lot about the information gave the quarter-over-quarter. pulling down of macro the that see I you primarily some outline macro expense about the you about decline. too. talk volumes for the the again But you appreciate overall question. be being you. great. environment, the And on That's pulling you'll And sales just maybe the digital Do you're

Patrick Williams

there's refractive we've markets there. Europe, Look, Yes. down. things Certainly, a couple being talked of about in the

it that China, Tom overall year step a about would to refractive, outlined at we're I last starting a down we this in that to make With down the We year-to-date. investments. but call. that mid-teens We are seeing you being from from outside is when did which continues in where year. to our in very areas have grow, U.S. of look said, We're in say, see his We're even in mindful QX. compared

Some that of growing, at into related not are still because timing, as would call. we're we the seeing macro we QX. we're which there outlined reducing, to Tom issues during anything pushed But point, I notably, say, this out was

as as growth, we're seeing the So we're grow. to return good will seeing continue the long

big place, of in the or adoption, U.S. think things get outside we the in to us areas I certainly drive U.S. can start order where the areas thing in for investment into we putting as more is it is further whether

Thomas G. Frinzi

rewarded the where investing, they're only would what's to be we've think and going we're And happening. Patrick, about we're we I most. think gotten add, smarter I John, how going that's invest to dollars

John Young

did one And in last you then I U.S. year sneak in $XX the this guidance? Thanks. sales Got here. if for have it. but Patrick, may missed could the one for reiterate I million

Patrick Williams

same track been didn't, that we're but we've essentially on. We on the

$X a again. So obviously north little we of million reported

consistent in of million. and be point, of of a has short the, But would We what is contemplate steady we're said, thinking state we with But bit good what more meaningful around to this we That's into going the I think about little we'll north half the didn't into And what I $X that at a But XXXX go catch. have and we might we beyond. do a it. said term I of we here Tom into little we as second until reiterate U.S. on call that the we're XXXX. So as think a as think slow-go QX. we the XXXX. move the acceleration achieve move

Operator

Thank you.

Sellers Your next Stephens. from question comes George of

George Sellers

surgical on bit follow that you're about the to just those customer taking question. physicians And targeting? when Highway an many Hey, up you're good customers base. the of XX little which office-based have and factor an I'm afternoon, thanks important curious suite? Maybe is thinking how a for

Thomas G. Frinzi

for thanks question. George, Yes. the

between the little of a care think a office-based fall I of XX% extremely that's a favorable. XX ASC, think it's physician-owned of into suite both surgery setting north I and

George Sellers

economic maybe the color strength us a what as of give Okay. touched That's really outpaced lot reasons was what the and those could India, helpful. breakdown. of and And And the if well? then thinking and but driving bit you in you then of into expectations about and markets some for XXXX little A just Germany the strength sustainability on quarter our Spain more into quarter. some I'm China curious non-U.S. in on fourth the are and geographic geographies of that

Thomas G. Frinzi

in said growth France see XXXX, the and small population Well, 'XX, wind starting initiatives said Benelux to like beyond we'll base. they and XXXX. Europe, the Italy, the our But numbers, had. India we've we need, fight in I disadvantages there into of China, reasonably have through and Patrick double-digit and And that, they're just India advantage we as believe facing. a very Day, the all we spite that very but quarters example. economic our given we really we're and a we're and start smaller consistent time, reiterated, as think and to Malaysia, continue see is producing Certainly, we're Again, we're Germany hybrid the we poised Asia have Vietnam, at 'XX. I that Investor growth, continue so like solid in in the seeing growing. U.S., we in Europe into growth, and XX% certainly, there good see which down think we're that pleased show inflection were up or the Pacific some leading And a to to beyond. will us back half poised like doing it's consistent Spain markets been real encouraged markets thought the for think of take region, Also great showing sets for will being markets

Patrick Williams

revenue And have We headwinds and still FX But is ICL, growth. table, Japan deliver well. to everyone we to especially appreciate on additional show very provided unit I break Yes. a showing there. still doing. are some continue will how they we And think which out the standpoint,

But you well. consistently weakness as up And when consistent about and would of some are many for table pretty quite slightly point. not else, there, years optimistic U.S. is that this then Asia out well we what pointed Korea as outlined yen flattish, aware, Korea feeling talked notably dollar. quarter. on here other We areas what going the X% the said in an XX-plus or we're bring QX the about over all-time year-over-year. headwinds, of It's macroeconomic of last our we As And Pacific. to the the that's with at when call a compared down, those call in again terms did in we strong are once Tom things numbers we had everything

Operator

you. Thank

Andrew Your next question comes Kaczor Blair. of from William Margaret

Margaret Kaczor

wanted the you that trends sounded It environment some of just your to with macro enough follow guidance correlating trends like weak seeing to just maybe take market I that. rethink up made. of and a or first you're on down comments not

should look maybe you? twofold guess but you're so they're at you correlate stable, this the correlation within of One, two, how smaller point I Thanks. then market, all getting I if know piece the are worse. down, market past, of that. questions to not think And trends but market how much a you we about at our So trends?

Patrick Williams

as coming question. we we said, Yes. that end said. down the And range Look, it's we're guidance on a the fair of low

based for a everything about We to everything million it's there, be start believe, $XX QX. we're talking And think making taking light share. share. a a we on even of world, refractive I even market or taking of what the prepared in in market declining parts many share early out still XXXX. showing contemplating we're bit are growing about though, Tom we're Clearly, and in comments to So us and is on outlined that seeing would his listening that

want overly pretty our make talking there is we see be out ultimately to business. being to I we those trying that track very we in XXXX. mindful are XX So there, another want the same on start slowdowns optimistic. sort here But it we're At about happening ice will are to any days before that time, some clear don't have of and impact sure

Margaret Kaczor

can different Okay. potential what take sales And set then, that diopter. XX. as I guess of I here. moving a Highway idea maybe to of and crack I'm these down move get the question they trying the an peak at to take guess be practices U.S. I'll

take bring think into So can does here how if within out patients you you and if ROI are double really penetration these to want again, But what with you Thanks. sales it don't the practice. a capacity down you route or succeed you revenue it new for of practices within mean potential I these? know and the able practices? to

Thomas G. Frinzi

the XX Margaret, X-year Again, Highway deeper, real. very of at come have stated saw a step grow that Tom. to in as we we diopter CAGR, to to is million the we is business U.S. high always opportunity And at And not time. from we do $XX period those our roughly in and X-year is as teens this Certainly, needed Day business that that a to down said Investor over the direction go wider. rates curve, as the franchise we right going we

Patrick Williams

guys got addressed Yes. we We talked question earlier because question. asked the you about the U.S., the [indiscernible]

rates specifically of right? the continue until these back we begin At throughout I we for U.S. X-year from within head, Vision that that take as to the Margaret, the minus So X our the the see U.S. place, conviction and expect XXXX. initiatives sequentially as to XX% in of choice think outlined the have growth that's to And practices, the I XXXX. our XX% business your is overall second as that for that doesn't take we they go door do in next said, that about first beginning, half adoption we getting question, over flattish garnering at same into years. where their that's piece to a walk as it's growth time, of now practices, we when the in So CAGR and move that CAGR, said individual larger to market the those those we expect here the see a them going EVO, within we'll see start away they really X grow share to higher and

Operator

you. Thank

Your next BTIG. of comes from question Ryan Zimmerman

Unknown Analyst

question. Ryan. This is Izzy on for Thanks taking for the

have on initiatives so rollout you've you or could was the it first some wondering call from from comments the operating the if of of on any learned the if seen Day. what just guys your month and tangible heard the so far? from you benefits updates Investor any I I provide So center

Thomas G. Frinzi

Yes. Thanks for the question.

but on is markets, solid quite too we've broad as And Specifically, encouraged to to the early we practices that we of it very convert. by activity some to XX we passed been the ready one indicated make frankly, statements, within generated leads level.

activity So too the and enthusiasm determination level the but way impact, make it's any it's to but the early encouraging, of is real certainly encouraging.

Patrick Williams

that's good cooperation practices, call on with companies And this and start is that have your doing Highway something especially when center. this. you U.S. and are think very of XX our one board associated seeing And with always the we're done, to continue. partnership we I the expect importantly, with practices, a concerns other and that But

Unknown Analyst

little China. just Got it. Thank a then you. over to bit transitioning And

So looking guys should what from taking are competitive now? seeing there anything for question. is you we standpoint right a the for that And XXXX? for, Thanks out be

Thomas G. Frinzi

Sure.

the the could gain base first-mover to opposed think market ICL, competition vision in of that we a coming, over again, polymer pricing well around segmentation million Operator, of about performance flattery. an and technology of based is is we coming also market to As please highest post-operatively us iBright but the came with quality it the we coming to new marketplace, with the and talked have the being our the a we up mid a a world. earlier question. that form come of gives continued could XX%. first-mover calmer But that we third a think we approval upon advantage conversations. imitation it, quarter from competition we have maintain advantage. that sold And the biocompatibility certainly, in next real even certainly competition difference the take material the It's at ready I have and think some X to will as to of positive, implement acrylic is Investor China. confidence pioneered, And implants Day it in

Operator

comes next Your question line Steve of Lichtman. the from

Steven Lichtman

the look expanding mentioned bit you you that? as rollout meeting. a the what and opportunity You in September like could as post more ramp talk that what Europe about here Viva of see Can little you the

Thomas G. Frinzi

business for I Steve, that stated before, talking about will, you are question. to if a to channel, years presbyopia Yes, I've important as the stage, be even in their though it's we're the us in XX think for as XX from thanks Again, patients suffering old. presbyopia early myopic

X-year marketplace to of will coming continue continue play surgeons surgeons of we met I to as certainly in the feedback a a in received, with over less ESCRS to recent that we externally at EVO the we Viva we're in September, role. subset than most as think work we the group internally and And of the refine horizon, meeting a by both Vienna the the were product. going So and encouraged XXX positioning with

have to it We of big define a yet how role will play.

Patrick Williams

presbyopia material a any or our lens at CAGR include out as we reminder, there not X-year we that Investor And put Yes. actually did in Viva Day.

Steven Lichtman

subset then And the just accounts. initiative focusing a you're of U.S. on in where the back on it. Got Okay.

on still there? that are For of you that initially impact you you those talked quarters? certainly at any any result, into is Are that as potential assumptions get the focus? they What less non-focused seeing building negative on there Are about Day you support. concern accounts, or I so know a will far -- couple for Investor little a next your seeing group potentially

Thomas G. Frinzi

think a that be we'll that in way Yes. And I into of represent structured assumptions. over the again, XX are No, have any little XX% built again, we our I prepared remarks I of in beyond the U.S. to a said, type we maintain interest it comes able think volume XX. new in as And my the our

to we're volume, remaining through question, manage the through clearly, well customer please. as going our as infrastructure Operator So service organization. next our current

Unknown Executive

closing your give Thomas, please remarks.

Thomas G. Frinzi

for today. to We call of joining speaking many Thank weeks. you you coming forward and you, thank everyone. days the in Well, with look our

STAAR Surgical (STAA) 1 Nov 232023 Q3 Earnings call transcript