8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 21, 2023

STAAR Surgical Company

(Exact Name of Registrant as Specified in Charter)

Delaware	0-11634	95-3797439
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
25651 Atlantic Ocean Drive Lake Forest, California		92630
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 626-303-7902

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common	STAA	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1 933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 21, 2023, STAAR Surgical Company (the “Company”) published a press release reporting its financial results for the quarter and full year ended December 30, 2022, a copy of which is furnished as Exhibit 99.1 to this report and is incorporated herein by this reference.

 This information and the information contained in the press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report, and Exhibit 99.1 are not incorporated by reference into any filings of STAAR made under the Securities Act of 1933, as amended, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing unless specifically stated so therein.

Item 9.01 Financial Statements and Exhibits

Exhibit No.	Description
99.1	Press release of the Company dated February 21, 2023.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STAAR Surgical Company
February 21, 2023	By:	/s/ Tom Frinzi
		Thomas G. Frinzi
		President and Chief Executive Officer

EX-99.1

Exhibit 99.1

STAAR Surgical Reports Fourth Quarter and Fiscal Year 2022 Results

ICL Unit Growth Up 33% Y/Y in Fiscal 2022

STAAR Reaffirms Outlook for Strong Trajectory of Growth in 2023

LAKE FOREST, CA, February 21, 2023 ---STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses for the eye, today reported financial results for the fourth quarter and fiscal year ended December 30, 2022.

Fourth Quarter 2022 Overview

• Net Sales of $64.0 Million Up 9% and Constant Currency Net Sales of $67.9 Million Up 15% from Prior Year Quarter

• ICL Sales of $61.2 Million Up 15% and Constant Currency ICL Sales of $64.3 Million Up 21% from Prior Year Quarter

• ICL Units Up 20% from the Prior Year Quarter

• Gross Margin at 77.7% vs. 76.3% in the Prior Year Quarter

• Net Income of $0.12 per Share vs. $0.10 per Share in the Prior Year Quarter

• Cash, Cash Equivalents and Investments Available for Sale Ended the Quarter at $225.5 Million

Fiscal Year 2022 Overview

• Net Sales of $284.4 Million Up 23% and Constant Currency Net Sales of $297.3 Million Up 29% from Prior Year

• ICL Sales of $269.7 Million Up 27% and Constant Currency Net Sales of $280.0 Million Up 32% from Prior Year

• ICL Units Up 33% from the Prior Year

• Gross Margin at 78.5% of Sales from 77.5% of Sales in the Prior Year

• Full Year Net Income of $0.78 per Share vs. Prior Year Net Income of $0.50 per Share

“Our fourth quarter and fiscal 2022 results continue STAAR’s multi-quarter track record of industry leading growth with fiscal 2022 global ICL sales up 27% and in constant currency up 32% and units up 33% year over year. These levels of ICL growth exceed the ambitious goals we previously announced for 2022. Moreover, our growth significantly outpaced the roughly flat growth for refractive industry procedures over the same period¹,” said Tom Frinzi, President and CEO of STAAR Surgical. “For the fourth quarter ICL unit growth was up 20% year over year, including U.S. units up 109% and China units up 18%. In China, transient COVID-related headwinds that impacted our results in the fourth quarter are subsiding as we move through the first quarter of 2023. Our outlook for fiscal 2023 total ICL sales is approximately $340 million, which represents 26% year over year growth. STAAR will move forward in 2023 with purpose and increased investment to further accelerate consumer awareness, surgeon confidence and adoption of our EVO ICL family of lenses, all while continuing our industry leading position as a high growth and profitable ophthalmic medical device company.”

Financial Overview – Q4 2022

Net sales were $64.0 million for the fourth quarter of 2022, up 9% compared to $59.0 million reported in the prior year quarter. Changes in currency, primarily the Japanese Yen as well as the Euro, negatively impacted reported net sales by $3.8 million for the fourth quarter of 2022. The sales increase in the fourth quarter was driven by ICL sales and unit growth of 15% and 20%, respectively, as compared to the prior year period. Other Product sales decreased 52% compared to the prior year quarter. ICL sales were 96% of total net sales for the fourth quarter of 2022.

¹ STAAR Market Share Refractive Procedures and ICL Trends proprietary model as of January 12, 2023 estimates 4,322,688 global refractive procedures in 2022 and 4,345,812 refractive procedures in 2021, a 0.53% decline Y/Y.

Gross profit margin for the fourth quarter of 2022 was 77.7% compared to the prior year quarter of 76.3%. Factors impacting the favorability in gross margin in the fourth quarter of 2022, as compared to the prior year quarter, include product and geographic mix, partially offset by increased period costs associated with manufacturing projects.

Operating expenses for the fourth quarter of 2022 were $48.8 million compared to the prior year quarter of $37.6 million. General and administrative expenses were $14.8 million compared to the prior year quarter of $11.5 million. The increase in general and administrative expenses was due to increased compensation related expenses, facilities costs and outside services. Selling and marketing expenses were $24.2 million compared to the prior year quarter of $17.1 million. The increase in selling and marketing expenses is due to increased advertising and promotional activities, trade shows and sales meetings, travel expenses and compensation related expenses. Research and development expenses were $9.8 million compared to the prior year quarter of $9.1 million. The increase in research and development expenses is due to increased clinical trial expenses related to U.S. post-approval studies.

Net income for the fourth quarter of 2022 was $5.9 million or $0.12 per diluted share compared with net income of $4.9 million or $0.10 per diluted share for the prior year quarter. The year over year increase in net income is attributable to higher other income, gross profit and a lower provision for income taxes, offset by increased SG&A expenses. Adjusted Net Income for the fourth quarter of 2022 was $6.8 million or $0.14 per diluted share compared to $9.5 million or $0.19 per diluted share for the prior year quarter. The reconciliation between GAAP and non-GAAP financial information is provided in the financial tables included with this release.

Financial Overview – Fiscal Year 2022

Net sales were $284.4 million for fiscal year 2022, up 23% compared to $230.5 million reported in the prior year. The increase in Net sales was driven by ICL sales and unit growth of 27% and 33%, respectively. Other Products Sales decreased 16% compared to the prior year. ICL sales were 95% of total Net sales for fiscal 2022 and 92% of total Net sales for fiscal 2021. Changes in currency, primarily in the Japanese Yen as well as the Euro, negatively impacted reported total net sales by $12.9 million for fiscal year 2022.

Gross profit margin for fiscal year 2022 increased to 78.5% of total net sales compared to 77.5% of total net sales for fiscal year 2021. The increase in gross margin for the year is due to geographic sales mix and an increased mix of ICL sales which carry a higher margin, partially offset by increased period costs associated with the manufacturing expansion projects.

Operating expenses for fiscal year 2022 were $179.6 million compared to $145.3 million in the prior year. The 24% increase in operating expense is primarily due to higher marketing, promotion and advertising, compensation-related expenses, tradeshows and sales meetings and facilities costs.

Net income for fiscal year 2022 was $38.8 million or $0.78 per diluted share compared with net income of $24.5 million or $0.50 per diluted share for the prior year. The year over year increase in net income is due to higher gross profit and other income, primarily from changes in interest income and foreign currency transactions, partially offset by increased SG&A expenses. Adjusted Net Income for fiscal year 2022 was $60.0 million or $1.22 per diluted share, compared with an Adjusted Net Income of $42.9 million or $0.87 per diluted share for fiscal year 2021. The reconciliation between GAAP and non-GAAP financial information is provided in the financial tables included with this release.

Cash, cash equivalents, short-term and long-term investments available for sale at December 30, 2022 totaled $225.5 million, compared to $199.7 million at end of the fourth quarter of 2021. The Company generated $35.7 million in cash from operations for fiscal year 2022 and invested $18.1 million in property and equipment.

Conference Call

The Company will host a conference call and webcast today, Tuesday, February 21 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results and operational progress. To access the conference call (Access Code 268065), please dial 844-200-6205 for domestic participants and 929-526-1599 for international participants. The live webcast can be accessed from the investor relations section of the STAAR website at www.staar.com.

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A taped replay of the conference call (Replay Code 120085) will be available beginning approximately one hour after the call’s conclusion for seven days. This replay can be accessed by dialing 866-813-9403 for domestic callers and 929-458-6194 for international callers. An archived webcast will also be available at www.staar.com.

Use of Non-GAAP Financial Measures

This press release includes supplemental non-GAAP financial information, which STAAR believes investors will find helpful in understanding its operating performance. “Adjusted Net Income” excludes the following items that are included in “Net Income” as calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): gain or loss on foreign currency transactions, stock-based compensation expenses, and valuation allowance adjustments.  Management believes that “Adjusted Net Income” is useful to investors in gauging the outcome of the key drivers of the business performance:  the ability to increase sales revenue and our ability to increase profit margin by improving the mix of high value products while reducing the costs over which management has control.  

Management has excluded gains and losses on foreign currency transactions because of the significant fluctuations that can result from period to period as a result of market driven factors. Stock-based compensation expenses consist of expenses for stock options and restricted stock under the Financial Accounting Standards Board’s Accounting Standards Codification (ASC) 718.  Valuation allowance adjustments can occur from time to time based on forecasted changes in operating results until all net operating loss carryforwards are fully utilized.  In calculating Adjusted Net Income, STAAR excludes stock-based compensation expenses and valuation allowance adjustments because they are non-cash expenses and because of the considerable judgment involved in calculating their values. In addition, these expenses tend to be driven by fluctuations in the price of our stock and not by the same factors that generally affect our other business expenses.

The Company also uses Constant Currency as a Non-GAAP financial measure to exclude the effects of currency fluctuations on net sales. The Company conducts a significant part of its activities outside the U.S. It receives sales revenue and pays expenses principally in U.S. dollars, Swiss francs, Japanese yen and euros. The exchange rates between dollars and non-U.S. currencies can fluctuate greatly and can have a significant effect on the Company’s results when reported in U.S. dollars. In order to compare the Company's performance from period to period without the effect of currency, the Company will apply the same average exchange rate applicable in the prior period, or the "constant currency" rate to sales or expenses in the current period as well. Because changes in currency are outside of the control of the Company and its managers, management finds this non-GAAP measure useful in determining the long-term progress of its initiatives and determining whether its managers are achieving their performance goals. The Company believes that the non-GAAP constant-currency sales results measures provided in this press release are similarly useful to investors to give insight on long term trends in the Company's performance without the external effect of changes in relative currency values. The table provided in this press release shows sales results calculated in accordance with GAAP, the effect of currency, and the resulting non-GAAP measure expressed in constant currency.  

About STAAR Surgical

STAAR, which has been dedicated solely to ophthalmic surgery for over 40 years, designs, develops, manufactures and markets implantable lenses for the eye. These lenses are intended to provide visual freedom for patients, lessening or eliminating the reliance on glasses or contact lenses. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAAR’s lens used in refractive surgery is called an Implantable Collamer® Lens or “ICL,” which includes the EVO ICL™ product line. More than 2,000,000 ICLs have been sold to date and STAAR markets these lenses in over 75 countries. To learn more about the ICL go to: EVOICL.com. Headquartered in Lake Forest, CA, the company operates manufacturing and packaging facilities in Aliso Viejo, CA, Monrovia, CA and Nidau, Switzerland. For more information, please visit the Company’s website at www.staar.com.

Safe Harbor

All statements that are not statements of historical fact are forward-looking statements, including statements about any of the following: any financial projections (including sales), plans, strategies, and objectives of management for 2023 or prospects for achieving such plans, expectations for sales, revenue, margin, expenses or earnings, and any statements of assumptions underlying any of the foregoing, including those relating to financial performance in the

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first quarter and fiscal year 2023. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties related to the COVID-19 pandemic and related public health measures, as well as the factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 under the caption “Risk Factors,” which is on file with the Securities and Exchange Commission and available in the “Investor Information” section of the company’s website under the heading “SEC Filings.” We disclaim any intention or obligation to update or revise any financial projections or forward-looking statement due to new information or events. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include the following: global economic conditions; the impact of the COVID-19 pandemic on markets; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before approval, or to take enforcement action; international trade disputes; and the willingness of surgeons and patients to adopt a new or improved product and procedure.

CONTACT:Investors

Brian Moore

Vice President, Investor, Media Relations and Corporate Development

(626) 303-7902, Ext. 3023

bmoore@staar.com

4

Consolidated Balance Sheets

(in 000's)

Unaudited

ASSETS	December 30, 2022			December 31, 2021
Current assets:
Cash and cash equivalents	$	86,480		$	199,706
Investments available for sale		125,159			-
Accounts receivable trade, net		62,447			43,531
Inventories, net		24,161			17,274
Prepayments, deposits, and other current assets		13,726			10,900
Total current assets		311,973			271,411
Investments available for sale		13,902			-
Property, plant, and equipment, net		50,921			35,912
Finance lease right-of-use assets, net		342			506
Operating lease right-of-use assets, net		30,270			31,310
Intangible assets, net		173			218
Goodwill		1,786			1,786
Deferred income taxes		4,824			3,813
Other assets		957			822
Total assets	$	415,148		$	345,778
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	11,576		$	8,699
Obligations under finance leases		169			127
Obligations under operating leases		3,524			3,283
Allowance for sales returns		5,706			4,816
Other current liabilities		30,741			31,877
Total current liabilities		51,716			48,802
Obligations under finance leases		210			382
Obligations under operating leases		27,136			28,269
Deferred income taxes		1,489			811
Asset retirement obligations		220			198
Pension liability		1,935			8,758
Total liabilities		82,706			87,220
Stockholders' equity:
Common stock		482			477
Additional paid-in capital		404,189			373,519
Accumulated other comprehensive loss		156			(4,048	)
Accumulated deficit		(72,385	)		(111,390	)
Total stockholders' equity		332,442			258,558
Total liabilities and stockholders' equity	$	415,148		$	345,778

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Consolidated Statements of Income

(In 000's except for per share data)

Unaudited

	Three Months Ended																	Twelve Months Ended
	% of			December 30,		% of			December 31,			Fav (Unfav)						% of			December 30,			% of			December 31,			Fav (Unfav)
	Sales			2022		Sales			2021			Amount			%			Sales			2022			Sales			2021			Amount			%
Net sales		100.0	%	$	64,044		100.0	%	$	59,001		$	5,043			8.5	%		100.0	%	$	284,391			100.0	%	$	230,472		$	53,919			23.4	%
Cost of sales		22.3	%		14,259		23.7	%		14,010			(249	)		-1.8	%		21.5	%		61,008			22.5	%		51,835			(9,173	)		-17.7	%
Gross profit		77.7	%		49,785		76.3	%		44,991			4,794			10.7	%		78.5	%		223,383			77.5	%		178,637			44,746			25.0	%
Selling, general and administrative expenses:
General and administrative		23.1	%		14,808		19.5	%		11,471			(3,337	)		-29.1	%		19.2	%		54,742			19.1	%		44,142			(10,600	)		-24.0	%
Selling and marketing		37.8	%		24,223		28.9	%		17,065			(7,158	)		-41.9	%		31.2	%		88,856			29.2	%		67,294			(21,562	)		-32.0	%
Research and development		15.3	%		9,790		15.4	%		9,072			(718	)		-7.9	%		12.7	%		35,983			14.7	%		33,862			(2,121	)		-6.3	%
Total selling, general, and administrative expenses		76.2	%		48,821		63.8	%		37,608			(11,213	)		-29.8	%		63.1	%		179,581			63.0	%		145,298			(34,283	)		-23.6	%
Operating income		1.5	%		964		12.5	%		7,383			(6,419	)		-86.9	%		15.4	%		43,802			14.5	%		33,339			10,463			31.4	%
Other expense, net:
Interest income (expense), net		2.4	%		1,514		0.0	%		(3	)		1,517			50566.7	%		0.9	%		2,448			0.0	%		(38	)		2,486			6542.1	%
Loss on foreign currency transactions		5.0	%		3,197		-1.6	%		(924	)		4,121			446.0	%		-0.6	%		(1,707	)		-1.3	%		(2,964	)		1,257			42.4	%
Royalty income		0.8	%		527		0.9	%		519			8			1.5	%		0.4	%		1,054			0.4	%		1,015			39			3.8	%
Other income (expense), net		0.0	%		27		0.0	%		(1	)		28			2800.0	%		0.0	%		205			0.0	%		(48	)		253			527.1	%
Total other expense, net		8.2	%		5,265		-0.7	%		(409	)		5,674			1387.3	%		0.7	%		2,000			-0.9	%		(2,035	)		4,035			198.3	%
Income before provision for income taxes		9.7	%		6,229		11.8	%		6,974			(745	)		-10.7	%		16.1	%		45,802			13.6	%		31,304			14,498			46.3	%
Provision for income taxes		0.2	%		126		3.5	%		2,052			1,926			93.9	%		2.4	%		6,797			3.0	%		6,803			6			0.1	%
Net income		9.5	%	$	6,103		8.3	%	$	4,922		$	1,181			24.0	%		13.7	%	$	39,005			10.6	%	$	24,501		$	14,504			59.2	%
Net income per share - basic				$	0.13				$	0.10											$	0.81					$	0.52
Net income per share - diluted				$	0.12				$	0.10											$	0.79					$	0.50
Weighted average shares outstanding - basic					48,203					47,652												47,987						47,210
Weighted average shares outstanding - diluted					49,389					49,478												49,380						49,456

6

Consolidated Statements of Cash Flows

(in 000's)

Unaudited

	Three Months Ended						Twelve Months Ended
	December 30, 2022			December 31, 2021			December 30, 2022			December 31, 2021
Cash flows from operating activities:
Net income	$	6,103		$	4,922		$	39,005		$	24,501
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment		1,380			937			4,481			3,608
Amortization of long-lived intangibles		6			8			28			34
Accretion/Amortization of investments available for sale		(891	)		-			(1,198	)		-
Deferred income taxes		(1,367	)		650			(1,344	)		1,495
Change in net pension liability		13			46			53			137
Stock-based compensation expense		4,995			3,620			20,370			14,605
Accretion of asset retirement obligation		47			-			47			-
Loss on disposal of property and equipment		65			-			65			2
Provision for sales returns and bad debts		552			(751	)		913			318
Inventory provision		403			557			2,423			1,654
Changes in working capital:
Accounts receivable		(6,493	)		(1,796	)		(19,601	)		(8,868	)
Inventories		(3,820	)		(1,235	)		(7,943	)		66
Prepayments, deposits and other current assets		(3,325	)		(1,999	)		(2,799	)		(711	)
Accounts payable		3,639			148			1,805			108
Other current liabilities		1,663			3,391			(590	)		7,013
Net cash provided by operating activities		2,970			8,498			35,715			43,962
Cash flows from investing activities:
Acquisition of property and equipment		(4,025	)		(4,689	)		(18,108	)		(13,645	)
Purchase of investments available for sale		(60,172	)		-			(155,748	)		-
Proceeds from sale or maturity of investments available for sale		17,480			-			17,480			-
Net cash used in investing activities		(46,717	)		(4,689	)		(156,376	)		(13,645	)
Cash flows from financing activities:
Repayment of finance lease obligations		(41	)		(34	)		(126	)		(348	)
Proceeds from vested restricted stock and exercise of stock options		243			1,115			8,423			19,438
Net cash provided by financing activities		202			(216	)		8,297			17,793
Effect of exchange rate changes on cash and cash equivalents		783			(133	)		(862	)		(857	)
Increase (decrease) in cash and cash equivalents		(42,762	)		3,460			(113,226	)		47,253
Cash and cash equivalents, at beginning of the period		129,242			196,246			199,706			152,453
Cash and cash equivalents, at end of the period	$	86,480		$	199,706		$	86,480		$	199,706

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Reconciliation of Non-GAAP Financial Measure

Adjusted Net Income and Net Income Per Share

(in 000's)

Unaudited

	Three Months Ended					Twelve Months Ended
	December 30,			December 31,		December 30,			December 31,
	2022			2021		2022			2021
Net income (as reported)	$	6,103		$	4,922	$	39,005		$	24,501
Less:
Foreign currency impact		(3,197	)		924		1,707			2,964
Stock-based compensation expense		4,995			3,620		20,370			14,605
Valuation allowance adjustment		(829	)		-		(829	)		845
Net income (adjusted)	$	7,072		$	9,466	$	60,253		$	42,915
Net income per share, basic (as reported)	$	0.13		$	0.10	$	0.81		$	0.52
Foreign currency impact		(0.06	)		0.02		0.05			0.06
Stock-based compensation expense		0.10			0.08		0.42			0.31
Valuation allowance adjustment		(0.02	)		-		(0.02	)		0.02
Net income per share, basic (adjusted)	$	0.15		$	0.20	$	1.26		$	0.91
Net income per share, diluted (as reported)	$	0.12		$	0.10	$	0.79		$	0.50
Foreign currency impact		(0.06	)		0.02		0.03			0.06
Stock-based compensation expense		0.10			0.07		0.42			0.29
Valuation allowance adjustment		(0.02	)		-		(0.02	)		0.02
Net income per share, diluted (adjusted)	$	0.14		$	0.19	$	1.22		$	0.87
Weighted average shares outstanding - Basic		48,203			47,652		47,987			47,210
Weighted average shares outstanding - Diluted		49,389			49,478		49,380			49,456

Note:  Net income per share (adjusted), basic and diluted, may not add due to rounding

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STAAR Surgical Company

Reconciliation of Non-GAAP Financial Measure

Constant Currency Sales

(in 000's)

Unaudited

	Three Months Ended
	December 30,		Effect of		Constant		December 31,		As Reported						Constant Currency
Sales	2022		Currency		Currency		2021		$ Change			% Change			$ Change			% Change
ICL	$	61,162	$	3,141	$	64,303	$	53,016	$	8,146			15.4	%	$	11,287			21.3	%
Cataract IOL		1,998		409		2,407		3,195		(1,197	)		-37.5	%		(788	)		-24.7	%
Other		884		298		1,182		2,790		(1,906	)		-68.3	%		(1,608	)		-57.6	%
Other Products		2,882		707		3,589		5,985		(3,103	)		-51.8	%		(2,396	)		-40.0	%
Total Sales	$	64,044	$	3,848	$	67,892	$	59,001	$	5,043			8.5	%	$	8,891			15.1	%
	Twelve Months Ended
	December 30,		Effect of		Constant		December 31,		As Reported						Constant Currency
Sales	2022		Currency		Currency		2021		$ Change			% Change			$ Change			% Change
ICL	$	269,712	$	10,307	$	280,019	$	212,905	$	56,807			26.7	%	$	67,114			31.5	%
Cataract IOL		9,638		1,546		11,184		12,519		(2,881	)		-23.0	%		(1,335	)		-10.7	%
Other		5,041		1,019		6,060		5,048		(7	)		-0.1	%		1,012			20.0	%
Other Products		14,679		2,565		17,244		17,567		(2,888	)		-16.4	%		(323	)		-1.8	%
Total Sales	$	284,391	$	12,872	$	297,263	$	230,472	$	53,919			23.4	%	$	66,791			29.0	%

9

XML

Document And Entity Information	Feb. 21, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 21, 2023
Entity Registrant Name	STAAR Surgical Co
Entity Central Index Key	0000718937
Entity Emerging Growth Company	false
Entity File Number	0-11634
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3797439
Entity Address, Address Line One	25651 Atlantic Ocean Drive
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92630
City Area Code	626
Local Phone Number	303-7902
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common
Trading Symbol(s)	STAA
Name of each exchange on which registered	NASDAQ