STAAR Surgical (STAA) 24 Feb 222021 Q4 Earnings call transcript

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the STAAR Surgical Fourth Quarter and Fiscal Year Financial Results Conference Call.

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

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

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

Officer. P.M. Caren are Patrick the President press Chief Executive www.staar.com. the today and quarter available just Financial and On Officer; was Williams, Chief at now fourth and Mason, The STAAR's of Eastern release issued call website is on results after time X:XX

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

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

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

fiscal everyone, you, are joining results The with reported this month. quarter Brian. for growth and in ongoing Fourth headwinds. of quarter of today cash results us call. some record flow consistent on Thank and STAAR sales, afternoon, Good We results contributed we all and achievements COVID despite achieved we to announced profit, for last another preliminary thank year XXXX. the fourth related you today's operations

in fiscal global up procedures. driven were which and almost increase times the XX% full growth results three year-over-year unit industry XXXX year the by Our ICL was XX% for global refractive

to we the major STAAR's absenteeism quarter. tracing sales demand for variant the including demand household weeks quarter reaffirming continues XX%, XXXX. contact seven in through the fourth including India manufacturing staff employees XX%, first various would COVID Turning track Korea orders net to XX% and STAAR. unforeseen both times in growth, markets, XX%, the our COVID ICL on or growth we pre-pandemic strong the year the of Latin subject ICL of represent is COVID year-over-year impacts an provide at our record our for which the composition forecasts, operations. to shortly. up China. prior ICL protocols. and up know, was of for acceleration positive provided of outlook Global European million of $XXX first from the during year achieved now record the unit in most headwinds and surgeons net growth headwind of lessening. All no We sales South level fourth up major will up another were of of fourth XXXX. to growth fiscal achieved the Omicron and growth unabated during COVID America outlook approximately Patrick geographies, the of quarantining fourth previously cases, China, these by impacted sales quarter, XXXX Employee quarter, million XXXX quarter supply worst year-over-year as XX%, $XXX fiscal on Based certain in quarter customers on of and our calendarization as represents Japan emerging mostly believe business. we in due from of XX% the sales our our in several many XXXX, up and in compared from details you the unit all with regions impacted European current are are U.S. for

the of of STAAR's EVO for U.S., data submission myopia our lenses review. interactive remains customary family Turning clinical FDA under to

PMA passed, our remain approval While an of approval our the of pre-COVID now confident FDA timelines by expectation supplement. we has regarding

consumer U.S. million We in in accelerate permitted which -X our the the FDA, and U.S. procedures. to when ranges will Collamer to very with in approved XX of so. to a process in currently our -XX are to refractive In plan second myopia lenses. XXX significant candidates paradigm provide based world the comments adults estimate we XXXX, awareness are vision the more invest range who and The that there heavily on do the our lens for diopters, are are adults largest the is U.S. for shift diopters and programs designed We to correction. XX These aged further building with the potential appropriate interactions market implantable

share the visual our and celebrity exciting by and who provided new brand from their ambassadors plan U.S. to commitments the EVO lenses. seeking are journeys in freedom We to abroad,

We XXXX. surgeons fiscal and their strategic will cooperation to also continue in clinical globally through validation, and engage staffs education

we of a Meeting -X.X lenses U.S. wide Collamer in pleased for our of range extends Annual curve implantable ICLs down almost globally year today In for sold thousands were the surgeons markets the Washington are to vision the we diopters. range correction, the and DC, the to refractive diopter am engage -XX clinic full surgery, community in I some of will of report XXXX, fiscal Our diopters. two to which that to -X.X ASCRS April, where attendees. anticipate in of suitable academic thirds

study, global is historically XXXX plan full contingent Congress, Mark we Packer, a his of lenses. anticipate All to to record forward where that our an the of Later abstract our meeting the sturgeons, at ESCRS the U.S progress kick ahead by September, which to financial Our will Refractive and we plan host commercial off to be the submitted another fiscal time. sharing ASCRS year for Patrick? told, we Dr. attended STAAR. year medical of in European monitor also data strong Surgery, of look Annual expert's we Society Cataract clinical this commercialization of and presbyopia for and

QX up afternoon were basis XX% was increase as up products good million sales ICL in by everyone. XXXX. on $XX you, net from other the The $XX sales XX% in to Karen XXXX X% sales, compared and million Total a increase partially in in of net sales QX to attributable sequential Thank year-over-year and for Net XXXX QX offset a declines sales.

XX% returning We for with in As sales anticipate is approximately million. of of year, of net first pre-pandemic calendarization which XXXX, $XXX is results. outlook consistent Caren with XXXX sales XXXX to sales net mentioned, of fiscal more the normal our half our a the in

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

for sales XXXX from to the to our and slightly or seasonally for represent QX net highest expect net QX year. We similar still be XXXX sales QX up quarter

for due company terms our XXXX of higher of of company business net sales we to XXXX. sales sales XXXX as XXXX sales ago XX.X% increase Turning back QX or QX XX% gross sales XX.X% QX compared sequential or margins of total to million to decrease of company net total in for the quarter, in net other sales of ICLs partially sales offset in was in is represented represented in total product fourth QX XXXX for grow mix, year of $XX.X to to million net million of third fiscal higher Gross lower quarter as QX. the $XX of as XX% rate. year margin much profit net fiscal for is a full at XX% for full to XXXX, the the sales projects. to as products X% mix total quarter. compared sales basis net the ICL XX.X% to due ICL or gross dollars sales approximately compared compared manufacturing ICL QX and the point XXX year The expenses for XX% $XX.X product Other X% gross profit continues at in company The as and sales to mix primarily will higher the be anticipate related XXXX QX net by of in

XXXX gross margin year XX.X%. was For fiscal

XXXX our manufacturing year and as We investments manufacturing, and California at in margin we approximately Lake increase facilities. QX gross expect Forest, be to full XX% Nidau,Switzerland including

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

XXXX For $XX.X total was the sales. or of year G&A net full XX.X% million, expense

and The marketing QX related expenses and activities million and mentioned to tradeshow XXXX and expenses increased $XX million expense the million year expect expense we and Caren expense XXXX full meeting prior G&A for Selling from marketing year and million QX $XX.X expenses, was per for XXXX $XX increase to awareness compensation $XX.X to For to selling for quarter. approximately XXXX. building to the $XX.X million due in due QX was ICL advertising compared be promotional earlier.

XXXX net selling total or fiscal and For of million sales. expense $XX.X was XX.X% marketing

QX XXXX compensation U.S. expenses, related was development offset in and to compared $X.X million million R&D our in sequential and percent for to the we a The XX% in XXXX by range QX and million $X increased expect clinical XXXX, increase $X.X XXXX. this as during for and higher due expense QX trial quarter is EVO year busiest expense. and quarters. approximately to QX Research to full be the end to sales XX% a marketing sales per selling in expenses support QX of For of to represent our at decrease

X.X% XXXX. margins year-over-year million sales net research is compared was due expenses $X.X sales we For for fiscal XXXX be expense of leverage for and Operating and operating year to the net operating in or year as a expect quarter. record XXXX income sales $XX.X or during was of to million, fixed development QX approximately QX full margin variable R&D $XX basis XXXX per XX.X%. total expanse and XXX quarter. million, point for was XX.X% on XXXX XX.X% of Operating the in fiscal or $X.X The expenses million, the net to full

million XXXX adjusted expenses $X.XX net administrative per or of operating and diluted fiscal selling per $X.X diluted building Net share, ICL marketing and XXXX the anticipated compared million full income XXXX in of year offset million $X.XX research for XXXX targeted be to non-GAAP income a similar to investments was QX basis was development to QX and $X.X or on diluted We share leverage for or as income $X.XX adjusted XXXX. in $X.X compared share, in QX diluted by or awareness share million $X.XX and important $X.X share. per On XXXX. to market in and net QX expect per general income net is margins

in we allowance, will full be subject to A change release. by full GAAP valuation year to table For significant financial approximately information non-GAAP no rate the included our the information the in quarter tax anticipate XX%. and reconciling for the is year today's XXXX, our

in at million XX, our now $XX our XXXX. million up balance cash to the of $XXX.X to December equivalents compared in attributable of invested and million million XXXX. totaled Turning $XXX.X $XX.X fiscal fourth primarily in cash of increase as sheet, cash quarter million from property equipment end as XXXX the is and We operations. generated The in $XX.X cash to

as million infrastructure. we be approximately XXXX CapEx year scaling full anticipate the will manufacturing continue to we our $XX in For our invest

on Annual we questions. a at concludes Finally, look roadshow XX, remarks. take STAAR Conference We to now our will be to the many are forward March participating with prepared and XX. these This of [indiscernible] on speaking you Healthcare Oppenheimer March events. in ready Canaccord Operator,

[Operator Instructions] from Our is Plovanic Bill of first Canaccord. question

Hi, FDA. I and have bit discussions it's about begun discussing questions. John Can our you just wanted currently you study? deeper in on on for where the a for Bill with post the taking to you Thanks your label dive are talk just or approval the tonight.

this hear Caren. me John. you Thank today, Hi, is joining you us okay? for Can

I can, thanks Caren.

great. Hey,

said script the in true. So remains what we

positive or confidently customary result in we and with that to review are interactive submission. to feel good any as for other really tell FDA we very We further a comment about you process the don't our getting progress than

just touching up, And And Olympics on impacts China follow could to branding as the think we Olympics, seasonally do about stronger it. unique a China you just we QX? China? the you, Got STAAR provide from think the and in see growth what opportunities then for that how maybe than Karen. just in any Thank should portend

But to benefits media is I as had digital weeks had media of there attributed what with the can't to of record addressed as say say the strong. well I been we've Olympics. of orders progress from surgeons of is flow. in streaming a positive patient and EVO. And a first seven As so with China can the year lot had that marketing, we a associated lot social regard and more that's that We lot the particularly obviously,

in in And and continues great EVO of outstanding gain so attribute and the we very so, China continue in work why those we great China. programs in to team the lot share procedures to surgeons the a of and successfully of market that our work refractive China

Caren. Thanks,

Thank you, John.

Jefferies. Next question of is from Zachary Weiner

you the to lenses. out in that's XX,XXX called consistent for I I XQ believe in your also. just caught thanks taking question. on release the wanted pre-announcement, Hey, you that jump backlog this with up

and any backlog if Just of is curious stands year backlog full currently guidance? into that where XXXX factored

thanks for So Zach. us joining

backlog. to yes of In continue terms a have backlog, we healthy

momentum Some with is current backlog. as in, figured and I be but with as of wouldn't orders that surprised strong is it

You certainly know it an perform. opportunity to us over gives

Europe coming you the of And this have any on Got in to helpful. the U.S. if later one launch other it, lens that's And or year on just then commentary any obviously outside Europe? on Viejo, approval do what commentary bringing in in pathway Viejo either so, China? markets the would be

of review. number a where we have in we are So countries regulatory

lens. we We open of there in expect will the the September, Viejo that meeting by Milan, in experts a markets be time for number have our

benefit that then And and the that without we from well building. there and very in-person so, countries And that are see But we in expect is Asia Spike. approved COVID playbook being of will we expect will another surgeon in very course of Milan good we that Europe meetings be Thalmic there attendance attended. Viejo

that whereas not one couple then dollars for any of guidance Got last XXXX. the factored XXXX million of approval it, Does guidance? outside one, FDA revenue potential the include just helpful. into Visian pre-EVO that's approval, current And

very We volume confident. but that, modest we overachieve, we'd in in Obviously guidance. amount you have timing a that and I XXXX what up being of we're love end we're of being very will terms are to our ready. tell prudent again, but

we modest it in at XXXX give all time. we'll have So a this we guidance have, yes, our amount very but

so Thanks taking the for Perfect. questions. much

Zachary. welcome, You're

Stephens. from is Chris Cooley Our next of question

how could spend. correctly should us and afternoon, then and you just through maybe there. thinking I've return gating Caren the little seasonal awareness also we gating how on and a the kind the follow the I've consumer education guidance, a you on trends to both the us just on quick sure just Then the help on make color thanks top the think just to about up. But one provided this these follow guide, perspective, we're up. think spend got for increased kind But both, questions. to of of about I start of when about about make got help the Patrick, and we want from Good taking incremental I appreciate bit if normality, that? a perspective about and line think clinical the think

is this I'll Chris, one. Patrick Sure, field that

So awareness the to believe especially worldwide, pending as influence for global of Karen a is we will the increase market one said market comments, we brand we see big the and be with market. the in year that approval really able for as this And to our we prepared look being do U.S. drive us. the number a U.S. EVO on us

And we of gave the around continue business, seeing in in what and in G&A rest some the there that's the R&D, modest we you're so sales the marketing, increases scale. uptick color investments that as to

really would I a hope plus with next prepare rate company onboard be for the $XXX approaching and the than several we to say years. very, million us U.S. to growth scaling nothing what there So to starting robust worthwhile other over very coming

KOL have, appreciate EVOs color. when us on training into the the up fragmented subsequent rapid Is think so time? bit push market KOLs faster launch just this here, but little going is and as approval kind a and about for just think China. think that on about post that good more initial of you the is versus should and subsequently, think traction the Can a based focus highly about commercialization a market help much. broader we we U.S. the this of this about a over get Thanks education? a about? we me, it's type And Or much those I commercialization space and how follow example, and rollout? think when FDA market an expand anticipation in what from Obviously, then of first, you you should

Chris. Thank you,

U.S. really as So and market KOLs who Obviously, those our who practices have part participated we in have clinical the rollout. have a will definitely goals. phased those in their linspace the refractive trial, investigators, strong principal of our

to We the same their At outstanding a training will certified have get them and quickly. very time model. work and we with that outstanding all the that sure to teams, clinical make surgeons provide of them business and appropriately we

large very I very it in be will And So to groups, higher as time. company it that US, The hospitals and very China, buy But quantities China. experience in that close difference we're be smaller at than patient similar be you about and surgeon [indiscernible] XXX,XXX public because that to China. identical well know, the experience the is, including to really only won't about will the has but or XX% a XXX,XXX, in university China. China larger the is say

So little very also we a out, it's large but spread more implanters. have

work diligently phase sure our also to and make quickly we we market doing So meet requirement, we're that very in that aggressively. the and

you. Thank

next Brackmann is Blair. with Our of question Andrew William

sort good questions. sure that on satisfy of up of U.S.? chain any Hi that relates just reason on to to And can sort the thanks make sort level taking set just had and I capacity really set that start sort Caren, ask you sort Brian, this to where U.S. just demand? you've Maybe issues for fears all Thanks. supply ahead of of to we're your approval, as the the in afternoon, it the here, quelling to just of maybe EVO investors you want I the of just of that capacity Patrick given is level is, ability

us. joining for thanks Andrew, Thanks,

within current of triple next diligently we our XX terms to capacity, are months. In working capacity the

that for some XX% will it, capability have demand. XX% look and years out course, of and sure if think will as to range every we in we the have even want of stronger, but inventory XX% of of the being we not that each years, in reserve of much so terms units see the plus projected volume, we several make to growth next only about the capacity, we also And we

and Nidau, next facility year. we're should We end Lake be good Monrovia Switzerland So by our by aggressively. in the expanding Forest, of California Plus, a opening the really year place. we're

specifically migration you of That's for that great. there about you as two hearing Thank that of sort just XXXX it surgeons that of that the thirds as call that to surgeons said a are Thank relates anything [indiscernible] diopter range. moving you that think negative of surgeon maybe sort out then you. doing lens disclosure down make sort you're that to about Is curve you that of sort curve. of that down And are more then Can talk X.X that. any it sort around to capability? about and from sort XX perspective? you're making of what I in relates of the And the marketing are aware surgeons sure comfortable

quite curve, about excited XX tremendous if freedom, your need the wearing and I'll the we that even you even can glasses diopter around we because unique belief when interest. Andrew. visual real and around behind the dioptre much out was others, XX. and people diopter the by night over Sure, obtaining would down time media on is remember, advantages or as so over you to it's range is vision line -X, found that are get lenses. ages way, studies mean, is so the through in And correction Asia are they for really there's higher many to for eye China, because higher most have syndrome, you're may a of -X.X, correction. well remind that a need what biocompatibility approved validate individuals to is, a the between And number rallying it or bit went worked rationale a dry really time we of And have be wide -X, -X clinical correction is we the that the as ranges freedom there's we lens that what only lower you of who a for have years of you What really at that social Bottom range vision. past of still visual satisfaction the because there with lens, some

a So procedure. these down patient Lower Most number allow to diopter markets very patients surgeons surgeons EVO the comfortable the a we lenses, lot of are visual increase. our for get advantages are the curve the with that is regard the getting right freedom high of And assuming of with level And workup, pre-work the everything they obviously EVO, of can that like. whatever by finding with the EVO. great. eligible have and they're very is everything selection to they we're then for the surgeon, of interest truly in

Thank you. great. That's

Andrew. Thanks,

next Our Ryan is BTIG. question with of Zimmerman

Brian, and Are growth Congrats XXXX? China, about what Are Patrick, how XX% ask they taking of where that China progress want Caren, and both look see. you're for help do as accretive? When to guess, XX%? very in this and Just been on for kind year, of to questions. Hey, at the dilutive? about kind Caren us where relative to think Japan, at I you're you in the out Japan? I guidance relates thanks it your that markets you on at all you they the contributions think XXXX. to expect understand the those from about growth of guidance encouraging it's

a of So significantly volume, as markets we we ago. same rates growth as than years the have even share, though in total projected few higher terms China, in base others that of the net well those market are still course, in aggressive

fact looking matter we're total. fact, growth today about that at XX% we a of As talked the

expect strong still numbers we is, line those those bottom So in markets.

us. several these call it's as growth XX which, now, board, consistently as primary and right. what's then or to right, XX And be it and been for several said, months comes growth drivers you've All us phase And a really next critical to will of that the the been second the get phases third months, over the for will for for phase think to the we that about road. three take EVO next pillars geographies, product we've of that had a several XX we talking the to saying years. about that, the quarters, growth really market, it up talked about say yes, on But is of catalyst non-U.S. just I we I sort earlier, but of XX thinking down as third are insert Viva question that's presbyopic over U.S. quarters on think start mass

So And up approval, very excited said, it. contribution, as sooner we've but get the we're we big going to as U.S. got coming will what the on which modest we well, it's we get ASCRS fairly to that be to He for as hopefully, abstract we're U.S. grand Packer that. is hope about. very there, the a excited data a on be submitted well nice, so talking opening EVO, his be going Dr. about

what That's can't say And, strong, but and imagine investors. get what it be about is I you. And help And Asia. to do out starting think helpful. around investors. I -- you is are around be comments XX-K you in called that then Thank competitions remiss a it? your and will I this can we didn't your from I'd emerge concern IP the it, pretty appreciated by question in if I Caren, ask that about

Sure.

in phase of some clinical definitely or are that around study lens. an implantable So are yes, contact companies development there

with only lens. are We the company Collamer an implantable

and And to about so are in work lens that we So efficacy and much about has aware manufactured are Europe. material has proven only India, biocompatibility competitors safety eye, speak. that in Bottom exceptional exceptional this we line is, time in material, less think to superior record. which XX competition, the we and competition. we being There to far the extraordinary do the test a like cover, years has when is record required other of company other think of now the are that mesh in successfully eye cataract material

And I because you to follow the XX-K. want Ryan, up up brought just

a well. you which As is includes comprehensive very as a know, risk document, factors XX-K

set prepared openly different it's for XX-K in that posers of we said we we a see the us, in there. release know, our address do but document, not point in our a clearly competition, what but it's as and headwind in comments so, And we put very as press you that something at this

patients that appreciate but I it backlog, on, been it through does squeeze loss stands going asked there the head XX,XXX I terms other refractive is I to risk reading any if in we could in recall, was is any your one it's that's, the call there options? already walk to I into but the anything and about, or just as if was Now on as assume the could around guidance you XXXX, will, as Patrick. risk away, that in backlog, still mind of more

we've And see described we of the as that. couple it, of there's No, characteristics don't backlog. a

One of do more are just supply allocation really top largest China. strong, the allocated it really and so or we numbers our was ran to we decided cannot made tend and sitting supply. the because Toric our really We of our hit On customers, of as most that, except really for on satisfied And this an demand from order was lenses. backwaters customer because away to see us. we in is, our because demand a them discussed, to side, we've these so

there's diopters. be to not another that for really And option higher so patients, tend and they

very business. sticky as continues to so, And strong. very, And very this Caren be believe we demand said, is

the position. We into are making backorder very good headway

as make we quarter QX for we QX and believe into more so will strong our into seasonal We year. headway even go in the largest

queue. answering questions, my I'll thanks all guys. hop back for Okay, in

and snowboarding. course. Enjoy skiing of Yes,

Company. Our of next Sidoti is James from question Sidoti

questions. Thanks good taking for the Hi, afternoon.

up mostly I is year, from What that? CapEx, for you on on, going you What us the the this? color $XX on give considerably equipment XXXX. think is that said is which million Can some facilities? or is First

Yes, sure Jim, Patrick.

million looking, out approximately prepared in we're The got majority So expansion. We million the called manufacturing about related that in the of high I said, our CapEx. triple majority $XX to as did primarily high questions, $XX to was capacity. Karen comments, manufacturing expansion. we our The

that's So online, the of online tripling you'll coming Forest see even coming Lake that Nidau, capacity Switzerland more.

about further, in prelim doubled out expanding facility footage that Monrovia square our footprint announcement, Our we where our we even talked there.

penetration very and our EVO worldwide. shape we're approached So, we all things good market and approval U.S. continued good in of as products

jumping was rate XX% to year? up more about tax can And then, little also talk a say it the bit you next what

tax bit. bring U.S. rate bit can, that of a know, a a No, entity. with well, right the tax if our being of Maybe our will Switzerland And little some And EVO with than far parts and board, profitability which we shipped rate, moving as are on that's down wildcards products out tax. higher be are coming that tax little is U.S. there's know, that one of now, you But by a rate. cushion. less a

versus our tax more in just structure. the related So tax case geography structures countries, it's of really a Swiss U.S. mix to various this of

Thank it. Got you.

You're welcome.

next from Lichtman Oppenheimer. is Our of question Steven

the May Hey, guys, during quarter Steve. is continuation David seen and this any abate? COVID the on question related of XXXX thoughts be any supply another on absenteeism and does fourth for headwinds these on impacts guide, when assume that disruptions the to should

Yes, prepared no, we've in that I a the fact the seven of now quarter. the had Caren strong very the think beginning comments weeks to about talked

would the revenue be $XX comments prepared that recorded I my QX XXXX. million we in about similar talked from slightly up for so, to just And

So keeping we've we COVID that I XXXX, clearing to their the take at but everyone headwinds eyes on. keenly seem to came as is be related consideration this know point, into to which into potential things up tried

at, quarter So for a and breaking will where the well a expect once have the record to very we very, QX hopefully of we're as color about to be company close very us. feeling so half robust for we business and around lot second the revenue good expect gave strong is again us, very the for we

Okay.

do Just commercial updates on initiatives approval, latest including a experience? your follow up you U.S. ICL U.S. the provide any anticipated could you on, Thanks. how

open finalisation the centre. on it as expect still construction well planning We mid-summer. continue experience the of the we as the work to of to in So,

clinical So opportunities to as we're the work. in terrific very some a how well terms as clinical really training excited for support, staff, strong about their what we appropriateness can build and surgeons as experiences well and of the marketing really as having model, provide of

today all being their staffs. visible of to and to we're partnering we very strong with be surgeons and that what a So, experienced, expect with that doing addition

forward we're So, to really looking that.

that In we'll future for in detail other terms of we in talk would calls. about do the marketing, EVO, everything

great. Okay you. Thank

Bruce is Jackson question Company. Benchmark of next from Our

start before that for for questions. taking requirements manufacturing process there? expansion, require for to Thanks us these about through facilities, since just an is have can FDA administrative type About it product the Do of the shipping can afternoon. you you all inspections good go Hi, my or remind the expansions? of of them already you some manufacture you

inspection a frame. have regular we So, required time regulatory

them scheduled are and of Some not. them of are some

informing about the determine. our stay SOPS, body that's we that then but more than it inspection, always current regulatory is within rather to to up requiring processes, Assuming

presbyopia that's Okay, And on then follow Europe. in question a helpful. lens the up

you've for you’ve talking rollout? maybe very everything process a you a anticipated something carefully? train to feel is runs or steady doctors be to the little roll physicians patient does something to better going and slow, can to you sort point this very got the it’s getting year where bit like down affect How making And a this the where nailed of smoothly. So, sure and selection where that procedure out Is can rollout that the the faster? the a spent and it

of our was which now. them able along and its criteria be criteria, rollout, that management to, all early selection at well follow some patient would post patient intention the determine as surgeons They product the the using especially would occurring be in as Well, up. expertly best is best implant

well them it At the That so, built podium, surgeons from by been the is surgeons. as experts will that in on there playbook will about this and be expectation be surgeons. available always also our print And as has will be our meeting, building will have there and surgeons the who much a be of lenses training. the lot a questions those involved surgeons, but advice be obviously, use also the so will field, in those that questions with lot what of associated who very panels will training

available So, in frame sure market lenses by when we full and completion time training achieve have sure terms this lenses. we we good process, the as be post of very pace a followed can each time on the that appropriate we say will what the are to we will of commercialization, be making lead mean the the then certification and

be So, the into very easier to make faster potentially terms this that and of much effective is we're my hands in rollout going to frame that is the much getting using expectation lenses of globally. smoother, surgeons time

on very much progress. you and the Thank my congratulations taking great. for that's questions Okay,

you Thank very much.

concludes Q&A our That session.

now the like to I any So, closing conference pass remarks. would back to Caren for

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

That for participation. our you your concludes conference call. Thank

You your line. may now disconnect