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- **China Recovery on Track**: Q3 2025 sales to reflect 27.5M deferred order, stable in-market procedures
- **Tariff-Proof Supply Chain**: 300,000+ lenses pre-positioned in Switzerland, consignment model mitigates 2025 tariffs
- **Cost Optimization Progress**: $225M annual SG&A run rate on track, 9% ex-China sales growth
- **Gross Margin Improvement**: 70%+ in 2H2025, targeting 75-80% mid-term
- **Liquidity Management**: $222M cash, confident of >$140M trough, $150-175M year-end target

**【CEO Opening Remarks】**
- First-quarter revenue was $42.6 million, down 45% year-over-year due to China distributor inventory management. Ex-China sales grew 9%.
- 2025 strategic priorities: tariff mitigation, cost optimization, Switzerland manufacturing ramp-up, and EVO+ lens launch in China.
- Targeted $225M annualized SG&A run rate through workforce reductions, facility consolidation, and marketing efficiency improvements.
- China in-market ICL procedures were stable Q1 vs. Q1 2024, despite reported sales decline.

**【CFO Financial Update】**
- Q1 GAAP net loss: $26.4M (vs. $5.3M profit YoY). Non-GAAP EBITDA loss: $26.4M (vs. $5.3M profit YoY).
- Gross margin 65.8% (vs. 78.9% YoY), pressured by low U.S. manufacturing volumes and Swiss facility ramp costs.
- $22.7M restructuring charges included severance, lease impairments, and asset write-downs.
- Cash balance $222.8M (vs. $234.5M YoY). Expect cash to dip below $140M mid-year before rebounding.

**【Warren Faust - China Operations】**
- Mitigated 2025 China tariffs by:
  - Shifting 27.5M in consigned inventory to distributors
  - Pre-positioning 300,000+ lenses in Switzerland for 2026+ production
  - Completing Swiss facility validation by summer 2025
- EVO+ lens (V5) expected China approval Q3 2025 with premium pricing strategy
- China distributor inventory normalized by end-June 2025

**【Key Q&A Highlights】**
- **China Recovery**: Q3 2025 sales expected to reflect 27.5M deferred Q4 2024 order
- **Tariff Mitigation**: 2026+ production from Switzerland will eliminate U.S. origin tariffs
- **U.S. Strategy**: Rebalancing U.S. marketing spend with 11% YoY growth despite laser market decline
- **Gross Margin Outlook**: 70%+ in 2H2025, returning to 75-80% mid-term
- **Cash Flow**: Negative Q2-Q3, positive from Q4+ with $150-175M year-end cash target

STAAR Surgical (STAA)-7 May 25-2025 Q1 Earnings call transcript

- **China Dominance & Risk**: China sales (-13% Q4, $7.5M) weigh on FY24 results, with 2025 outlook ($75-125M) hinging on stimulus and consumer recovery.
- **Global Resilience**: Ex-China growth (+13% FY) driven by US (+15% FY), EMEA (+10% FY), and APAC (+14% FY).
- **2025 Financial Targets**: Ex-China sales +9-15%, gross margin 75%, and cash management to $150-175M by year-end.
- **Key Catalysts**: China stimulus, EVO Plus launch (mid-2025), and US Fast Lane expansion.
- **Risk Factors**: China macroeconomic uncertainty, inventory management, and competitive dynamics.

**【CEO Summary Section】**
- **2024 Fiscal Year Results**: Net sales of $314 million (-3% YoY), driven by a 13% decline in China due to weak consumer confidence. Ex-China sales grew 13% ($152 million), with 22% growth in the US and 9% in EMEA.
- **China Challenges**: Q4 China sales dropped 13% YoY to $7.5 million, with a $27.5 million shipment in December not recognized due to extended payment terms. Management expects China sales in 2025 to range from $75 million to $125 million, reflecting macroeconomic uncertainty.
- **Global Growth**: Americas (+22% Q4, +15% FY), EMEA (+9% Q4, +10% FY), and APAC (ex-China) (+20% Q4, +14% FY) offset China weakness. Fast Lane accounts in the US grew 45% FY24.
- **2025 Outlook**: Ex-China sales expected to grow 9-15%, while China sales depend on stimulus and consumer recovery. EVO Plus launch in China mid-2025 could provide ASP upside.

**【CFO Financial Commentary】**
- **2024 Financials**: GAAP net loss of $20.2 million (vs. $21.3 million net income FY23), with gross margin at 76.3% (-210bps YoY). Q4 gross margin impacted by $3.9 million COGS from China shipments.
- **2025 Guidance**: 
  - **Revenue**: $40M/Q1-Q2, with China rebound in H2. Full-year sales range $480-540M (vs. $314M FY24).
  - **Gross Margin**: 75% FY25 (low 70s H1, mid-high 70s H2).
  - **OpEx**: G&A $20-27M/Q, S&M $22-30M/Q, R&D $11-15M/Q.
  - **Cash**: End FY24 at $230.5M, targeting $150-175M FY25 after managing AR and CapEx ($15M FY25).

**【Q&A Highlights】**
- **China Inventory Management**: Distributors have elevated inventory, with minimal China sales expected in H1. Revenue recognition tied to payment terms; $27.5M shipment to be recognized by Q3 2025.
- **Competitive Landscape**: Eyebright's entry in China seen as minimal threat; STAAR maintains 3M+ implant history vs. Eyebright's limited clinical experience.
- **US Growth**: Despite overall refractive market decline, US EVO sales grew 22% Q4, driven by Fast Lane strategy and market share gains.
- **Cash Burn**: FY25 cash outflow expected due to lower revenue, but strong balance sheet ($230M+ cash) provides resilience.


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