Company: STAA
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024813
Chunk: 149

Company: STAAR SURGICAL CO
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 149
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2022, due to increased advertising and promotional activities, salary-related payroll tax expenses, sales commission expenses and travel expenses, partially offset by bonus and stock-based compensation expenses.

Research and Development Expense  

The following table presents our research and development expense for the fiscal years presented (dollars in thousands):

    Percentage Change

    2024

    2023

    2022

    2024 vs. 2023

    2023 vs. 2022

    Research and development expense
     
    $
    53,973

    $
    44,401

    $
    35,983

    21.6
    %

    23.4
    %

    Percentage of sales

    17.2
    %

    13.8
    %

    12.7
    %

Research and development expenses for 2024 increased 21.6% from 2023 due to increased salary-related and payroll tax expenses, purchases of in-process research and development related to external AI tools for measurement and lens size selection and outside services related to professional and medical education, partially offset by decreased clinical expenses associated with our U.S. post-approval clinical trials.

Research and development expenses for 2023 increased 23.4% from 2022 due to increased salary-related and payroll tax expenses and clinical expenses associated with our U.S. post-approval clinical trials.

Research and development expense consist primarily of compensation and related costs for personnel responsible for the research and development of new and existing products, the regulatory and clinical activities required to acquire and maintain product approvals globally and medical affairs expenses. These costs are expensed as incurred.

Other Income, Net

The following table presents our other income, net for the fiscal years presented (dollars in thousands):

    Percentage Change

    2024

    2023

    2022

    2024 vs. 2023

    2023 vs. 2022

    Other income, net
     
    $
    3,559

    $
    5,599

    $
    1,750

    (36.4
    )%

    —
    *

    Percentage of sales

    1.0
    %

    1.7
    %

    0.6
    %

*	Denotes change is greater than +100%.

The change in other income, net for 2024 was due to increased foreign exchange losses (prim