Company: STAA
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024813
Chunk: 76

Company: STAAR SURGICAL CO
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 76
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 2023 vs. 2022

    Gross profit
     
    $
    239,582

    $
    252,651

    $
    223,383

    (5.2
    )%

    13.1
    %

    Gross profit margin

    76.3
    %

    78.4
    %

    78.5
    %

Gross profit for 2024 decreased 5.2% from 2023. Gross profit margin decreased to 76.3% of revenue for 2024 compared to 78.4% of revenue for 2023. The decrease in gross profit and gross profit margin was primarily due to the recognition of $3.9 million of cost of sales associated with our shipment of $27.5 million of ICLs to one of our distributors in China in the quarter ended December 27, 2024, for which we did not recognize revenue due to extended payment terms with the distributor. Gross profit and gross profit margin for fiscal 2024 were also negatively impacted by period costs associated with the expansion of the Company’s manufacturing capabilities in its Nidau, Switzerland facility, as well as the temporary idling of its U.S. manufacturing facility during the holiday season and for facility upgrades. 

Gross profit for 2023 increased 13.1% from 2022. Gross profit margin increased to 78.4% of revenue for 2023 compared to 78.5% of revenue for 2022, due to reserves related to cataract IOLs and increased period costs associated with manufacturing expansion projects, offset by an increased mix of ICL sales, which carry a higher margin.

General and Administrative Expense  

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

    Percentage Change

    2024

    2023

    2022

    2024 vs. 2023

    2023 vs. 2022

    General and administrative expense
     
    $
    89,898

    $
    72,319

    $
    54,742

    24.3
    %

    32.1
    %

    Percentage of sales

    28.6
    %

    22.4
    %

    19.2
    %

General and administrative expenses for 2024 increased 24.3% from 2023