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Staar Surgical Co (STAA) Q2 2019 Earnings Call Transcript

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Staar Surgical Co (NASDAQ: STAA)
Q2 2019 Earnings Call
Jul 31, 2019, 4:30 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the STAAR Surgical Second Quarter 2019 Financial Results Conference Call. [Operator Instructions] This call is being recorded today, Wednesday, July 31, 2019.

At this time, I'd like to turn the conference over to Mr. Brian Moore, Senior Director, Investor, Media Relations and Corporate Development for STAAR Surgical.

Brian Weinstein -- Analyst

Thank you, Catherine, and good afternoon, everyone. Thank you for joining us on the STAAR Surgical conference call this afternoon to review the company's financial results for the second quarter of 2019 ended June 28, 2019. On the call today are Caren Mason, President and CEO; and Deborah Andrews, Chief Financial Officer. The press release of our second quarter results was issued just after 4:00 p.m. Eastern Time and is now available on STAAR's website at www.staar.com. Before we begin, let me quickly remind you that during the course of this conference call, the company will make forward-looking statements. We caution you that any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the company's projections, expectations, plans, beliefs and prospects.

These statements are based on judgment and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties associated with the forward-looking statements made in this conference call and webcast are described in the Safe Harbor statement in today's press release as well as STAAR's public periodic filings with the SEC. Except as required by law, STAAR assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so. In addition, to supplement the GAAP numbers, we have provided non-GAAP adjusted net income and adjusted earnings per share and sales and constant currency.

We believe that these non-GAAP numbers provide meaningful supplemental information and are helpful in assessing our historical and future performance. A table reconciling the GAAP information to the non-GAAP information is included in today's press release. Following our prepared remarks, we will open the line to questions from publishing analysts. We ask analysts limit themselves to 2 initial questions, then requeue with any follow-ups. We thank, everyone, in advance for their cooperation with this process.

Now I'd like to turn the call over to Caren Mason, President and CEO of STAAR.

Caren Mason -- President and Chief Executive Officer

Thank you, Brian, and good afternoon, everyone. The record second quarter 2019 results we reported today represent excellent progress for STAAR Surgical as we target paradigm change and refractive vision correction with our family of proprietary Collamer lenses. Growth metrics in the second quarter for ICL sales, units, gross margin, operating margin and GAAP EPS were all up meaningfully as compared to our breakout financial results in a year-ago period, Q2 2018. When coupled with the solid first quarter, we believe our second quarter results put us firmly on track to achieve or exceed our full year targets for 30% ICL unit growth, 20% company revenue growth, achievement of year-over-year improvements and GAAP net income, positive cash flow generation and a higher level of cash on our balance sheet. Turning to the details for the second quarter, our top line growth was driven by 34% ICL unit growth on a global basis, representing the eighth consecutive quarter of double-digit ICL unit growth.

On a regional basis. ICL unit growth in the second quarter handily exceeded record year-ago levels in several markets, with China units up 48%, Korea units up 42%, Japan units up 29% and India units up 22%. ICL revenue in the second quarter of 2019 increased 26% over the prior-year quarter as reported and was up 28% on a constant currency basis. The currency headwinds about $600,000 in Q2 continued from the first quarter. Through the first half of 2019, the currency headwind negatively impacted reported revenue by approximately $1.3 million. Our largest ICLs market, China, is also the largest market for refractive procedures, with more than 24% or 944,000 of the $4 million global procedures occurring annually in China according to Market Scope data. This certainly makes sense, given a very high prevalence of myopia among Chinese youth. As previously noted, the months of June, July, August and early September represents the busy season for implants in China and accordingly, our second quarter is usually our largest quarter of the year. Drivers of our growth in the second quarter in China included increasing utilization by existing surgeons, onboarding and training of new surgeons and expensive growth in the number of new accounts.

We supported our customer's numerous patient roadshows during the quarter by surrounding consumers with mobile, digital banner and social media consumer marketing that drove patients to our website and Doc Finder ahead of the busy implant season. We also advanced our goal of moving down the diopter curve to lower levels of vision correction as increasingly surgeons are gaining an appreciation of the clinical utility of the ICL at lower diopter levels. Their delighted patients often describe the ICL impact as, "wow" at the lower diopter levels of improvement. To that end, during the first half of 2019, 40% of lenses we sold in China were in the range of minus 1 to minus 10 diopters, typically a range where laser vision corneal refractive procedures are performed. The ICL is no longer just a great solution for higher diopter vision correction. Contribution to unit growth during the second quarter in China was weighted more to new accounts, which bodes well for our future growth in China.

While we, of course, delighted to report such tremendous growth numbers and trends in China, STAAR is also growing outside of the world's largest refractive market. On a year-to-date basis, through the first half of 2019, ICL unit growth outside of China was up 20% as compared to the prior year period. This growth can be attributed to the continued successful repositioning of the ICL as a premium and primary refractive procedure for a wide range of vision correction, increased familiarity and comfort by surgeons using our lenses and strategic partnerships and distributor partnership execution. Turning to our product pipeline and regulatory update. We continue our discussions with the FDA to bring EVO to the U.S. market. We recently submitted an application to the FDA encompassing a prospective clinical trial design that reflects a least burdensome pathway, which, of course, must be finalized with FDA reviewers.

We appreciate the FDA's work during this process and as you know, we'll only provide additional information when appropriate and permitted. I would like to affirm that we remain very enthusiastic about hosting an excellent inaugural U.S. Surgeons' Council Meeting during late August in Dallas, where we have a robust agenda of education, podium and panel events planned for the dozens of surgeons that will be attending. Joining U.S. surgeons will be leading ICL surgeons from China, Japan and Germany, who will share their clinical experience and business models. We have also recently signed additional alliance agreements in the U.S. and are exploring ways to accelerate broader and faster adoption of our approved Visian ICL Spheric and Toric lenses currently available in the U.S. Turning to our European multisite clinical trial for our EDOF lens for presbyopia. We issued a separate press release today after the market close announcing that we met the primary endpoint of the trial and announcing that we have submitted the data from the trial for review to our European notified body, DEKRA.

The primary performance endpoint for the trial was defined as achievement of monocular uncorrected near visual acuity of 20, 40 or better at 40 centimeters, which is approximately 16 inches, at 6 months after implantation and equal to or greater than 75% of implanted eyes. 20, 40 generally represents a level of near vision, such as reading a newspaper that does not require spectacles. We are delighted to report that we achieved this primary endpoint in 98% of implanted eyes. While traditionally, our EVO lens is a very attractive option for young myops, typically age 21 to 35, if approved, our EDOF lens opens up an entirely new market to STAAR that includes myopic presbyops, typically over age 40 and up to age 60. Additionally, our EDOF ICL for presbyopia, which is currently under review, includes use as a supplemental or piggyback lens in patients, who already have IOLs implanted for cataracts. As the vast majority of patients getting cataract surgery today, select a monofocal IOL, our EDOF ICL could also provide increased spectacle independence for this very large group of patients. Our ICL provides an elegant additive alternative for both the surgeon and patient who desire spectacle independence post monofocal cataract surgery.

Before I turn the call over to Deborah for a more detailed review of our financial performance in Q2, I would like to highlight a number of near-term opportunities, where we look forward to meeting with the investment community in the coming weeks. Next week, on August 7, we will be meeting with investors at the Canaccord Genuity Group Conference in Boston. On September 4, we will be meeting with investors at the Wells Fargo Health Care Conference in Boston. On September 14th, we will be hosting meetings with investors and analysts at our booth during the European Society of Cataract and Refractive Surgeons, meeting ESCRS in Paris. Last year, we had more than 250 surgeons from European and Asian countries, attend our ICL Experts Meeting during ESCRS. This international trade show is a great way for investors to become more acquainted with our outside of the U.S. business. We encourage our investors to attend. We will also be hosting nondeal roadshow meetings in Baltimore, Los Angeles in the coming weeks, and on November 8, we will host our 2019 Investor Day at the Lotte Palace in New York, where we will outline our strategic vision for the company during the 2020 to 2022, 3-year planning period. Those are my prepared remarks.

I will now turn the call over to Deborah to further review our second quarter financial results. Deborah?

Deborah Andrews -- Chief Financial Officer

Thank you, Caren, and good afternoon, everyone. I'll start the financial overview with a summary of top line results and then provide more detail down the income statement. STAAR reported net sales of $39.7 million in the second quarter of 2019, an increase of 17% over the $33.9 million reported in the year-ago period. Adjusted for currency headwinds, primarily the euro, net sales would have increased by approximately 19% over the prior year period to $40.3 million. As Caren mentioned, the strong top line increase was driven by ICL revenue growth of 26%, which represented 87% of total company net sales in the quarter partially offset by other product segment sales, which declined 21% in the quarter. Moving down the income statement. Our gross profit margin for the second quarter was 75.4%, up 100 basis points compared to the prior year quarter gross profit margin of 74.4%. The improvement in gross margin was due to favorable product mix resulting from increased sales of ICLs and decreased other product sales partially offset by the effect of lower average selling prices for lower diopter ICLs. Total operating expenses for the second quarter were $25.3 million, an increase of 14% compared to the prior-year quarter of $22.2 million.

Taking a closer look at the components of operating expenses, G&A expenses in the second quarter was $7.5 million as compared to $6.2 million a year ago. The increase in G&A spending is due to increased headcount and salary-related expenses, including stock-based compensation and increased facility costs and professional fees. Marketing and selling expenses were $11.7 million as compared to $10.7 million and included increased headcount, travel and continued investments in digital, strategic and consumer marketing. Our R&D expenses were $6.1 million compared to $5.3 million in the year-ago quarter. R&D expenses include headcount, compensation and clinical expenses related to our next generation ICL with EDOF optic for presbyops. We generated operating income of approximately $4.6 million during the second quarter as compared to operating income $3 million in the year-ago quarter. Net income during the second quarter was $3.9 million or approximately $0.08 per diluted share and doubled as compared to the year-ago net income of $1.8 million or $0.04 per diluted share. On a non-GAAP basis, adjusted net income for the second quarter was $6.5 million or $0.14 per diluted share as compared to adjusted net income for the year-ago quarter of $3.9 million or $0.09 per diluted share.

A table reconciling the GAAP information to the non-GAAP information is included in today's financial release. Turning now to our balance sheet. Our cash, cash equivalents and restricted cash at June 28, 2019, totaled $103.3 million compared with $104 million, as of December 28, 2018. The company generated approximately $3.5 million in cash from operating activities in the second quarter of 2019, invested $2.4 million in property equipment and consistent with the first quarter of 2019, we paid an additional 500,000 on the small revolving line of credit of our wholly owned Japanese subsidiary. We expect to add to our cash balances in 2019 and consistent with historical trends, expect that can have cash generation to be stronger than the first half.

This concludes our prepared remarks. Operator, we're now ready to take questions.

Questions and Answers:

Operator

[Operator Instructions] And our first question comes from Chris Cooley with Stephens. Your line is open.

Chris Cooley -- Stephens -- Analyst

Good afternoon and thank you for taking the questions.

Caren Mason -- President and Chief Executive Officer

Hi Chris.

Chris Cooley -- Stephens -- Analyst

Hey Just if we could start on China, has obviously been heightened level of ranks I think on TheStreet part, when we think about the Chinese opportunity. Could you provide some additional color regarding the growth you alluded to in new accounts? And how you work new accounts in conjunction with your already existing strategic partnerships? Maybe just how that kind of unfolds? And then as the offshoot of that, maybe a little bit more granularity in terms of the level of growth, whether it be units or as a percentage of total from those new accounts during the course of the quarter? And then I've just got one follow-up.

Caren Mason -- President and Chief Executive Officer

Okay, Chris. So with regard to China, our business is booming. And then we see -- what we see coming is a lot based on how we're looking at the June results in terms of the number of implants and we also have visibility on July. And so I think what's most important to understand is that, our demand out to the surgeon's offices to meet patient implant requirements is much higher than our growth in terms of what we have been selling traditionally. So the new accounts and the added efforts that we've had at patient outreach are paying great dividends as we see a much even stronger position in China going forward in the year as we are already experiencing during this beginning of the busiest season of the year.

Chris Cooley -- Stephens -- Analyst

Okay. Appreciate that. And then maybe I just quickly try here. I think I know the answer, but when we think about the regulatory pathway, you alluded to the discussions with the agency and a prospective clinical trial design. Can you just provide us, maybe some insight into maybe what you've been able to garner versus your prior submission that gives you that added confidence that this is a possibility here? It sounds like, hopefully as we go into calendar year-end, maybe in terms of locking down a pathway?

Caren Mason -- President and Chief Executive Officer

So as I believe, we've mentioned before, we had very positive discussions with the FDA at our 100-day meeting, post our initial submission, which you may remember started last October and was in review for several months. During that time, I believe we did an excellent job with the FDA of outlining the original suggested retrospective pathway, hoping that we might be able to successfully conclude with a limited postapproval study. And where we are today is in what we believe, a respectful and excellent relationship with the FDA in talking about what remaining questions there are, what time frame within a study could achieve a result and what the postapproval time frame would look like post the prospective clinical work. So I think the bottom line here is that, there's great recognition of least burdens and pathway within the FDA reflecting the statutory mandate to find efficiency when you have -- what would be considered, I believe in our case, outstanding data that you would be able to come up with a different and yet very effective method to be able to answer the questions that remain with the FDA.

Chris Cooley -- Stephens -- Analyst

Congrats again on the record June quarter.

Caren Mason -- President and Chief Executive Officer

Thank you.

Chris Cooley -- Stephens -- Analyst

We're really excited.

Operator

Thank you. And our next lesson comes from Jason Mills from Canaccord Genuity. Your line is open.

Cecilia E. Furlong -- Canaccord Genuity -- Analyst

Hi Terry and Deborah It's actually Cecilia on for Jason. I just want to say congrats on the fabulous quarter. I guess just starting with EDOF in Europe, great progress with the submission and the clinical data is outstanding. I was just wondering could you talk about what you factored into your timing expectations. I know you called out Q2. But just what you're seeing from a regulatory standpoint and everything going on in Europe today? And then also, when we might be able to see that clinical data?

Caren Mason -- President and Chief Executive Officer

Okay. So what we are determining in terms of time is based on our past experience, is based on the fact that this is a submission of an application for presbyopic indications to an already approved EDOF Aspheric product. So it's less potential time than you would normally have when you are talking about the introduction of a new product. So there is, we believe, substantial opportunity to be able to achieve that time line. Could you repeat your second question, please?

Cecilia E. Furlong -- Canaccord Genuity -- Analyst

I'm just wondering if we could see the data come out from that? And I guess, if I could just follow on as well, you talked about the IOL opportunity to piggyback with the lens? I don't think I've heard you mentioned this before and I'm just curious kind of what the path there would be? And then just potential market upside from that.

Caren Mason -- President and Chief Executive Officer

Okay. So clinical data, we will not disclose post what's available until we have a determination from the reviewer that, that is acceptable. Normally, in these situations, if you do the job right, you were put the reviewer to understand what they need and what they're willing to have us to disclose and when. In terms of the supplemental lens, when we get approval for a presbyopic indication for this lens. At the same time, we have already submitted for a supplement to our current lenses. So the whole family of EVO lenses for the European Union and the 31 CE Mark countries, all will encompass also, an immediate, we believe, application of the supplemental lens. The supplemental lens as we will market it, will be either the myopic or the presbyopic lens, that will be positioned at the exact same place of the lens today. So it will sit in front of the capsulary bag in the posterior chamber and it will then become, for those patients who only had a multifocal lens that doesn't give them spectacle independence, the opportunity to be able to with that going back in the capsulary bag, which most surgeons do not want to do, very difficult procedure. So these patients, millions and millions of whom have multifocal lenses, if they want to be spectacle free, they don't have a very good choice. So what we'll be able to do is to provide this lens to the millions of patients, who will have the opportunity to have an ICLs, just like they do today, only it is in front of already an IOL. So there is even less concern about anything surgically related that could lead to cataracts since that patient already has an IOL lens. So the surgeons that we did a lot of market research with, some doctors who've already thought to implant in this way, between all of this, we're finding exceptional interest in a market, where over 20 million patients annually, globally undergo cataract surgery.

Cecilia E. Furlong -- Canaccord Genuity -- Analyst

Great. Thank you for all this color on that. And I guess just asking about the U.S. market trends. You mentioned, additional alliances that you signed. I was just wondering, could you provide some more color just around growth interest you're seeing with your current approved lenses in the region? And kind of what you expect this to trend going forward over the next 3 quarters out of EVO?

Caren Mason -- President and Chief Executive Officer

Okay. So our goal in the United States is to reintroduce our company as a premium and primary partner to refractive surgeons now and in the future. And we've limited, or had limited our time and our investments in commercial and strategic and digital marketing in the U.S. because we, of course, went through several years of not being able to: a, market new product in the U.S.; and b, having to prove that we really have an outstanding quality system, which we have done. So we have recently gotten approvals for submission for the minor products, or for updates, or for changes. We have an approval on the full Toric postapproval study, which is going to be under way quite soon. And with all of that, we are also signing already strategic partnerships, where we are beginning to demonstrate that we are a company that when you come to lens-based refractive care, we can provide not only extraordinary clinical excellence in your happiest patients, but we're also beginning to work on how do we get a surgical suite built-in to a particular partner's office complex, how do -- how are we able to provide practice development support and exceptional digital marketing and consumer marketing outreach, and how do we begin to build lens-based as a huge growth endeavor in the United States versus the way lens-based for many years has been ridiculously quiet. So I think the bottom line is that, our Toric product, even surprising to us, has been exceptionally well received. Doctors are loving the results that their patients are getting. And so we are building on that and we're going to put more emphasis, more money and more build time into the U.S. and you have seen in the past. And we're also going to be getting ready for what we believe will be a very strong entrance of our EVO product, when we're allowed.

Cecilia E. Furlong -- Canaccord Genuity -- Analyst

Thank you Karen. I appreciate all the time.

Caren Mason -- President and Chief Executive Officer

Thank you very much. We'll see you next week.

Operator

Thank you. Our next question comes from Jim Sidoti with Sidoti & Company. Your line is open.

Jim Sidoti -- Sidoti & Company -- Analyst

Can you hear me?

Caren Mason -- President and Chief Executive Officer

I can, Jim.

Jim Sidoti -- Sidoti & Company -- Analyst

Just want to follow up on the U.S. Can you give us an idea of what the Toric sales growth was year-over-year in the quarter?

Caren Mason -- President and Chief Executive Officer

I think on -- about 28% on sales.

Jim Sidoti -- Sidoti & Company -- Analyst

Okay. And it sounds to me as if you're really waiting to get the EVO approved before you go full speed here in the U.S. Is that correct?

Caren Mason -- President and Chief Executive Officer

Well, I would say that we are -- we have been successfully hiring very strong sales leaders. We have in place some extraordinary marketing. What we won't do is to go beyond into, what I would say, would be a concentrated effort to build stronger faster. I think what we're doing really here is, we're in each of the major markets, we're partnering with major surgeons and surgical practices. And we will be building as we did in China, the team along with the growth. The growth will lead the team. Right now, we have the right team to get this ongoing. So we're going to pace ourselves, but we're going to have a lot of really strong emphasis in the U.S. I have, for example, recently participated on panels at major refractive surgeons' meetings, like AECOS in Deer Valley, also involved with activity with OCTANe here in George County that was directed toward ophthalmology leaders and I was proud to be one of them. So I think STAAR is taking its place as it rightfully should in the U.S. market.

Jim Sidoti -- Sidoti & Company -- Analyst

Right. And then the last one for me. Can you give us any sense on the size of the trial you think you have to do for EVO to get approval? And what the follow-up period would be?

Caren Mason -- President and Chief Executive Officer

I can't. We're in discussions. We've submitted that information, and it must stay confidential, but least burdensome pathway, I continue to repeat.

Jim Sidoti -- Sidoti & Company -- Analyst

Okay. Thank you.

Caren Mason -- President and Chief Executive Officer

Thank you.

Operator

Thank you. Our next question comes from Bruce Jackson with Benchmark Company. Your line is open.

Bruce Jackson -- Benchmark Company -- Analyst

Congratulations on the quarter and thank you for taking my questions. So starting off with the EDOF data. Do you already have data on the piggyback lens application?

Caren Mason -- President and Chief Executive Officer

Yes.

Bruce Jackson -- Benchmark Company -- Analyst

And then...

Caren Mason -- President and Chief Executive Officer

Go ahead.

Bruce Jackson -- Benchmark Company -- Analyst

No, no. After you.

Caren Mason -- President and Chief Executive Officer

No, the piggyback lens is identical to the EDOF presby lens. So yes, it's the same product. It's just the application, would be as a supplement to a monofocal IOL in the eye versus as the primary refractive correction lens.

Bruce Jackson -- Benchmark Company -- Analyst

And then -- so you've done patients with IOLs and then implanted the second lens? Just to be clear on that.

Caren Mason -- President and Chief Executive Officer

Well, at this point, I can't comment.

Bruce Jackson -- Benchmark Company -- Analyst

Okay. And then congratulations on the EDOF submission. I was wondering if you're going to be showing any additional data at the upcoming ASCRS Meeting?

Caren Mason -- President and Chief Executive Officer

As I mentioned earlier, we are limited by what our reviewer will allow. So if we're able to, we will. We expect at our Experts Meeting, since it's surgeon-to-surgeon in a training environment that there may be some mention of with the principal investigators, who will be attending the meeting, most likely through a panel where there will be what is approved from the reviewer shared with the audience.

Bruce Jackson -- Benchmark Company -- Analyst

Okay. And then if I can get just one more question in. With China, you said, you opened some new accounts. So I'm just curious to know, if they were still on the Tier 1, Tier 2 cities? And what was the characterization of the new business geographically?

Caren Mason -- President and Chief Executive Officer

Well, the majority of our new accounts are in Tier 1 and Tier 2, but we have been moving also to Tier 3 cities. Most of the time in the Tier 3 cities, we're being invited by our larger -- current customers because that is an area where there has to be a lot of investment because as you are, I'm sure well aware, there's very little infrastructure in Tier 3 cities in China. So we're still mostly expanding in Tier 1 and Tier 2, but remember, we have a lot of opportunity in terms of current refractive procedures where we're able to move away from laser vision correction and into lens-based with ICL.

Bruce Jackson -- Benchmark Company -- Analyst

All right. That's great. Thank you very much.

Caren Mason -- President and Chief Executive Officer

Thanks Bruce.

Operator

Thank you. Our next question comes from Brian Weinstein with William Blair. Your line is open.

Andrew Brackmann -- William Blair -- Analyst

Hi guys. Good afternoon. This is actually Andrew Brackmann on for Brian. Maybe we can just go back to China for a minute because by my math, I represented somewhere around 95% of the dollar growth in the quarter. So maybe this does go back to Chris' initial questions, but can you maybe provide some additional data around the number of surgeons who're actually doing the procedures in the country? How that really trended over the last several quarters? And then as it relates to the high implant seasons, I know that the demographic here has been in question, sort of the health of that Chinese consumer. What are your distributors telling you as it relates to that demographic?

Caren Mason -- President and Chief Executive Officer

Okay. In China, we have, what we call a hybrid organization. And I think it's extremely important that you understand that. We are not flying blind with a distributor network, where we are allowing our business to be purely built on numbers and side references from uninvolved partnerships. Our relationships in China are built on over 50 top-level employees of STAAR, led by an outstanding ophthalmic surgeon herself. And we've built from 5 to over 50. And we understand that every aspect of what's going on with the Chinese consumer through the number of events that we co-sponsor and run with them for several months, ahead of the busy season, every weekend, we are on the road, sponsoring roadshows with our partners, with the largest practices in the country, in coordination with them to get their patients excited about the product. There -- we get interest from now families and friends and social media that are buzzing about ICL and how it's dramatically improved their lives. So although, I appreciate that you have a model to build, I think what's most critical is that you clearly understand our dominance in what we're building and our confidence around it in China.

Andrew Brackmann -- William Blair -- Analyst

Okay. I appreciate that. And then I guess one just question for Deborah on the guidance for the rest of the year. So as I think about that sort of the back half of the year and Q2 sort of being the strongest quarter that you have, how should we think about sort of the pacing through the back half, because by my math, it seems to be sort of in order just to hit that 20%, sort of sequentially flat.

Deborah Andrews -- Chief Financial Officer

Yes. I mean if you would look at -- if you look at the calendarization of sales last year, you're going to see similar trends in the calendarization this year. Just look at the percentage of contribution of each of the quarter, so it'll tell you what to expect.

Operator

Thank you. I'm showing no further questions at this time. I would like to turn the call back to Caren Mason for closing remarks.

Caren Mason -- President and Chief Executive Officer

Sure. Thank you very much, everyone, for participation on our call today. We look forward to speaking with many of you in the coming weeks when we're on the road. We appreciate your interest in investment in STAAR Surgical. As always, the best to all of you. Thank you.

Operator

[Operator Closing Remarks].

Duration: 36 minutes

Call participants:

Caren Mason -- President and Chief Executive Officer

Deborah Andrews -- Chief Financial Officer

Brian Weinstein -- William Blair -- Analyst

Chris Cooley -- Stephens -- Analyst

Cecilia E. Furlong -- Canaccord Genuity -- Analyst

Jim Sidoti -- Sidoti & Company -- Analyst

Bruce Jackson -- Benchmark Company -- Analyst

Andrew Brackmann -- William Blair -- Analyst

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