Business
STAAR Surgical Reports First Quarter 2020 Results
LAKE FOREST, Calif.--(BUSINESS WIRE)-- STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses and
About this update from Staar Surgical Company
[{"type":"text","content":" LAKE FOREST, Calif.--(BUSINESS WIRE)--\nSTAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses and companion delivery systems for the eye, today reported financial results for the first quarter ended April 3, 2020.\n\n\nFirst Quarter 2020 Overview\n\n\n\nNet Sales of $35.2 Million Up 8% from the Prior Year Quarter\n\n\nICL Sales of $29.3 Million Up 6% and Units Up 9% from the Prior Year Quarter\n\n\nGross Margin at 70.4% vs. 74.2% in the Prior Year Quarter\n\n\nNet Loss Approximately Breakeven per Share vs. Prior Year Quarter Net Income of $0.03 per Share\n\n\nCash and Cash Equivalents Ended the Quarter at $110.9 Million.\n\n\n\n“On April 13, 2020, we reported on the state of STAAR’s business and our projections for Q1 revenue at $34.9 million. We also estimated at that time a negative impact on revenue of approximately $4.0 million from COVID-19. We are pleased to have improved on that initial estimate and to report continuing strength in our largest markets in Asia in April. The offset is a significant winding down or pause of implants in COVID-19 hotspots in Europe, North America, Latin America, the Middle East and smaller Asian markets that will challenge us until there is a re-start which results in steady and improving volume in surgeons’ offices. In discussions with our impacted surgeon partners, it is clear that there is a strong desire to resume refractive surgery quickly once elective procedures are allowed by local public health authorities. We expect that Q2 will be negatively impacted by the markets that are just returning to re-open their clinics and practices in late May into June. We started 2020 off with the highest ICL sales and unit growth experienced in the last five years for a January. In our major markets which remained open that trend continued into the middle of March. The large Asian markets, China, Japan and South Korea are all growing well now. Unless there is another forced closure or challenging COVID-19 scenario for surgeons and patients beyond Q2, we fully expect to resume the double-digit growth outlook originally targeted in Q3 and Q4,” said Caren Mason, President and CEO of STAAR Surgical.\n\n\nFinancial Overview – Q1 2020\n\n\nNet sales were $35.2 million for the first quarter of 2020, up 8% compared to $32.6 million reported in the prior y...