Business
STAAR Surgical Reports First Quarter 2025 Results
China ICL Procedure Trends Improving Tariff Mitigation Activities Implemented Cost Controls and Restructuring Initiated to Reduce SG&A Run Rate Earnings Call
About this update from Staar Surgical Company
[{"type":"text","content":"\nChina ICL Procedure Trends Improving\n\nTariff Mitigation Activities Implemented\n\nCost Controls and Restructuring Initiated to Reduce SG&A Run Rate\n\nEarnings Call and Webcast Today at 5:15 p.m. Eastern\n\n LAKE FOREST, Calif.--(BUSINESS WIRE)--\nSTAAR Surgical Company (NASDAQ: STAA), the global leader in phakic IOLs with the EVO family of Implantable Collamer® Lenses (EVO ICL™) for vision correction, today reported results for the first quarter ended March 28, 2025.\n\nFirst Quarter 2025 Financial Overview\n\n\nNet sales of $42.6 million down 45% Y/Y due to planned reduction of channel inventory in China\n\n\nNet Sales Excluding China of $42.2 million up 9% Y/Y reflecting growth in all key markets\n\n\nGross margin at 65.8% vs. 78.9% year ago due to intentional reduction in U.S. production volumes and readiness for manufacturing in Switzerland\n\n\nNet loss of $(54.2) million or $(1.10) per share vs. $(3.3) million or $(0.07) per share year ago\n\n\nAdjusted EBITDA1 loss of $(26.4) million or $(0.53) per share vs. earnings of $5.3 million or $0.11 per share year ago\n\n\n“STAAR’s first quarter sales were in line with expectations, but we can and will do better,” said STAAR Surgical CEO, Stephen C. Farrell. “Our results do not reflect the earnings power of our business or the strength of our brand. We are making progress working through transitory challenges in our China business, and importantly, we believe that EVO ICL procedure volumes in China are improving compared to the first quarter last year, despite the macroeconomic headwinds. As our distributors in China continue to consume channel inventory to meet this demand, we are on track to resume normalized sales in China in the third quarter. Our ability to drive growth this quarter in all key markets outside of China further demonstrates the potential and opportunity for STAAR to grow EVO ICL adoption.”\n\nMr. Farrell continued, “In addition, we have made excellent progress on our cost controls and restructuring activities to better align our expenses with our sales. As a result, we are confident that we will resume growth in revenue and Adjusted EBITDA for the full second half of the year. STAAR has outstanding technology, a consistent history of market share gains, a large addressable market supported by the expanding incidence of myopia, a strong balance sheet, and ...