Business
STAAR Surgical Reports Fourth Quarter and Fiscal Year 2022 Results
ICL Unit Growth Up 33% Y/Y in Fiscal 2022 STAAR Reaffirms Outlook for Strong Trajectory of Growth in 2023 LAKE FOREST, Calif.--(BUSINESS WIRE)-- STAAR
About this update from Staar Surgical Company
[{"type":"text","content":"\nICL Unit Growth Up 33% Y/Y in Fiscal 2022\n\nSTAAR Reaffirms Outlook for Strong Trajectory of Growth in 2023\n\n LAKE FOREST, Calif.--(BUSINESS WIRE)--\nSTAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses for the eye, today reported financial results for the fourth quarter and fiscal year ended December 30, 2022.\n\nFourth Quarter 2022 Overview\n\n\nNet Sales of $64.0 Million Up 9% and Constant Currency Net Sales of $67.9 Million Up 15% from Prior Year Quarter\n\n\nICL Sales of $61.2 Million Up 15% and Constant Currency ICL Sales of $64.3 Million Up 21% from Prior Year Quarter\n\n\nICL Units Up 20% from the Prior Year Quarter\n\n\nGross Margin at 77.7% vs. 76.3% in the Prior Year Quarter\n\n\nNet Income of $0.12 per Share vs. $0.10 per Share in the Prior Year Quarter\n\n\nCash, Cash Equivalents and Investments Available for Sale Ended the Quarter at $225.5 Million\n\n\nFiscal Year 2022 Overview\n\n\nNet Sales of $284.4 Million Up 23% and Constant Currency Net Sales of $297.3 Million Up 29% from Prior Year\n\n\nICL Sales of $269.7 Million Up 27% and Constant Currency Net Sales of $280.0 Million Up 32% from Prior Year\n\n\nICL Units Up 33% from the Prior Year\n\n\nGross Margin at 78.5% of Sales from 77.5% of Sales in the Prior Year\n\n\nFull Year Net Income of $0.78 per Share vs. Prior Year Net Income of $0.50 per Share\n\n\n“Our fourth quarter and fiscal 2022 results continue STAAR’s multi-quarter track record of industry leading growth with fiscal 2022 global ICL sales up 27% and in constant currency up 32% and units up 33% year over year. These levels of ICL growth exceed the ambitious goals we previously announced for 2022. Moreover, our growth significantly outpaced the roughly flat growth for refractive industry procedures over the same period1,” said Tom Frinzi, President and CEO of STAAR Surgical. “For the fourth quarter ICL unit growth was up 20% year over year, including U.S. units up 109% and China units up 18%. In China, transient COVID-related headwinds that impacted our results in the fourth quarter are subsiding as we move through the first quarter of 2023. Our outlook for fiscal 2023 total ICL sales is approximately $340 million, which represents 26% year over year growth. STAAR will move forward in 2023 with purpose and increased investment to further accel...