Business
STAAR Surgical Reports Fourth Quarter and Fiscal Year 2024 Results
Net Sales of $313.9 Million and ICL Sales of $312.5 Million for Fiscal 2024 Impacted by Weak China Macroeconomic Conditions ICL Sales Ex. China Up 17% in
About this update from Staar Surgical Company
[{"type":"text","content":"\nNet Sales of $313.9 Million and ICL Sales of $312.5 Million for Fiscal 2024 Impacted by Weak China Macroeconomic Conditions\n\n\nICL Sales Ex. China Up 17% in Fourth Quarter and 13% in Fiscal 2024\n\n\nIntroduces Outlook for Fiscal 2025\n\n\nEarnings Conference Call and Webcast Today at 5:00 p.m. Eastern\n\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 fourth quarter and fiscal year ended December 27, 2024. The Company moved up its earnings announcement and will hold a conference call and webcast today at 5:00 p.m. Eastern to discuss its financial results, operational progress and fiscal 2025 outlook.\n\n\nFourth Quarter 2024 Overview\n\n\n\nNet sales of $49.0 million\n\n\n\nICL sales of $46.9 million, including China ICL sales of $7.5 million\n\n\n\nICL sales Ex. China of $39.5 million, up 17% from prior year quarter\n\n\n\nFiscal Year 2024 Overview\n\n\n\nNet sales of $313.9 million\n\n\n\nICL sales of $312.5 million, including China ICL sales of $161.0 million\n\n\n\nICL sales Ex. China of $151.6 million, up 13% from prior year\n\n\n\nGross margin at 76.3% vs. 78.4% year ago\n\n\n\nNet loss of $(20.2) million vs. Net income of $21.3 million year ago\n\n\n\nNet loss per share of $(0.41) vs. Earnings per share of $0.43 year ago\n\n\n\nAdjusted EBITDA of $23.2 million or $0.47 per share as compared to $56.8 million or $1.15 per share year ago\n\n\n\nCash, cash equivalents and investments available for sale ended the year at $230.5 million\n\n\n\n“STAAR’s fiscal 2024 results reflect fluctuating demand in China, which more than offset the strong performance across our other regions,” said Tom Frinzi, Chair of the Board and CEO of STAAR Surgical. “China is the largest market in the world for refractive procedures, and macroeconomic conditions and consumer confidence in China remain weak. While the government stimulus announced in September looked promising, the demand for our cash-pay ICLs deteriorated dramatically as we exited the year. ICL procedure volumes in China improved in January, but we expect overall lower demand in China in fiscal 2025, particularly in the first half. We have been collaborating with our distributors to address elevated ...