Business
STAAR Surgical Reports Fourth Quarter and Full Year 2019 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 fourth quarter and fiscal year ended January 3, 2020.\n\n\nFourth Quarter 2019 Overview\n\n\n\nNet Sales of $38.9 Million Up 25% from the Prior Year Quarter\n\n\nICL Sales of $33.3 Million Up 27% and Units Up 27% from the Prior Year Quarter\n\n\nGross Margin at 74.1% vs. 73.7% in the Prior Year Quarter\n\n\nNet Income of $0.14 per Share vs. Prior Year Quarter Net Income of $0.02 per Share\n\n\nNet Income includes a $0.07 per Share tax benefit above the previously announced preliminary estimate\n\n\nCash and Cash Equivalents Ended the Quarter at $120.0 Million.\n\n\n\nFull Year 2019 Overview\n\n\n\nRecord Net Sales of $150.2 Million Up 21% from Prior Year\n\n\nICL Sales Up 28% and Units Up 33% from the Prior Year\n\n\nGross Margin Improved to 74.5% of Sales from 73.8% of Sales in the Prior Year\n\n\nFull Year Net Income of $0.30 per Share vs. Prior Year Net Income of $0.11 per Share.\n\n\n\n“We closed 2019 with strong fourth quarter results leading to full year performance above our committed targets for ICL unit growth, total revenue growth, cash generation and earnings per share. STAAR entered 2020 with continued financial and operating momentum. We achieved progress on our clinical and regulatory strategic imperatives with a new CE Mark approval for use of our ICL as a supplemental lens and the first patient implant in our U.S. EVO clinical trial,” said Caren Mason, President and CEO of STAAR Surgical. “27% ICL unit growth for the fourth quarter included Japan up 95%, China up 43%, Germany up 29%, Spain up 20%, India up 16% and the U.S. up 10% as compared to the prior year period. As with many other companies, we are assessing and managing through the potential impact of the coronavirus on our business in China and elsewhere. Our thoughts are with all those who have been or may become impacted globally by the coronavirus. We have been directly in touch with and have been working with our China customers. Our customers have experienced a mandated pause in procedures during the month of February and our ICL unit volume will be impacted in the first quarter. We currently expect a potential $5 million...