Business
STAAR Surgical Reports Record Second Quarter Results for Total Revenue, ICL Sales and ICL Units
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 second quarter ended June 28, 2019.\n\n\nSecond Quarter 2019 Overview\n\n\n\nNet Sales of $39.7 Million (Up 17%) as Reported and $40.3 Million (Up 19%) Constant Currency from the Prior Year Quarter\n\n\nICL Sales of $34.4 Million (Up 26%) as Reported and $34.9 Million (Up 28%) Constant Currency from the Prior Year Quarter\n\n\nICL Units Up 34% from the Prior Year Quarter\n\n\nGross Margin at 75.4% Up 100 Basis Points from the Prior Year Quarter\n\n\nNet Income of $0.08 per Share vs. Prior Year Quarter Net Income of $0.04 per Share\n\n\nCash and Cash Equivalents Ended the Quarter at $103.3 Million.\n\n\n\n“The record second quarter 2019 results we reported today represent excellent progress for STAAR Surgical as we target paradigm change in refractive vision correction with our family of proprietary Collamer® lenses. Growth metrics in the second quarter for ICL Sales, Units, Gross Margin, Operating Margin and GAAP EPS were all up meaningfully as compared to our breakout financial results in the year ago period. When coupled with a solid first quarter, we believe our second quarter results put us firmly on track to achieve or exceed our full year targets for 30% ICL unit growth, 20% company revenue growth, achievement of year-over-year improvements in GAAP net income, positive cash flow generation and a higher level of cash on our balance sheet,” said Caren Mason, President and CEO of STAAR Surgical. “Our ICL units were up 34% in the second quarter over the prior year period with growth of 48% in China, 43% in consolidated smaller APAC markets, 42% in Korea, 29% in Japan, 22% in India, 12% in Spain and 10% in Latin America. Importantly, in concert with record top line growth, key operating and financial metrics were strong during the second quarter with expanding margins, a doubling of our GAAP net income profitability and meaningful cash generation from operations. Subsequent to the end of the quarter we also took actions to advance our pipeline of ICL products with regulators, which notably included a European submission of data from our multi-site clinical trial for our EDOF lens for Presbyopia whi...