Business
STAAR Surgical Reports Second Quarter 2020 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 second quarter ended July 3, 2020.\n\n\nSecond Quarter 2020 Overview\n\n\n\nNet Sales of $35.2 Million Down 11% from the Prior Year Quarter\n\n\nICL Sales of $30.7 Million Down 11% and Units Down 3% from the Prior Year Quarter\n\n\nGross Margin at 69.4% vs. 75.4% in the Prior Year Quarter\n\n\nNet Loss of ($0.03) per Share vs. Prior Year Quarter Net Income of $0.08 per Share\n\n\nCash and Cash Equivalents Ended the Quarter at $116.3 Million.\n\n\n\n“The outlook we provided in May accurately assessed the market dynamics and STAAR’s ability to perform well in the midst of a prolonged shutdown of elective surgeries in most of the global markets we serve. While refractive procedures were down significantly or came to a halt in April and May in much of North America, Europe, Latin America, India and the Middle East, continuing recovery and growth were recorded in Japan, Korea and China. In June, ICL implant procedures recorded strong year-over-year growth with units up 65% in Japan, 24% in Rest of Asia Pacific, 17% in Germany, 15% in Distributor Markets in Europe and 11% in Korea. The positive trending continued in July with China experiencing stronger than anticipated demand as the peak season began in earnest. While COVID-19 hotspots and government public health mandates may reoccur moving forward, we anticipate less business interruption and continued increased interest in our EVO ICL lens-based refractive solutions in Q3 and Q4. Our team is squarely focused on generating significant growth by supporting our surgeon partners as they restart their practices with patient recruiting programs, training and digital marketing,” said Caren Mason, President and CEO of STAAR Surgical.\n\n\n“During Q3, we plan to launch the European commercialization of our innovative EVO Viva™ presbyopia-correcting lens. We will begin our phased rollout of the EVO Viva lens to select surgeons in early September. We are also anticipating completing enrollment in our U.S. EVO clinical trial in the September timeframe,” concluded Ms. Mason.\n\n\nFinancial Overview – Q2 2020\n\n\nNet sales were $35.2 million for the second quarter...