STAAR Surgical Reports Second Quarter 2023 Results

About this update from Staar Surgical Company

[{"type":"text","content":"\nRecord ICL Sales of $93.1 Million Up 19% Y/Y\n\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 second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Overview\n\n\n\nNet Sales of $92.3 Million Up 14% includes a $0.7 Million sales reduction related to Other Products\n\n\n\nRecord ICL Sales of $93.1 Million Up 19% Y/Y and Up 20% Y/Y in Constant Currency\n\n\n\nICL Units Up 21% Y/Y\n\n\n\nGross Margin at 76.6% vs. 78.8% in the Prior Year Quarter\n\n\n\nNet Income of $0.12 per Share vs. $0.26 per Share in the Prior Year Quarter\n\n\n\nCash, Cash Equivalents and Investments Available for Sale Ended the Quarter at $209.5 Million\n\n\n\nAccounting adjustments related to Other Products resulted in Adjusted Net Sales of $93.0 Million; Adjusted Gross Profit Margin of 79.8% and Adjusted Net Income for ICL of $0.19 per Share.\n\n\n\n“Record second quarter global ICL sales of $93.1 million up 19%, were driven by strength in our APAC region which generated 26% ICL sales growth,” said Tom Frinzi, President and CEO of STAAR Surgical. “The peak implant season for our proprietary family of EVO ICL lenses in China, the largest market for refractive procedures in the world, had a strong start in June, during which I had the pleasure of working with our team on the ground for several days. In APAC geographies, EVO has a strong market position and a long runway for growth. In the nascent U.S. market, ICL growth exceeded industry trends and although below our expectations we remain confident this market will achieve the growth levels we have seen in our other target markets. In the U.S. ICL sales were up 10% in the second quarter as compared to refractive industry procedures which were down 15%.1 We have taken a number of steps and implemented initiatives that we expect will accelerate EVO adoption in the U.S. as we exit 2023 and beyond.”\n\n\nMr. Frinzi continued, “Given increased conservatism related to the global environment, and a revised near-term outlook for U.S. growth, we are updating our fiscal 2023 ICL sales outlook to a range of approximately $320 million to $325 million. At the mid-point of the range, our outlook represents approximately 20% growth over fiscal 2022 ICL sales o...

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