Business
STAAR Surgical Reports Second Quarter 2024 Results
Record Quarterly Net Sales of $99.0 Million; $100.4 Million in Constant Currency Raises Fiscal 2024 Net Sales and Adjusted EBITDA Outlook LAKE FOREST,
About this update from Staar Surgical Company
[{"type":"text","content":"\nRecord Quarterly Net Sales of $99.0 Million; $100.4 Million in Constant Currency\n\n\nRaises Fiscal 2024 Net Sales and Adjusted EBITDA Outlook\n\n\n LAKE FOREST, Calif.--(BUSINESS WIRE)--\nSTAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of the EVO family of Implantable Collamer® Lenses (EVO ICL™) for myopia, astigmatism and presbyopia, today reported financial results for the second quarter ended June 28, 2024.\n\n\nSecond Quarter 2024 Overview\n\n\n\nNet sales up 7% to $99.0 million and up 9% to $100.4 million in constant currency\n\n\n\nICL sales up 7% to $99.4 million and units up 3%\n\n\n\nGross margin at 79.2% vs. 76.6% year ago\n\n\n\nNet income of $7.4 million or $0.15 per share vs. net income of $6.1 million or $0.12 per share year ago\n\n\n\nAdjusted EBITDA of $22.5 million or $0.45 per share vs. $18.3 million or $0.37 per share year ago\n\n\n\nCash, cash equivalents and investments available for sale of $235.5 million at June 28, 2024\n\n\n\n“STAAR Surgical reported record net sales for the second quarter of 2024, including milestone sales over $100 million on a constant currency basis,” said Tom Frinzi, President and CEO of STAAR Surgical. “We are committed to enhancing surgeon confidence and practice implementation, growing the category and seizing market share throughout the business cycle. For our surgeon customers globally, our EVO ICL technology is increasingly instrumental in enhancing their offerings, market competitiveness and practice economics. As a result, our commercial momentum is accelerating – as evidenced by these latest financial results, which are due to execution against our vital few strategic priorities.”\n\n\nMr. Frinzi continued, “For the second quarter, our ICL growth exceeded the market in all key geographies. U.S. sales were $5.5 million, up 25% year over year and 10% sequentially. In APAC, we generated 6% sales growth, including 3% growth in China. Rounding out our global performance, EMEA was also strong with sales growth of 10% in the second quarter. STAAR is truly disrupting the refractive industry to benefit our surgeon customers, their patients and our shareholders. We are moving down the diopter curve and as a result are beginning to realize our near-term goal of becoming the choice for surgeons and their patients -6D of myopia and above. Given o...