Business
STAAR Surgical Reports Third 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 third quarter ended October 2, 2020.\n\nThird Quarter 2020 Overview\n\n\nRecord Quarterly Net Sales of $47.1 Million Up 21% from the Prior Year Quarter\n\n\nRecord Quarterly ICL Sales of $41.5 Million Up 23% from the Prior Year Quarter\n\n\nRecord Quarterly ICL Units, Up 25% from the Prior Year Quarter\n\n\nGross Margin at 74.1% vs. 74.4% in the Prior Year Quarter\n\n\nNet Income of $0.08 per Share vs. Prior Year Quarter Net Income of $0.05 per Share\n\n\nCash and Cash Equivalents Ended the Quarter at $128.3 Million up from $116.3 Million in Q2 2020\n\n\n“STAAR achieved 25% year-over-year global ICL unit growth for the third quarter of 2020 with demand building each month throughout the quarter. Third quarter results reflect strong growth in our North America, Europe and APAC markets, partially offset by the India and Middle East markets which significantly underperformed and were more greatly impacted by COVID-19,” said Caren Mason, President and CEO of STAAR Surgical. “Standout markets in the third quarter included China up 33%, Japan up 67%, Korea up 21%, Rest of Asia Pacific up 67%, Spain up 24%, Germany up 13% and distributor markets in Europe up 17% in ICL units year over year. ICL implanted units in the U.S. were up 74% sequentially in the quarter as STAAR supported our physician customers with a Refractive Restart program designed to encourage doctor recommendation and patient selection of our current Visian ICL lenses. Lens-based practice support in the U.S. using STAAR-provided clinical and business development validation continues to gain adoption by surgeons who speak to us of happy patients today and excitement about the possibilities of a future with the EVO version of our ICL lenses.”\n\n“In a year of considerable uncertainty, STAAR is endeavoring to provide a level of predictability to both our financial performance and the clinical experience. We achieved strong unit and sales growth while also demonstrating an operating discipline that allowed increased operating income. During the third quarter we also advanced our pipeline of new products for the U.S. and Europe. We completed enr...