Business
STAAR Surgical Reports Third Quarter Net Sales of $58.4 Million Up 24% Y/Y
Third Quarter ICL Sales Up 31% Y/Y and Units Up 29% Y/Y Increases Full Year 2021 Net Sales Outlook to Range of $230 Million to $231 Million LAKE FOREST,
About this update from Staar Surgical Company
[{"type":"text","content":"\nThird Quarter ICL Sales Up 31% Y/Y and Units Up 29% Y/Y\n\nIncreases Full Year 2021 Net Sales Outlook to Range of $230 Million to $231 Million\n\n 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 1, 2021.\n\nThird Quarter 2021 Overview\n\n\nQuarterly Net Sales of $58.4 Million Up 24% from the Prior Year Quarter\n\n\nQuarterly ICL Sales of $54.2 Million Up 31% from the Prior Year Quarter\n\n\nQuarterly ICL Units Up 29% from the Prior Year Quarter\n\n\nGross Margin at 77.6% vs. 74.1% in the Prior Year Quarter\n\n\nNet Income of $0.12 per Share vs. $0.08 in the Prior Year Quarter\n\n\nCash and Cash Equivalents Ended the Quarter at $196.2 Million Up from $152.5 Million in Q4 2020\n\n\n“We experienced outstanding demand for our ICLs during the third quarter and achieved net sales above the high end of our previously provided outlook,” said Caren Mason, President and CEO of STAAR Surgical. “Enthusiasm for our implantable Collamer® lenses continues to grow and has never been higher. In fact, orders for ICLs outstripped our supply of lenses in the quarter. With China being our largest market, our distributor’s inventory levels in China were drawn down to historically low levels to meet surgeon and patient demand. While we were able to meet 35% growth levels to the surgeon and patient community from our distributor inventory, we were only able to ship units equaling 19% growth to our distributor. COVID-related employment, production output and modest supply chain challenges impacted the quarter and resulted in a backlog of over 20,000 lenses at the end of the third quarter representing several million dollars of orders-in-house. Despite the challenges which we are addressing, we achieved global ICL unit growth up 29%, year over year, for the third quarter of 2021. ICL unit growth was up 44% in Japan, up 21% in South Korea, up 338% in India, up 25% in Germany, up 66% in the U.S. and up 32% in our hybrid distributor markets. In the U.S. our submission of clinical data for STAAR’s EVO ICL family of myopia lenses remains under customary interactive FDA review. While our expectation of pre-COVID approval timelines by the FDA has now...