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Mar 29, 2024
STAAR Surgical Q1 2024 Earnings Report
STAAR Surgical's Q1 2024 results reflected the impact of commercial focus, driving market adoption and share gains of EVO ICL, with strategic investments bearing fruit and momentum quickening, marked by significant business milestones.
Key Takeaways
STAAR Surgical reported a 5% increase in net sales to $77.4 million in Q1 2024, with ICL sales up by 9%. The company experienced a net loss of $3.3 million, or $0.07 per share, compared to a net income of $2.7 million, or $0.05 per share in the prior year quarter. The company reiterated its fiscal year 2024 net sales outlook of $335 million to $340 million and increased Adjusted EBITDA outlook to approximately $39 million.
Net sales increased by 5% to $77.4 million, and 7% in constant currency.
ICL sales increased by 9%, with unit growth of 2%.
Gross margin was 78.9% compared to 78.3% in the prior year.
Cash, cash equivalents, and investments available for sale reached a record $252.1 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company reiterated its prior outlook for fiscal year 2024 net sales and increased its outlook for Adjusted EBITDA. The Company now expects net sales of $335 million to $340 million and Adjusted EBITDA of approximately $39 million and Adjusted EBITDA per diluted share of approximately $0.75.
Positive Outlook
- Net sales of $335 million to $340 million.
- Adjusted EBITDA of approximately $39 million.
- Adjusted EBITDA per diluted share of approximately $0.75.
- EVO ICL sales growth of approximately 7% in APAC, including 10% in China.
- 10% growth in the Americas, including 10% in the U.S.
Challenges Ahead
- EMEA sales consistent with fiscal year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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