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Jun 30, 2023
STAAR Surgical Q2 2023 Earnings Report
STAAR Surgical's performance was highlighted by record ICL sales and overall net sales growth, but profitability was impacted by increased operating expenses and adjustments related to the Other Products segment.
Key Takeaways
STAAR Surgical reported a 14% increase in net sales to $92.3 million, driven by a 19% increase in ICL sales. However, net income decreased to $6.1 million, or $0.12 per diluted share, due to higher operating expenses and accounting adjustments related to the Other Products segment. The company is updating its fiscal 2023 ICL sales outlook to a range of approximately $320 million to $325 million.
Net sales increased by 14% to $92.3 million, which includes a $0.7 million sales reduction related to Other Products.
ICL sales reached a record $93.1 million, representing a 19% year-over-year growth and a 20% growth in constant currency.
ICL unit sales increased by 21% year-over-year.
Net income was $0.12 per share, compared to $0.26 per share in the prior year quarter.
Revenue by Segment
Forward Guidance
Given increased conservatism related to the global environment, and a revised near-term outlook for U.S. growth, the company is updating its 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 of approximately $270 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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