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Jun 28, 2024
STAAR Surgical Q2 2024 Earnings Report
STAAR Surgical reported record net sales, including milestone sales over $100 million on a constant currency basis.
Key Takeaways
STAAR Surgical reported a 7% increase in net sales to $99.0 million for Q2 2024, with ICL sales up 7% and units up 3%. The company's gross margin improved to 79.2%, and net income rose to $7.4 million, or $0.15 per share. STAAR Surgical raised its full-year outlook for net sales to $340 million - $345 million and adjusted EBITDA to approximately $42 million.
Net sales increased by 7% to $99.0 million, or 9% to $100.4 million in constant currency.
ICL sales grew by 7% to $99.4 million, with a 3% increase in units.
Gross margin improved to 79.2% compared to 76.6% in the previous year.
Net income reached $7.4 million, or $0.15 per share, compared to $6.1 million, or $0.12 per share, in the prior year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company raised its outlook for fiscal year 2024 net sales and Adjusted EBITDA. The Company now expects net sales of $340 million to $345 million and Adjusted EBITDA of approximately $42 million for fiscal year 2024.
Positive Outlook
- Net sales of $340 million to $345 million, increased from prior outlook for net sales of $335 million to $340 million.
- Adjusted EBITDA of approximately $42 million and Adjusted EBITDA per diluted share of approximately $0.80, increased from prior outlook of Adjusted EBITDA of approximately $39 million and Adjusted EBITDA per diluted share of approximately $0.75.
- EVO ICL sales growth in the Americas of 15% including 25% in the U.S.
- EMEA sales growth of 6%.
- APAC growth of 7%, including approximately 10% in China.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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