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Sep 30, 2022
STAAR Surgical Q3 2022 Earnings Report
STAAR Surgical's Q3 2022 net sales increased by 30% year-over-year, driven by strong ICL sales and unit growth, despite currency headwinds and macroeconomic challenges in Europe.
Key Takeaways
STAAR Surgical Company reported net sales of $76.0 million for the third quarter of 2022, a 30% increase compared to the prior year quarter. ICL sales increased by 33% and ICL unit growth was 40%. Net income was $10.3 million, or $0.21 per diluted share, compared to $6.0 million, or $0.12 per diluted share, for the prior year quarter.
Net sales increased by 30% to $76.0 million, with constant currency net sales up 37% from the prior year quarter.
ICL sales grew by 33% to $72.0 million, with constant currency ICL sales up 39% from the prior year quarter.
ICL unit growth was up 40% from the prior year quarter.
Net income was $0.21 per share, compared to $0.12 per share in the prior year quarter.
Forward Guidance
STAAR Surgical anticipates total net sales of approximately $285 million for fiscal 2022, which represents $300 million adjusted for constant currency. The fiscal 2022 outlook includes ICL sales of approximately $272 million, representing approximately 28% year over year growth, and Other Products sales of approximately $13 million. For fiscal 2023, the company expects to achieve approximately 30% ICL sales growth, year over year, to approximately $355 million in total company net sales which contemplates limited sales from Other Products.
Positive Outlook
- Significant growth opportunities with premium EVO products
- Strong EVO ICL unit growth in APAC and accelerating growth in the U.S.
- Global ICL unit growth was up 40% year over year
- Expect EVO lenses to capture more than 25% of the estimated 1.2 million annual refractive procedures in China by the end of 2022
- Focus on large growth opportunities in the U.S. and Asia in 2023
Challenges Ahead
- Tighter COVID restrictions in China resulting in expected delayed demand in the fourth quarter
- Ongoing headwinds in Europe
Historical Earnings Impact
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