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Sep 27, 2024
STAAR Surgical Q3 2024 Earnings Report
Achieved double-digit sales growth, driven by growth in all regions despite a softened macroeconomic environment in China.
Key Takeaways
STAAR Surgical reported a 10% increase in net sales to $88.6 million for Q3 2024, driven by ICL sales growth and unit growth. Net income increased to $10.0 million, or $0.20 per share.
Net sales increased by 10% to $88.6 million compared to the prior year quarter.
ICL sales grew by 10% to $89.1 million year-over-year.
Net income rose to $10.0 million, or $0.20 per share, from $4.8 million, or $0.10 per share, in the prior year quarter.
Cash, cash equivalents, and investments available for sale totaled $236.0 million as of September 27, 2024.
Revenue by Geographic Location
Forward Guidance
The Company maintained its prior outlook for fiscal year 2024 net sales and Adjusted EBITDA.
Positive Outlook
- Net sales of $340 million to $345 million.
- Adjusted EBITDA of approximately $42 million
- Adjusted EBITDA per diluted share of approximately $0.80
- EVO ICL sales growth of 17% in the Americas (prior outlook was 15%) including 20% in the U.S. (prior outlook was 25%)
- EMEA sales growth of 10% (prior outlook was 6%)
Challenges Ahead
- APAC sales growth of 4% (prior outlook was 7%)
- Approximately 2% growth in China (prior outlook was 10%)
- Gross margin in the third quarter was lower primarily due to reduced unit production that resulted in less absorption of fixed overhead.
- Operating expenses for the third quarter of 2024 were $62.8 million, up from the prior year quarter of $57.3 million.
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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