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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 Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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