LAKE FOREST, Calif. - STAAR Surgical Company (NASDAQ: STAA), known for its EVO family of Implantable Collamer® Lenses (EVO ICL™), has announced preliminary net sales surpassing $77 million for the first quarter ending March 29, 2024. A notable highlight includes a record $5 million in U.S. ICL sales, marking the company's highest quarterly achievement in the U.S. market since the EVO ICL received FDA approval in March 2022.
The increase in U.S. ICL sales represents a 20% sequential growth, reflecting STAAR Surgical's intensified market focus. Additionally, the company reported an 11% year-over-year increase in EMEA ICL sales and a 9% rise in the APAC region, with China contributing approximately 10% to this growth.
Tom Frinzi, President and CEO of STAAR Surgical, expressed satisfaction with the company's performance across key geographies. Frinzi anticipates that the full financial results, which will be discussed in detail during the upcoming earnings call, may place the company's fiscal 2024 net sales at the higher end of the previously announced $335 million to $340 million range.
The company's financial position also appears robust, with cash, cash equivalents, and investments available for sale reported at approximately $248 million, and accounts receivable at $70 million as of March 29, 2024. These figures show an improvement from $232.4 million and $94.7 million, respectively, as of December 29, 2023.
STAAR Surgical's complete financial results for the first quarter and further discussion on its fiscal 2024 outlook are expected to be presented during the quarterly earnings call around May 8, 2024. This preliminary financial information is subject to adjustments upon finalization of the financial statements to be included in the company's Quarterly Report on Form 10-Q for the three months ended March 29, 2024.
The company, which has specialized in ophthalmic surgery for over four decades, has sold more than 3 million ICLs worldwide and operates in over 75 countries. Its lenses aim to reduce or eliminate dependence on glasses or contact lenses, offering visual freedom to patients.
This article is based on a press release statement, which contains forward-looking statements subject to risks and uncertainties, including global economic conditions and regulatory actions.
InvestingPro Insights
STAAR Surgical Company (NASDAQ: STAA) has shown a robust performance in its preliminary net sales, with a particularly strong showing in the U.S. market for its EVO family of Implantable Collamer® Lenses. As investors assess STAAR Surgical's financial health and future prospects, several InvestingPro metrics and tips can provide additional context.
The company's market capitalization stands at approximately $1.91 billion, reflecting its size and market value within the medical devices sector. STAAR Surgical's P/E ratio is currently high at 87.66, suggesting that investors may expect high future earnings growth compared to the overall market. This is supported by a substantial revenue growth of 19.09% in the most recent quarter, signaling that the company's sales are increasing at a healthy rate.
Among the InvestingPro Tips for STAAR Surgical, it is noteworthy that the company holds more cash than debt on its balance sheet, which indicates a solid financial position. Additionally, analysts have revised their earnings downwards for the upcoming period, which could be an essential factor for investors to consider. In total, there are 11 InvestingPro Tips available, providing deeper insights into STAAR Surgical's financials and market performance.
Investors interested in a comprehensive analysis of STAAR Surgical's financial health and future outlook can find additional InvestingPro Tips at https://www.investing.com/pro/STAA. Moreover, using the coupon code PRONEWS24 can secure an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering valuable investment tools and insights.
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