8-K: STAAR Surgical Announces Strong Preliminary Q1 2024 Sales, Driven by Record U.S. ICL Performance

STAAR Surgical reports preliminary Q1 2024 net sales exceeding $77 million, highlighted by record U.S. ICL sales of $5 million.

Summary

• STAAR Surgical has announced preliminary net sales for the first quarter of 2024, exceeding $77 million.
• U.S. ICL sales reached a record $5 million for the quarter, the highest since the FDA approval of the EVO ICL in March 2022.
• The company experienced sequential growth of approximately 20% in U.S. ICL sales compared to the previous quarter.
• EMEA ICL sales grew by approximately 11% year-over-year, while APAC ICL sales increased by approximately 9%, including 10% growth in China.
• STAAR Surgical anticipates that its full-year 2024 net sales will be at the higher end of its previously announced range of $335 million to $340 million.
• As of March 29, 2024, the company's cash, cash equivalents, and investments available for sale were approximately $248 million, and accounts receivable was approximately $70 million.

Sentiment

Score: 8

Explanation: The document conveys a positive sentiment due to strong preliminary sales results, record U.S. ICL sales, and an improved outlook for the full year. The company's growth in key markets and strong cash position further contribute to the positive sentiment.

Positives

• The company achieved record quarterly U.S. ICL sales of $5 million.
• There was strong sales growth across all major geographic regions.
• The company's cash position has improved to approximately $248 million.
• The company is on track to achieve the higher end of its previously announced sales outlook for 2024.

Risks

• The financial information provided is preliminary and subject to adjustment.
• Global economic conditions could impact future results.
• Regulatory approvals and actions could affect the company's products.
• International conflicts and trade disputes could pose challenges.
• The company is substantially dependent on demand from Asia.
• The willingness of surgeons and patients to adopt new products and procedures is a risk.

Future Outlook

The company believes its fiscal 2024 net sales can be at the higher end of its previously announced outlook range of $335 million to $340 million.

Management Comments

• STAAR is off to a solid start in 2024 as illustrated by our preliminary first quarter results including a record quarter in the U.S., said Tom Frinzi, President and CEO of STAAR Surgical.
• We are pleased by the first quarter performance across all major geographies and will provide further detail on our results and outlook during our upcoming earnings call.

Industry Context

The announcement highlights the growing adoption of ICL technology in refractive surgery, with STAAR Surgical demonstrating strong performance in key markets. The company's focus on the U.S. market is yielding positive results, as evidenced by the record sales.

Comparison to Industry Standards

• While specific competitor data is not provided in this release, the 20% sequential growth in US ICL sales suggests a strong market position compared to other players in the refractive surgery market.
• The 11% year-over-year growth in EMEA and 9% in APAC, including 10% in China, indicates a solid global performance, which is comparable to other medical device companies with a global presence.
• Companies like Alcon and Johnson & Johnson Vision also operate in the ophthalmic space, but they have a broader product portfolio. STAAR's focus on ICLs allows for a more direct comparison with companies specializing in similar technologies.

Stakeholder Impact

• Shareholders are likely to react positively to the strong sales results and improved outlook.
• Employees may be motivated by the company's success and growth.
• Customers (surgeons and patients) may benefit from the company's continued innovation and market expansion.
• Suppliers may see increased demand for their products and services.

Next Steps

• The company will report complete first quarter financial results and discuss its fiscal 2024 outlook during its quarterly earnings call on or about May 8, 2024.

Key Dates

Keywords

ICL, EVO ICL, Implantable Collamer Lens, Ophthalmology, Refractive Surgery, Net Sales, Financial Results, STAAR Surgical