Staar Surgical Co

Latest Results (14.08.2024):

Record Net Sales

Staar Surgical Co reported record net sales of $99.0 million for the second quarter of 2024, marking a 7% increase compared to the same period last year. On a constant currency basis, net sales reached $100.4 million, reflecting a 9% growth. This milestone underscores the company's robust commercial momentum and strategic execution.

Increased Gross Margin

The gross margin for Staar Surgical Co in the second quarter of 2024 was 79.2%, up from 76.6% in the prior year quarter. This improvement was primarily driven by favorable changes in reserves related to cataract IOLs, following the company's exit from the cataract IOL business in fiscal 2023.

Net Income Growth

Staar Surgical Co reported a net income of $7.4 million, or $0.15 per share, for the second quarter of 2024. This represents an increase from the net income of $6.1 million, or $0.12 per share, reported in the same quarter of the previous year. The rise in net income was attributed to higher sales and gross profit, despite increased operating expenses and losses on foreign currency transactions.

Operating Expenses

Operating expenses for Staar Surgical Co in the second quarter of 2024 were $66.5 million, up from $62.1 million in the prior year quarter. The increase was mainly due to higher general and administrative expenses, which rose to $23.6 million from $18.1 million, driven by increased compensation-related expenses, facilities costs, and outside services.

Raised Fiscal 2024 Outlook

Staar Surgical Co has raised its outlook for fiscal year 2024, now expecting net sales to be in the range of $340 million to $345 million, up from the previous outlook of $335 million to $340 million. Adjusted EBITDA is projected to be approximately $42 million, an increase from the prior estimate of $39 million. This optimistic outlook reflects the company's strong performance and growth potential in key markets.