STAAR Surgical (STAA) Tops Q4 EPS by 9c

STAAR Surgical (NASDAQ: STAA) reported Q4 EPS of $0.12, $0.09 better than the analyst estimate of $0.03. Revenue for the quarter came in at $38.9 million versus the consensus estimate of $38.42 million.

Fourth Quarter 2019 Overview

• Net Sales of $38.9 Million Up 25% from the Prior Year Quarter
• ICL Sales of $33.3 Million Up 27% and Units Up 27% from the Prior Year Quarter
• Gross Margin at 74.1% vs. 73.7% in the Prior Year Quarter
• Net Income of $0.14 per Share vs. Prior Year Quarter Net Income of $0.02 per Share
• Net Income includes a $0.07 per Share tax benefit above the previously announced preliminary estimate
• Cash and Cash Equivalents Ended the Quarter at $120.0 Million.

“We closed 2019 with strong fourth quarter results leading to full year performance above our committed targets for ICL unit growth, total revenue growth, cash generation and earnings per share. STAAR entered 2020 with continued financial and operating momentum. We achieved progress on our clinical and regulatory strategic imperatives with a new CE Mark approval for use of our ICL as a supplemental lens and the first patient implant in our U.S. EVO clinical trial,” said Caren Mason, President and CEO of STAAR Surgical. “27% ICL unit growth for the fourth quarter included Japan up 95%, China up 43%, Germany up 29%, Spain up 20%, India up 16% and the U.S. up 10% as compared to the prior year period. As with many other companies, we are assessing and managing through the potential impact of the coronavirus on our business in China and elsewhere. Our thoughts are with all those who have been or may become impacted globally by the coronavirus. We have been directly in touch with and have been working with our China customers. Our customers have experienced a mandated pause in procedures during the month of February and our ICL unit volume will be impacted in the first quarter. We currently expect a potential $5 million to $7 million delay in sales orders. The STAAR China team has been engaged in an extensive remote customer outreach program that includes digital training courses. For example, during the week of February 10th, STAAR China had more than 2,500 healthcare professionals participate in online training. Attendees included roughly 500 ophthalmic surgeons, as well as nurses, examiners and ICL specialists. We understand that our customers are hopeful to resume robust clinical activities, including implantation of the EVO ICL family of lenses, in March. Excluding any potential full year impact from the coronavirus, at this time we are maintaining our full year sales outlook.”

For earnings history and earnings-related data on STAAR Surgical (STAA) click here.

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