STAAR Surgical (STAA) Tops Q3 EPS by 5c, Revenues Beat

STAAR Surgical (NASDAQ: STAA) reported Q3 EPS of $0.08, $0.05 better than the analyst estimate of $0.03. Revenue for the quarter came in at $47.1 million versus the consensus estimate of $42.99 million.

Third Quarter 2020 Overview

• Record Quarterly Net Sales of $47.1 Million Up 21% from the Prior Year Quarter
• Record Quarterly ICL Sales of $41.5 Million Up 23% from the Prior Year Quarter
• Record Quarterly ICL Units, Up 25% from the Prior Year Quarter
• Gross Margin at 74.1% vs. 74.4% in the Prior Year Quarter
• Net Income of $0.08 per Share vs. Prior Year Quarter Net Income of $0.05 per Share
• Cash and Cash Equivalents Ended the Quarter at $128.3 Million up from $116.3 Million in Q2 2020

“STAAR achieved 25% year-over-year global ICL unit growth for the third quarter of 2020 with demand building each month throughout the quarter. Third quarter results reflect strong growth in our North America, Europe and APAC markets, partially offset by the India and Middle East markets which significantly underperformed and were more greatly impacted by COVID-19,” said Caren Mason, President and CEO of STAAR Surgical. “Standout markets in the third quarter included China up 33%, Japan up 67%, Korea up 21%, Rest of Asia Pacific up 67%, Spain up 24%, Germany up 13% and distributor markets in Europe up 17% in ICL units year over year. ICL implanted units in the U.S. were up 74% sequentially in the quarter as STAAR supported our physician customers with a Refractive Restart program designed to encourage doctor recommendation and patient selection of our current Visian ICL lenses. Lens-based practice support in the U.S. using STAAR-provided clinical and business development validation continues to gain adoption by surgeons who speak to us of happy patients today and excitement about the possibilities of a future with the EVO version of our ICL lenses.”

“In a year of considerable uncertainty, STAAR is endeavoring to provide a level of predictability to both our financial performance and the clinical experience. We achieved strong unit and sales growth while also demonstrating an operating discipline that allowed increased operating income. During the third quarter we also advanced our pipeline of new products for the U.S. and Europe. We completed enrollment for the primary study analysis cohort of 300 subjects in our U.S. EVO clinical trial and are pleased to report they have now been implanted with the EVO lens and will be followed pursuant to the clinical trial protocol. Today, we also announced via press release, the initial implementation of the phased rollout of STAAR’s innovative EVO Viva™ presbyopia-correcting lens in Europe. A paper on the EVO Viva lens has been published in Clinical Ophthalmology, consumer websites were recently launched, and the first commercial EVO Viva lens patient has been implanted in Belgium,” concluded Ms. Mason.

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

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