LAKE FOREST, Calif.—STAAR Surgical Company (NASDAQ: STAA), a developer, manufacturer and marketer of the EVO family of implantable collamer lenses (EVO ICL) for myopia, astigmatism and presbyopia, has reported financial results for the first quarter ended March 29, 2024. Net sales were $77.4 million for the first quarter of 2024, up 5 percent compared with $73.5 million reported in the prior year quarter, according to an announcement. The sales increase in the first quarter was driven by ICL sales growth of $6.5 million, up 9 percent, and unit growth of 2 percent as compared with the prior-year period.

Cataract IOL and Other Product sales were down $2.7 million as compared with the prior-year period. The company exited its cataract IOL business in fiscal 2023. Net loss for the first quarter of 2024 was $3.3 million compared with net income of $2.7 million for the prior year quarter.

“Our first quarter results illustrate the impact of our commercial focus, which is driving continued market adoption and share gains of our EVO ICL,” said Tom Frinzi, president and CEO of STAAR Surgical. “Our strategic investments in people and processes in recent quarters are now bearing fruit. We are very pleased by the quickening pace of our momentum to start 2024, marked by several significant business milestones, including today’s announcement of the largest-ever practice commitment to EVO ICL in the U.S.”

He continued, “In the first quarter, STAAR continued to capture market share during a challenging macroeconomic environment for our surgeon customers and their patients. We saw strong momentum and remain well-positioned to capitalize on our growth opportunities. In the U.S., sales were $5 million in the quarter, up 15 percent year-over-year and 21 percent sequentially. In APAC, we generated 9 percent sales growth, which was above our expectations, including 10 percent growth in China.

"Our EMEA region exceeded our expectations during the quarter, generating 11 percent sales growth with Belgium and the Netherlands joining China and Japan with a 20 percent-plus share of refractive industry procedures. Spain, one of Europe’s largest markets for refractive vision correction, is also quickly approaching a 20 percent market share. The investments in our European markets started just a few years ago and are now paying off,” Frinzi said.

Gross profit margin for the first quarter of 2024 was 78.9 percent of net sales compared with the prior year quarter of 78.3 percent of net sales. Product and country mix favorably impacted gross margin in the first quarter of 2024 as compared with the prior year quarter.

Operating expenses for the first quarter of 2024 were $63.3 million compared with the prior year quarter of $54.8 million. Cash, cash equivalents and investments available for sale as of March 29, 2024, totaled $252.1 million, compared with $232.4 million as of December 29, 2023, the company said.

The company reaffirmed its prior outlook for fiscal year 2024 net sales and increased its outlook for adjusted EBITDA. “For fiscal 2024, we are reiterating our net sales outlook range of $335 million to $340 million and expect, based on current trends, to be at the higher end of the range,” Frinzi said.