LAKE FOREST, Calif.—STAAR Surgical Company (NASDAQ: STAA), a developer, manufacturer and marketer of implantable lenses for the eye, reported net sales growth for both the fourth quarter and fiscal year ended Dec. 30, 2022. Net sales were $64.0 million for the fourth quarter of 2022, up 9 percent compared to $59.0 million reported in the prior year quarter. Net sales were $284.4 million for fiscal year 2022, up 23 percent compared to $230.5 million reported in the prior year.

The sales increase in the fourth quarter was driven by ICL sales and unit growth of 15 percent and 20 percent, respectively, as compared to the prior year period. Other product sales decreased 52 percent compared to the prior year quarter. ICL sales were 96 percent of total net sales for the fourth quarter of 2022. For fiscal year 2022, the increase in net sales for fiscal year 2022 was also driven by ICL sales and unit growth of 27 percent and 33 percent, respectively.

Tom Frinzi, president and CEO of STAAR Surgical, said, “Our fourth quarter and fiscal 2022 results continue STAAR’s multi-quarter track record of industry leading growth with fiscal 2022 global ICL sales up 27 percent and in constant currency up 32 percent and units up 33 percent year over year. These levels of ICL growth exceed the ambitious goals we previously announced for 2022. Moreover, our growth significantly outpaced the roughly flat growth for refractive industry procedures over the same period.  

“For the fourth quarter ICL unit growth was up 20 percent year over year, including U.S. units up 109 percent and China units up 18 percent. In China, transient COVID-related headwinds that impacted our results in the fourth quarter are subsiding as we move through the first quarter of 2023," Frinzi said.

Net income for the fourth quarter of 2022 was $5.9 million or $0.12 per diluted share compared with net income of $4.9 million or $0.10 per diluted share for the prior year quarter. Net income for fiscal year 2022 was $38.8 million or $0.78 per diluted share compared with net income of $24.5 million or $0.50 per diluted share for the prior year. 

Frinzi added, “STAAR will move forward in 2023 with purpose and increased investment to further accelerate consumer awareness, surgeon confidence and adoption of our EVO ICL family of lenses, all while continuing our industry leading position as a high growth and profitable ophthalmic medical device company.”