Staar Surgical Reports 4Q Net Sales Up 25 Percent

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LAKE FOREST, Calif.—Staar Surgical (NASDAQ: STAA) said yesterday that it expects fourth quarter and fiscal year net sales for the year ended Jan. 3, 2020 to increase approximately 25 percent and 21 percent over the prior year periods, respectively. Total net sales for the fourth quarter and fiscal year are expected to be approximately $38.9 million and $150.2 million, respectively, as compared to the company’s outlook for $37.6 million and $149.0 million most recently provided on Nov. 8, 2019.

“The preliminary sales and unit growth results we are reporting today demonstrate Staar’s ability to deliver on our stated financial commitments that support continued market share momentum for our ICL family of products and paradigm change in refractive vision correction to our lens-based solutions,” said Caren Mason, president and CEO of Staar Surgical.

Mason noted that Staar has received a CE Mark approval for the use of its ICL as a supplemental lens for post-cataract-surgery IOL patients who “may be unhappy because they find themselves back in glasses or disposable contact lenses.”

Staar also provided an initial outlook for fiscal year 2020 including total net sales growth, year-over-year, in the range of 16 percent to 20 percent with a mid-point of 18 percent, representing approximately $177.2 million in fiscal 2020 total net sales, and also reaffirmed expectations for a 25 percent total net sales CAGR for the fiscal 2020-2022 three-year planning period. Staar said it expects net sales attributable to its non-core business segment will decline by approximately $3 million for fiscal year 2020 as the company continues to phase out certain lower margin, non-strategic “other products” while simultaneously investing more resources in the core ICL business segment, which the company expects will continue its strong trajectory of growth.

Staar said it anticipates that total net sales growth, on an annual basis, will accelerate over the three-year planning period driven by new product catalysts and increasing adoption by surgeons and patients of the its proprietary EVO Visian ICL family of lenses.

Staar expects to report its complete 2019 financial results on its fourth-quarter and full-year earnings call on or about Feb. 26, 2020.