LAKE FOREST, Calif.—STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of the EVO family of implantable collamer lenses (EVO ICL) for myopia, astigmatism and presbyopia, reported financial results for the fourth quarter and fiscal year ending Dec. 29, 2023. Net sales were up 19 percent to $76.3 million in the fourth quarter, while net sales increased 13 percent to $322.4 million for fiscal year 2023. “We generated strong sales growth in the fourth quarter, consistent with our preliminary sales announcement, and profitability, driven by strength in APAC and sequential growth in EMEA,” said Tom Frinzi, president and CEO of STAAR Surgical.

“For fiscal 2023, every large market delivered positive sales growth. Our ICL unit growth exceeded refractive industry growth by over 25 points for the third year in a row. Our 22 percent global ICL sales growth in the quarter included 30 percent growth in China and 18 percent in EMEA. As we enter 2024, we see encouraging end-market ICL sales trends and are affirming our fiscal 2024 net sales outlook of $335 million to $340 million.”

Frinzi said, “With healthy margins, no debt and a record $232 million of cash, cash equivalents and investments on the balance sheet we will continue to strategically invest in our growth opportunities. We are also enhancing the surgeon experience, both in the clinical environment and in driving practice efficiency. EVO ICL is the next logical step in refractive innovation, with clear differentiators in patient outcomes and patient satisfaction. We are pleased with the increasing interest our lens-based technology is garnering and look forward to sharing more about our progress, partnerships and innovation investments in the coming weeks and at the ASCRS meeting in Boston.”

Net sales were $76.3 million for the fourth quarter of 2023, up 19 percent compared with $64.0 million reported in the prior year quarter. The sales increase in the fourth quarter was driven by ICL sales and unit growth of 22 percent and 19 percent, respectively, as compared with the prior year period.

Net sales were $322.4 million for fiscal year 2023, up 13 percent compared  with $284.4 million reported in the prior year. The increase in net sales was driven by ICL sales and unit growth of 18 percent and 19 percent, respectively.

Net income for the fourth quarter of 2023 was $7.8 million compared with net income of $6.8 million for the prior year quarter. The year over year increase in net income was attributable to higher gross profit, partially offset by a higher provision for income taxes, lower other income and increased SG&A expenses.

Net income for fiscal year 2023 was $21.3 million, compared with net income of $39.7 million or for the prior year. The year over year decrease in net income was due to increased SG&A expenses and provision for income taxes, partially offset by higher gross margin and other income.

Cash, cash equivalents and investments available for sale at Dec. 29, 2023, totaled $232.4 million, compared with $225.5 million at end of the fourth quarter of 2022.

For fiscal year 2024, the company expects net sales of $335 million to $340 million. This outlook contemplates EVO ICL sales growth of approximately 7 percent in APAC, including 10 percent in China; 10 percent growth in the Americas, including 10 percent in the U.S.; and EMEA sales consistent with fiscal year 2023.