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, announced yesterday net sales of $88.6 million for the third quarter of 2024, up 10 percent from $80.3 million reported in the prior-year quarter. This sales increase was driven by ICL sales growth of $8.0 million, up 10 percent, and unit growth of 6 percent from the prior-year period. All regions experienced third quarter net sales growth, the company reported, with the Americas up 14 percent, Europe, Middle East and Africa (EMEA) up 12 percent, and Asia-Pacific (APAC) up 9 percent.

Other product sales declined $0.2 million in the third quarter of 2024 compared with the prior-year period, the company reported. Changes in currency, primarily the Japanese Yen, negatively impacted reported total net sales by $0.3 million for the third quarter of 2024.

“In the third quarter, we achieved double-digit sales growth against a macroeconomic environment that softened in the second half of the quarter, particularly in China,” said Tom Frinzi, president and CEO of STAAR Surgical. “STAAR is well positioned to navigate through the current market dynamics, which we believe are transitory. Looking ahead, we are encouraged by the recent shift in fiscal policy and announced stimulus in China, and will continue to closely monitor the potential impact on our near to midterm growth outlook.”

Gross profit margin for the third quarter of 2024 was 77.3 percent of net sales as compared with the prior-year quarter of 79.2 percent of net sales. Gross margin in the third quarter was lower primarily due to reduced unit production that resulted in less absorption of fixed overhead, the company said.

Operating expenses for the third quarter of 2024 were $62.8 million, up from the prior-year quarter of $57.3 million. General and administrative expenses were $21.7 million, up from $19.3 million in the prior-year quarter, driven primarily by increased facility costs and compensation-related expenses. Research and development expenses were $14.5 million, up from the prior-year quarter of $11.5 million, primarily due to purchases of in-process research and development, as well as compensation-related expenses, which were partially offset by lower clinical trial costs.

Operating income for the third quarter of 2024 was $5.7 million or 6.4 percent of net sales as compared with operating income of $6.3 million or 7.8 percent of net sales for the third quarter of 2023.

Net income for the third quarter of 2024 was $10.0 million, up from $4.8 million for the prior-year quarter. The increase in net income was primarily attributable to a gain on foreign currency transactions, the company stated.

As of September 27, 2024, cash, cash equivalents and investments available for sale totaled $236.0 million, up from $232.4 million on December 29, 2023.

The company also announced that it is maintaining its prior outlook for fiscal year 2024 net sales in a range of $340 million to $345 million.

“Our focus on customer engagement and market expansion continues to yield solid results, helping drive industry-leading growth and market share gains. As our surgeon customers perform more EVO procedures, they are increasingly using our technology for moderate myopia, which underscores EVO ICL as the treatment choice for -6D and above and expands our total addressable market,” concluded Frinzi.