STAAR Surgical Reports Third Quarter Results

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LAKE FOREST, Calif.—STAAR Surgical (NASDAQ: STAA), reported net sales of $39.1 million for the third quarter ended September 27, 2019, a 23 percent increase over the prior year quarter. ICL (Implantable Collamer Lens) sales rose 28 percent from year ago, to $33.8 million; ICL unit sales increased 35 percent from the prior quarter. “Record sales for our third quarter and all-time record cash generation are just two highlights of the strong results we reported today as our ICL and EVO ICL lens families continued to capture market share and we concluded another successful peak-implant season in China,” said Caren Mason, president and CEO of STAAR Surgical.

STAAR’s other product sales declined modestly by two percent. ICL revenue was 87 percent of total sales in the third quarter and other product sales was 13 percent of total sales in the third quarter. Foreign currency, which negatively impacted reported sales for the first two quarters of 2019, did not have a meaningful impact on reported net sales for the third quarter of 2019, according to STAAR.

Gross profit margin for the third quarter of 2019 was 74.4 percent compared to the prior year period of 75.1 percent. The change in gross profit margin for the quarter is primarily due to period expenses incurred in the construction of new manufacturing facilities intended to satisfy growing demand for existing products and products currently under review by regulatory agencies.