Staar Surgical reports Q2 EPS 12c, consensus 18c

Reports Q2 revenue $92.3M, consensus $92.5M. “Record second quarter global ICL sales of $93.1 million up 19%, were driven by strength in our APAC region which generated 26% ICL sales growth,” said Tom Frinzi, President and CEO of STAAR Surgical. “The peak implant season for our proprietary family of EVO ICL lenses in China, the largest market for refractive procedures in the world, had a strong start in June, during which I had the pleasure of working with our team on the ground for several days. In APAC geographies, EVO has a strong market position and a long runway for growth. In the nascent U.S. market, ICL growth exceeded industry trends and although below our expectations we remain confident this market will achieve the growth levels we have seen in our other target markets. In the U.S. ICL sales were up 10% in the second quarter as compared to refractive industry procedures which were down 15%.1 We have taken a number of steps and implemented initiatives that we expect will accelerate EVO adoption in the U.S. as we exit 2023 and beyond. Given increased conservatism related to the global environment, and a revised near-term outlook for U.S. growth, we are updating our fiscal 2023 ICL sales outlook to a range of approximately $320 million to $325 million. At the mid-point of the range, our outlook represents approximately 20% growth over fiscal 2022 ICL sales of approximately $270 million. The actions we are taking, and the feedback from our customers and their happy EVO patients, make us confident that we will continue to build upon our position as the fastest growing company within the refractive industry in our target markets.”