The following is a summary of the STAAR Surgical Company (STAA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• STAAR Surgical posted Q1 2024 net sales of $77.4 million, exceeding estimates due to a 9% increase in ICL sales.

• Gross profit for Q1 2024 was $61 million or 78.9% of net sales, a slight increase compared to last year's 78.3%.

• The company reported a net loss of $3.3 million or $0.07 loss per share due to a foreign currency exchange loss of $2.3 million.

• The forecast for fiscal 2024 annual sales is between $335 million and $340 million.

• Q2 2024 is projected to have revenue of about $95 million based on current trends.

Business Progress:

• EVO ICL lens technology showed strong growth across major regions.

• The company launched STAAR University and the Stella ordering system to improve surgeon efficiency.

• STAAR's largest ever deal with Dr. Robert Lin and IQ Laser Vision in the U.S. promises substantial growth.

• U.S. quarterly sales hit a record high of $5 million, and strategic investments were made in China, the U.S., India, and Brazil.

• ICL sales increased across all regions: 9% in Asia-Pacific, 11% in EMEA, and 15% in the U.S., with the aim to make EVO ICL preferred for patients with minus 6 and above diopters.

• Plans to increase their team in China to over 100 members by year's end.

• They continue to compete effectively by upgrading services and staying technologically ahead.

More details: Staar Surgical IR

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