STAAR Surgical (NASDAQ: STAA) reported Q2 EPS of $0.09, $0.10 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $33.9 million versus the consensus estimate of $26.74 million.

Second Quarter 2018 Overview

• Net Sales of $33.9 Million Up 55% from the Prior Year Quarter
• ICL Sales Up 67% and Units Up 66% from the Prior Year Quarter
• Other Sales Up 18% from the Prior Year Quarter
• Gross Margin at 74.4% of Sales from 70.5% of Sales in the Prior Year Quarter
• Earnings per Share of $0.04 versus a Loss per Share of ($0.02) in the Prior Year Quarter
• Non-GAAP Earnings per Share of $0.09 versus a Loss per Share of ($0.01) in the Prior Year Quarter
• Cash, Cash Equivalents and Restricted Cash of $21.4 Million at Quarter End.

"STAAR generated record quarterly sales of $33.9 Million, a 55% increase from prior year, driven by the continuing expansive growth of our EVO Visian ICL™ family of lenses,” said Caren Mason, President and CEO. “ICL unit growth highlights for the quarter included Japan up 131%, China up 127%, Canada up 64% and India up 61% with solid 30% unit growth in Germany and 20% growth from our European distributors. We continue to see a high level of momentum in our key international markets and therefore believe our second half sales growth may exceed 20% even taking into account our strong finish to 2017. In addition, we believe our full year fiscal 2018 sales growth may now exceed 25% compared with our prior target for sales growth closer to 20% over 2017, based on current market conditions.”

“Operating expense growth during the second quarter remained comfortably below our rate of sales growth resulting in positive leverage and earnings per share. For fiscal 2018 we now believe we can achieve at least breakeven GAAP net income as we balance prudent growth spending with targeted levels of profitability. We believe that the previously announced lifting of the 2014 Warning Letter in the U.S. is a positive step towards moving forward with the required regulatory approval processes for our Toric and EVO family of lenses in the United States,” concluded Ms. Mason.

For earnings history and earnings-related data on STAAR Surgical (STAA) click here.