STAAR Surgical (NASDAQ: STAA) reported Q3 EPS of $0.05, in-line with the analyst estimate of $0.05. Revenue for the quarter came in at $39.1 million versus the consensus estimate of $38.56 million.

Third Quarter 2019 Overview

• Net Sales of $39.1 Million Up 23% from the Prior Year Quarter
• ICL Sales of $33.8 Million Up 28% from the Prior Year Quarter
• ICL Units Up 35% from the Prior Year Quarter
• Gross Margin at 74.4% vs. 75.1% in the Prior Year Quarter
• Net Income of $0.05 per Share vs. Prior Year Quarter Net Income of $0.03 per Share
• Cash and Cash Equivalents Ended the Quarter at $112.3 Million.

“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. “35% ICL unit growth for the third quarter included Japan up 57%, China up 48%, South Korea up 38%, France up 20%, Spain up 14%, the UK up 13% and Germany up 11%, as compared to the prior year period. These results compare favorably in contrast to recent third-party data which indicates a decline in the number of competing refractive vision correction procedures in the first half of 2019. Our commercial activities during the quarter focused on surgeon engagement including significant events for our U.S. and global customers. In August we hosted leading U.S. surgeons at our inaugural U.S. Surgeons Council Summit in Dallas where U.S. surgeons engaged directly with surgeons from China, Japan and Germany who shared their successes implementing ICL business models and practice development activities for delighting patients and accelerating growth. In September we hosted over 300 surgeons and clinicians, many from Asia and Europe, at our annual EVO Visian ICL Experts Summit ahead of the 37th Congress of the European Society of Cataract and Refractive Surgeons in Paris. Enthusiasm for our ICL lenses among refractive surgeon attendees was palpable as we also recognized surgeons who implant hundreds and surgeons who implant thousands of ICLs annually. STAAR’s strong ICL unit growth, up 36% through the first three quarters of 2019 versus the prior year period, represents meaningful market share expansion as compared to recent data published by Market Scope forecasting a 2.4% global increase for refractive procedures in 2019. According to Market Scope, the total number of laser vision correction procedures has declined as the number of lens-based procedures has increased in the first half of 2019.1 This data and our strong quarterly sales results underscores our view that the future of vision correction will be lens-based. We today reaffirm our previously stated target metrics for the fiscal year 2019 including 30% ICL unit growth, 20% company revenue growth and a year-over-year improvement in GAAP net income.”

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