STAAR Surgical Reports Preliminary Fourth Quarter Net Sales Growth of 25%
January 13 2020 - 7:01AM
Business Wire
Achieves 33% ICL Unit Growth for Fiscal
2019
Provides Initial Outlook for Fiscal 2020
STAAR Surgical Company (NASDAQ: STAA), a leading developer,
manufacturer and marketer of implantable lenses and companion
delivery systems for the eye, today provided preliminary results
for the fourth quarter and fiscal year ended January 3, 2020. The
Company expects fourth quarter and fiscal year net sales to
increase approximately 25% and 21% over the prior year periods,
respectively. Total net sales for the fourth quarter and fiscal
year are expected to be approximately $38.9 million and $150.2
million, respectively, as compared to Company outlook for $37.6
million and $149.0 million most recently provided on November 8,
2019. Fourth quarter GAAP earnings per share is expected to be
approximately $0.05, exceeding the current $0.02 consensus analyst
estimate.
“The preliminary sales and unit growth results we are reporting
today demonstrate STAAR’s ability to deliver on our stated
financial commitments that support continued market share momentum
for our ICL family of products and paradigm change in refractive
vision correction to our lens-based solutions,” said Caren Mason,
President and CEO of STAAR Surgical. “For the 2019 fiscal year
preliminary earnings per share nearly doubled to approximately
$0.21 driven by 33% global ICL unit growth and operating expense
discipline, underscoring STAAR’s standing as one of the few
publicly-traded growth medical technology companies with GAAP
earnings profitability. On the regulatory front we also announced
today that we have won a new CE Mark approval for the use of our
ICL as a supplemental lens for the many post-cataract-surgery IOL
patients who may be unhappy because they find themselves back in
glasses or disposable contact lenses. Following another year of
strong performance in 2019, we now fully turn our attention to
achieving the financial and operating targets we recently outlined
for the next three-year planning period.”
The Company also today provided an initial outlook for fiscal
year 2020 including total net sales growth, year-over-year, in the
range of 16% to 20% with a mid-point of 18%, representing
approximately $177.2 million in fiscal 2020 total net sales, and
also reaffirmed expectations for a 25% total net sales CAGR for the
fiscal 2020-2022 three-year planning period. STAAR expects net
sales attributable to its non-core “Other Products” business
segment will decline by approximately $3 million for fiscal year
2020 as the Company continues to phase out certain lower margin,
non-strategic “Other Products” while simultaneously investing more
resources in the core ICL business segment, which the Company
expects will continue its strong trajectory of growth. The Company
anticipates total net sales growth, on an annual basis, will
accelerate over the three-year planning period driven by new
product catalysts and increasing adoption by surgeons and patients
of the Company’s proprietary EVO Visian ICL family of lenses. GAAP
earnings per share for fiscal 2020 is expected to be similar to
fiscal 2019 on a full-year basis as the Company incurs one-time
expenses related to its EVO clinical trial in the U.S. and makes
strategic sales and marketing investments ahead of accelerating
sales growth in fiscal 2021 and 2022.
STAAR expects to report its complete 2019 financial results on
its fourth-quarter and full-year earnings call on or about February
26, 2020 and provided today’s information due to investor meetings
taking place January 13-14, 2020. The financial information in this
release is unaudited and subject to adjustment in the final audited
financial statements to be filed with the Company’s Annual Report
on Form 10-K.
About STAAR Surgical
STAAR, which has been dedicated solely to ophthalmic surgery for
over 30 years, designs, develops, manufactures and markets
implantable lenses for the eye with companion delivery systems.
These lenses are intended to provide visual freedom for patients,
lessening or eliminating the reliance on glasses or contact lenses.
All of these lenses are foldable, which permits the surgeon to
insert them through a small incision. STAAR’s lens used in
refractive surgery is called an Implantable Collamer® Lens or
“ICL”, which includes the EVO Visian ICL™ product line. More than
1,000,000 Visian® ICLs have been implanted to date and STAAR
markets these lenses in over 75 countries. To learn more about the
ICL go to: www.discovericl.com. Headquartered in Lake Forest, CA,
the company operates manufacturing and packaging facilities in
Aliso Viejo, CA, Monrovia, CA and Nidau, Switzerland. For more
information, please visit the Company’s website at
www.staar.com.
Forward-Looking
Statements
This news release contains forward-looking statements. These
statements include but are not limited to statements regarding the
potential market and commercial and medical significance of the
Visian ICL family of products in the market, and our ability to
obtain and maintain regulatory market approval. Forward-looking
statements are based on our current expectations or beliefs
regarding future events or circumstances, and you should not place
undue reliance on these statements. Such statements involve known
and unknown risks, uncertainties, assumptions and other factors,
many of which are out of STAAR’s control and difficult to forecast
that may cause actual results to differ materially from those that
may be described or implied in the forward-looking statements.
STAAR cannot be certain about the commercial success of the Visian
ICL family of products in any market. For a discussion of certain
other risks, uncertainties and other factors affecting the
statements contained in this news release, see STAAR’s Annual
Report on Form 10-K for the year ended December 28, 2018, under the
caption “Risk Factors,” which is on file with the SEC and available
in the “Investor Information” section of STAAR’s website under the
heading “SEC Filings”. Except as required by law, STAAR assumes no,
and hereby disclaims any, obligation to update any of the foregoing
or any other forward-looking statements. STAAR nonetheless reserves
the right to make such updates from time to time by press release,
periodic report or other method of public disclosure without the
need for specific reference to this news release. No such update
shall be deemed to indicate that other statements not addressed by
such update remain correct or create an obligation to provide any
other updates.
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version on businesswire.com: https://www.businesswire.com/news/home/20200113005266/en/
Investors & Media Brian Moore Sr. Director, Investor,
Media Relations and Corporate Development (626) 303-7902, Ext. 3023
bmoore@staar.com
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