STAAR Surgical Announces Preliminary Fourth Quarter and Full Year 2020 Results
January 10 2021 - 6:00PM
Business Wire
Net Sales Approximately $46 Million in Fourth
Quarter and $163 Million for Full Year
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 1, 2021. The
Company expects total net sales for the fourth quarter to be
approximately $46 million and full year sales to be approximately
$163 million. GAAP earnings per share is expected to be
approximately $0.06 for the fourth quarter and approximately $0.12
for the fiscal year ended January 1, 2021. The Company expects cash
and cash equivalents to be approximately $152 million at January 1,
2021.
“STAAR’s preliminary fourth quarter and fiscal 2020 results
further illustrate the global demand for our lenses by surgeons and
patients and our continued ability to capture market share in the
midst of a global pandemic. ICL units in the fourth quarter were up
17% in China, up 52% in Japan, up 16% in South Korea, up 28% in
Germany, up 18% in European distributor markets and up 71% in the
rest of APAC as compared to the prior year. In December, an
independent research firm highlighted STAAR as the fastest growing
company in Ophthalmology, confirming the ongoing paradigm shift
from cornea-based to lens-based refractive procedures.1 We also
exceeded our 2020 year-end goal of achieving 20% market share in
China, which is the largest market in the world for refractive
procedures,” said Caren Mason, President and CEO of STAAR
Surgical.
“As we enter 2021, we remain on track to advance the
commercialization of our two most significant product initiatives,
our EVO Viva™ presbyopia lens in Europe and our EVO family
of myopia lenses in the U.S. We begin the year excited about our
accomplishments in 2020 and our continuing momentum in 2021 mindful
of the unpredictability of the pandemic and the reliance on
government and public health management’s ability to facilitate a
global return to a more normal business environment. At this time,
we expect our first quarter 2021 revenue to be slightly down from
our fourth quarter 2020 preliminary results which is consistent
with our historic seasonality. We remain committed to our
previously announced growth targets of 25% compound annual revenue
and 35% compound annual ICL unit growth over the three-year
planning cycle with accelerating growth in 2022 benefitting from
the building momentum of our significant product initiatives and
our expectations for a more normal business environment,” concluded
Ms. Mason.
STAAR expects to report complete fourth quarter and fiscal year
results on or about February 24, 2021 and provided today’s
information due to investor meetings taking place January 11-12,
2021. 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.
1 Market Scope, Ophthalmic Market Perspectives, Volume 24, Issue
12, December 21, 2020.
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.
Safe Harbor
All statements that are not statements of historical fact are
forward-looking statements, including statements about any of the
following: any financial projections, plans, strategies, and
objectives of management for 2020, 2021 and beyond or prospects for
achieving such plans, expectations for sales, revenue, margin,
expenses or earnings, the expected impact of the COVID-19 pandemic
and related public health measures (including but not limited to
its impact on sales, operations or clinical trials globally),
product safety or effectiveness, the status of our pipeline of ICL
products with regulators, including our EVO family of lenses in the
U.S., and any statements of assumptions underlying any of the
foregoing, including those relating to our product pipeline and
market expansion activities. Important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements include risks and uncertainties related
to the COVID-19 pandemic and related public health measures, as
well as the factors set forth in the Company’s Quarterly Report on
Form 10-Q for the quarter ended April 3, 2020, and Annual Report on
Form 10-K for the year ended January 3, 2020 under the caption
“Risk Factors,” which is on file with the Securities and Exchange
Commission and available in the “Investor Information” section of
the company’s website under the heading “SEC Filings.” We disclaim
any intention or obligation to update or revise any financial
projections or forward-looking statement due to new information or
events. These statements are based on expectations and assumptions
as of the date of this press release and are subject to numerous
risks and uncertainties, which could cause actual results to differ
materially from those described in the forward-looking statements.
The risks and uncertainties include the following: global economic
conditions; the discretion of regulatory agencies to approve or
reject existing, new or improved products, or to require additional
actions before approval, or to take enforcement action;
international trade disputes; and the willingness of surgeons and
patients to adopt a new or improved product and procedure. The EVO
version of our ICL lens is not yet approved for sale in the United
States.
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version on businesswire.com: https://www.businesswire.com/news/home/20210110005024/en/
Investors & Media Brian Moore Vice President,
Investor, Media Relations and Corporate Development (626) 303-7902,
Ext. 3023 bmoore@staar.com
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