After U.S. markets closed for trading yesterday, implantable eye lenses and related companion delivery systems developer, manufacturer and marketer STAAR Surgical Company (STAA:NASDAQ) announced financial results for Q2/21 ended July 2, 2021.
The company reported that net sales in Q2/21 increased by 77% to $62.4 million, compared to compared to $35.2 million in Q2/20. STAAR Surgical advised that Implantable Collamer® Lens (ICL) net sales in the quarter totaled $59.2 Million and accounted for 95% of total net sales. The firm indicated that ICL net sales and ICL unit growth increased by 93% and 79%, respectively, compared to Q2/20. The company added that sales of other products in Q2/21 were $3.1 million, which represented about 5% of total net sales.
STAAR advised that the gross profit margin in Q21/21 improved to 78.9%, versus 69.4% in Q2/20 due to a more favorable geographic sales mix and a fewer lower margin injector part sales and general COVID-19 related market and business operational issues experienced in Q2/20.
The company reported that in Q2/21 it earned net income of $8.6 million, or $0.17 per diluted share, compared to a net loss of $1.2 million or loss or $0.03 per diluted share in Q2/20. The firm indicated that during the same corresponding period, it posted adjusted net income of $13.5 million, or $0.27 per diluted share, versus net income of $1.4 million, or $0.03 per diluted share in the prior year's quarter.
The company's President and CEO Caren Mason commented, "STAAR's Q2/20 results reflect the accelerating sales momentum and significant opportunity for our vision correction lenses. Global ICL unit growth increased 79% over the prior year quarter and we achieved positive sales and unit growth in all of our major markets…Following our achievement of record-breaking H1/21 results and with increasing visibility into key H2/21 growth drivers for our business, we are today raising our outlook for FY/21 net sales to a range of $227-230 million, up from our previously provided outlook of $215-217 million."
CEO Mason added, "Standout ICL unit growth in the second quarter, year-over-year, included China up 65%, Japan up 95%, Korea up 57%, Rest of Asia Pacific up 88%, Spain up 118%, Germany up 65%, Distributor Markets in Europe up 81%, and the U.S. up 255%....In the U.S., we sold more ICLs in the second quarter of 2021 than the entire first half of 2020."
Mason stated further that the U.S. Food and Drug Administration (FDA) is presently conducting a customary interactive review of its clinical trial data for STAAR's EVO family of myopia lenses and that the company remains focused on its efforts to launch EVO in the U.S. market later this year.
STAAR® Surgical designs, creates and manufactures implantable lenses for the eye and delivery systems that are utilized to surgically place the lenses into the eye to improve patient vision. The company is headquartered in Lake Forest, Calif. and operates manufacturing and packaging facilities in Aliso Viejo and Monrovia, Calif., and in Nidau, Switzerland. STAAR's lenses are engineered to offer visual freedom for patients by lessening or eliminating the need to wear contact lenses or eyeglasses. The company explained that its lenses are foldable, which allows an Ophthalmologist surgeon to insert them through a very small incision. The firm noted that its Implantable Collamer® Lenses including the EVO Visian ICL™ product line is used in refractive surgery. The company listed that so far over 1,000,000 Visian® ICLs have been implanted in more than 75 countries.
STAAR Surgical began the day with a market cap of around $7.0 billion with approximately 46.9 million shares outstanding and a short interest of about 3.80%. STAA shares opened 4% higher today at $134.38 (+$5.63, +4.37%) over yesterday's $128.75 closing price. The stock has traded today between $134.38 to $157.845 per share and closed for trading at $155.05 (+$26.30, +20.43%).
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