Q1 2024 STAAR Surgical Co Earnings Call Transcript
Key Points
- STAAR Surgical Co (STAA) reported a net sales of $77.4 million for Q1 2024, exceeding expectations and demonstrating strong year-over-year growth.
- The company achieved a 21% sequential sales growth in the U.S., reaching record quarterly U.S. ICL sales of $5 million.
- STAAR Surgical Co (STAA) saw significant growth in the Asia Pacific region with a 9% increase, including a 10% growth in China, surpassing the full year fiscal 2024 outlook of 7%.
- The EMEA region experienced an 11% sales growth, driven by strong performance in the Middle East and European distributor markets.
- STAAR Surgical Co (STAA) introduced several new initiatives such as the Star University and the Stellar ordering and planning system, enhancing surgeon efficiency and expanding educational resources.
- Despite overall growth, the company reported a net loss of $3.3 million for Q1 2024, attributed mainly to a $2.3 million loss related to foreign currency exchange.
- Operating expenses for Q1 2024 increased significantly to $63.3 million compared to $54.8 million in the prior year, reflecting higher investments to build the market for EVO ICL.
- Gross margin saw a slight decline sequentially from Q4 2023, primarily due to inventory adjustments.
- The company faces ongoing challenges in a dynamic macroeconomic and geopolitical environment, which could impact consumer discretionary spending and overall market conditions.
- STAAR Surgical Co (STAA) is experiencing increased competition in key markets, particularly with the anticipated entry of local lens competitors in China.
Greetings, and welcome to the STAAR Surgical first-quarter 2024 earnings call and webcast. (Operator Instructions) Please note this call is being recorded today, Tuesday, May 7, 2024.
I would now like to turn the call over to Brian Moore, Vice President of Investor Relations at STAAR Surgical. Please go ahead.
Thank you, operator. Good afternoon, everyone, and thank you for joining us to discuss the company's financial results for the first quarter ended March 29, 2024. On the call today are Tom Frinzi, President and Chief Executive Officer; and Patrick Williams, Chief Financial Officer.
The press release of our first quarter results was issued just after 4:00 PM Eastern Time. We have posted the earnings release and our earnings presentation supplement to the Investor Relations section of STAAR's website at www.staar.com.
Before we begin, let me quickly remind you
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