Staar Surgical steady on Q2 beat

Shares in Staar Surgical (NSDQ:STAA) rose slightly today after the medical device maker met expectations on Wall Street with its 2nd quarter earnings results.

The Monrovia, Calif.-based company posted losses of $971,000, or 2¢ per share, on sales of $21.9 million for the 3 months ended June 30, seeing losses shrink 54.7% while sales grew 4.6% compared with the same period during the previous year.

Adjusted to exclude 1-time items, losses per share were 1¢, well ahead of the 4¢ losses per share consensus on The Street, where analysts were looking for sales of $21.6 million.

“Our work to advance the ICL to its rightful position as a premium and primary refractive vision correction solution continues to spur strong growth in many countries globally. Unit growth in Q1 of 20% followed by unit growth of 11% in Q2 in spite of anticipated challenges in the India and Korea markets for the quarter are an indicator of continued strong progress. During Q2, the Toric ICL achieved another new quarterly record for shipments. ICL unit highlights for Q2 include growth in Canada of 119%, China of 57%, and Japan of 24%. Region growth was strong in ICL units as well with North America and Asia Pacific Regions recording 15% unit growth respectively.  With the positioning of the sale of the ICL for the more competitive lower diopter range lenses and the addition of strategic accounts with incentivized volume commitments; our average selling prices have been appropriately adjusted to gain share in targeted markets. Our position as market leader and superior refractive surgical solution for high Myopes, however, continues to earn premium pricing. Our first-in-man clinical trial for the next generation ICL with EDOF continued during the quarter and the results continue to be positive. In July, DEKRA, our European Union notified regulatory body, re-certified our facilities as compliant with ISO 13485 and re-certified the CE marking for all of our currently certified and commercially available medical devices. With regard to FDA remediation, we completed our internal work in the first quarter of 2017 and have notified the FDA that we are ready for inspection,” prez & CEO Caren Mason said in a press release.

Shares in Staar Surgical rose slightly today, up 0.5% to close at $10.60.

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