STAAR Surgical stock falls after guiding sales lower than estimates
Jan. 09, 2023 9:15 AM ETSTAAR Surgical Company (STAA)By: Preeti Singh, SA News Editor1 Comment
- STAAR Surgical Company (NASDAQ:STAA) shares fell 5% in Monday's premarket session after the lenses company guided for net sales of ~$64M for Q4, lower than $65.04M consensus.
- The company anticipates U.S. ICL sales will be ~$4.5M for the quarter, which represents 94% Y/Y growth.
- "STAAR's fourth quarter preliminary sales reflect continued growth from EVO lenses in the U.S.1 with units up 109% year over year," said Tom Frinzi, President and CEO of STAAR Surgical.
- For full year 2022, net sales are projected at approximately $284M (consensus: $285.39M), with ~$270M of ICL sales and $14M of sales from the other products business.
- The company expects to report complete fourth quarter and fiscal year results on or about February 22, 2022.
- In addition, STAAR Surgical (STAA) updated its fiscal 2023 net sales outlook to $340M, representing ICL sales growth of ~25% over preliminary fiscal 2022 ICL sales. The updated outlook takes into account a restorative first quarter in China.