The following is a summary of the STAAR Surgical Company (STAA) Q3 2024 Earnings Call Transcript:
Financial Performance:
STAAR Surgical reported Q3 2024 net sales of $88.6 million reflecting a 10% increase year-over-year.
Gross profit reached $68.5 million or 77.3% of net sales.
GAAP net income for Q3 2024 was $10 million, demonstrating growth from $4.8 million in the prior year.Adjusted EBITDA for Q3 2024 was $16.2 million or $0.33 per diluted share, maintaining a stable performance compared to $16.5 million or $0.33 per diluted share in the prior year.
Business Progress:
STAAR opened a new EVO ICL Experience Center to enhance training and educational programs.
Achieved significant market share gains and global sales growth despite a challenging macroeconomic environment.
Hosted numerous international training programs and participated actively in industry events to bolster market presence and adoption of EVO ICL lenses.
Opportunities:
The company reported strong global adoption and market share gains of EVO ICL lenses, which positions it favorably in the expanding market.
Positive market reception and increased market share in the Americas, EMEA, and APAC regions.
Plans to launch at least 10 programs at the new center of excellence by year-end, aiming to bolster EVO ICL adoption and surgeon training.
Risks:
Sales in China softened in Q3 due to a declining macroeconomic environment, impacting overall momentum for that period.
The U.S. refractive market was more challenging than anticipated, with broader market conditions being down year-over-year.
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