Staar Surgical (NSDQ:STAA) posted fourth-quarter results that beat the consensus forecast on Wall Street.
The Monrovia, Calif.-based company reported profits of $6.4 million, or 14¢ per share, on sales of $38.9 million for the three months ended Jan. 3, 2020, for a bottom-line gain of 482% sales growth of 24.7% compared with Q4 2018.
Adjusted to include one-time items, earnings per share were 12¢, 2¢ ahead of The Street, where analysts were looking for sales of $38.9 million.
“We closed 2019 with strong fourth-quarter results leading to full-year performance above our committed targets for ICL unit growth, total revenue growth, cash generation and earnings per share. Staar entered 2020 with continued financial and operating momentum. We achieved progress on our clinical and regulatory strategic imperatives with a new CE Mark approval for use of our ICL as a supplemental lens and the first patient implant in our U.S. EVO clinical trial,” president and CEO Caren Mason said in a news release.
Staar Surgical recently won CE Mark approval for its Eco, Evo+ and Visian lenses. The supplemental lens devices are implantable Collamer lenses designed to treat myopia and myopia with astigmatism.
The company said it expects total net sales growth of 16% to 20% with a mid-point of 18% for the fiscal year 2020, representing approximately $177.2 million in total net sales.
Shares in STAA were up 0.87% to $29 apiece at the market open.
