Staar Surgical (NSDQ:STAA) posted third-quarter results after markets closed yesterday that beat the consensus forecast on Wall Street and raised its outlook for the rest of the year.
The Lake Forest, California-based implantable lens maker reported profits of $6.0 million, or $0.12 per diluted share, on sales of $58.4 million for the three months ended Oct. 1, for a bottom-line gain of 55% and sales growth of 23.9% compared with Q3 2020.
STAAR Surgical President and CEO Caren Mason said Implantable Collamer Lens (ICL) orders exceeded inventory in the quarter.
“With China being our largest market, our distributor’s inventory levels in China were drawn down to historically low levels to meet surgeon and patient demand,” she said in a news release. “While we were able to meet 35% growth levels to the surgeon and patient community from our distributor inventory, we were only able to ship units equaling 19% growth to our distributor. COVID-related employment, production output and modest supply chain challenges impacted the quarter and resulted in a backlog of over 20,000 lenses at the end of the third quarter representing several million dollars of orders-in-house.”
Adjusted to exclude one-time items, earnings were $0.21 per diluted share, $0.11 ahead of the Street, where analysts were looking for adjusted EPS of $0.10 on sales of $57.89 million.
Staar Surgical increased its top-line outlook to a range between $230 million to $231 million, which would be growth of more than 40% year-over-year. When reporting Q2 results in August, Staar previously increased its full-year guidance to a range of $227 million to $230 million.
Investors reacted by sending STAA shares down more than 4% to $115.46 by Thursday afternoon.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was virtually level.