STAA shares were up 11% at $70.91 per share as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.4%.
However, Staar shares were down 4.4% at $61.02 by late-afternoon trading today. The Dow Jones Industrial Average was down more than 3%, more than 1,100 points, as investors reevaluated the economic effects of the Federal Reserve’s plans to combat inflation.
The Lake Forest, California-based ocular implant company posted profits of $9.6 million, or 19¢ per share, on sales of $63.2 million for the three months ended April 1, 2022, for a 92.3% bottom-line gain on sales growth of 24.5%.
Adjusted to exclude one-time items, earnings per share were 29¢, 14¢ ahead of Wall Street, where analysts were looking for sales of $60.5 million.
“Our first-quarter results represent a new record for quarterly net sales and quarterly ICL units as we successfully raise surgeon and patient awareness and enthusiasm for the Visual Freedom provided by our proprietary Evo Visian ICL family of lenses,” Staar President and CEO Caren Mason said in a news release. “As previously announced in March, we are absolutely thrilled to have received FDA approval for Evo lenses. We are excited to bring Evo’s game-changing technology to the United States. Commercialization of Evo in the U.S. including a multi-channel advertising campaign is underway in multiple cities.”
Mason noted that, despite COVID-19 lockdowns in multiple cities across China, shipments of Evo lenses in the country “remain robust” ahead of the summer implant season.
Based on the company’s demand forecast, Staar reaffirmed its previous 2022 revenue guidance for approximately $295 million, representing 28% growth from 2021.