Shares in Staar Surgical (NSDQ:STAA) have fallen slightly today despite the medical device maker beating earnings per share expectations on Wall Street with its 1st quarter earnings results.
The Monrovia, Calif.-based company posted losses of $2.2 million, or 5¢ per share, on sales of $20.4 million for the 3 months ended March 31, seeing losses shrink 72.6% while sales grew 5.6% compared with the same period last year.
After adjusting to exclude 1-time items, earnings per share were 4¢, just ahead of the 6¢ consensus on The Street.
“We are pleased with the momentum that continues to build in our ICL business. ICL highlights for Q1 include sales growth in Canada of 65%, Japan of 65%, and China of 45%. Region growth was strong in ICL units as well with EMEA up 11% and APAC up 28%. Global Toric ICL shipments hit a new quarterly record and continue to account for a growing percentage of the ICL mix. Units in Korea were appreciably down as anticipated. For the quarter, IOL sales and injector parts were behind prior year. With the discontinuation of our U.S. silicone IOL business, we anticipate flat to declining growth in 2017 for our IOL product line. Injector parts, however, should resume their growth trajectory in coming quarters. With regard to FDA remediation, we have completed the internal work in Q1 per our submitted plan to the agency. We have notified the FDA that we are ready for inspection. Our work in Quality continues and remains as our top strategic priority. Our first-in-man clinical trial for the next generation ICL with EDOF continued in the first quarter and the results continue to be positive. Our goal remains to introduce this upgraded lens, to select surgeons, in 2017,” prez & CEO Caren Mason said in a press release.
Staar Surgical shares closed down approximately 1.5% at $10.15.