STAAR Surgical Announces Preliminary Fourth Quarter and Full Year 2020 Results

STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses and companion delivery systems for the eye, today provided preliminary results for the fourth quarter and fiscal year ended January 1, 2021. The Company expects total net sales for the fourth quarter to be approximately $46 million and full year sales to be approximately $163 million. GAAP earnings per share is expected to be approximately $0.06 for the fourth quarter and approximately $0.12 for the fiscal year ended January 1, 2021. The Company expects cash and cash equivalents to be approximately $152 million at January 1, 2021.

“STAAR’s preliminary fourth quarter and fiscal 2020 results further illustrate the global demand for our lenses by surgeons and patients and our continued ability to capture market share in the midst of a global pandemic. ICL units in the fourth quarter were up 17% in China, up 52% in Japan, up 16% in South Korea, up 28% in Germany, up 18% in European distributor markets and up 71% in the rest of APAC as compared to the prior year. In December, an independent research firm highlighted STAAR as the fastest growing company in Ophthalmology, confirming the ongoing paradigm shift from cornea-based to lens-based refractive procedures.¹ We also exceeded our 2020 year-end goal of achieving 20% market share in China, which is the largest market in the world for refractive procedures,” said Caren Mason, President and CEO of STAAR Surgical.

“As we enter 2021, we remain on track to advance the commercialization of our two most significant product initiatives, our EVO Viva presbyopia lens in Europe and our EVO family of myopia lenses in the U.S. We begin the year excited about our accomplishments in 2020 and our continuing momentum in 2021 mindful of the unpredictability of the pandemic and the reliance on government and public health management’s ability to facilitate a global return to a more normal business environment. At this time, we expect our first quarter 2021 revenue to be slightly down from our fourth quarter 2020 preliminary results which is consistent with our historic seasonality. We remain committed to our previously announced growth targets of 25% compound annual revenue and 35% compound annual ICL unit growth over the three-year planning cycle with accelerating growth in 2022 benefitting from the building momentum of our significant product initiatives and our expectations for a more normal business environment,” concluded Ms. Mason.