STAAR Surgical Announces Preliminary Net Sales for First Quarter 2024

STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of the EVO family of Implantable Collamer Lenses (EVO ICL) for myopia, astigmatism and presbyopia, today announced preliminary net sales for the first quarter ended March 29, 2024, are expected to be in excess of $77 million with U.S. ICL sales expected to be $5 million for the quarter. This represents the Company’s highest quarterly ICL sales in the U.S. since the Company obtained U.S. FDA approval of the EVO ICL in March 2022. The Company is providing this information due to investment community meetings taking place April 5-8 at the ASCRS Annual Meeting in Boston.

“STAAR is off to a solid start in 2024 as illustrated by our preliminary first quarter results including a record quarter in the U.S.,” said Tom Frinzi, President and CEO of STAAR Surgical. “U.S. ICL sales were up approximately 20% sequentially to $5 million in the first quarter, which reflects early signs of our increased market focus. EMEA ICL sales were up approximately 11% year over year and ICL sales in our APAC region were up approximately 9%, including approximately 10% growth in China. We are pleased by the first quarter performance across all major geographies and will provide further detail on our results and outlook during our upcoming earnings call, but at this time we believe our fiscal 2024 net sales can be at the higher end of our previously announced outlook range of $335 million to $340 million.”

Cash, cash equivalents and investments available for sale was approximately $248 million and accounts receivable was approximately $70 million as of March 29, 2024, as compared to $232.4 million and $94.7 million, respectively, at December 29, 2023. The Company expects to report complete first quarter financial results and discuss its fiscal 2024 outlook during its quarterly earnings call on or about May 8, 2024. The financial information in this press release is preliminary and subject to adjustment in the final financial statements to be filed with the Company’s Quarterly Report on Form 10-Q for the three months ended March 29, 2024.

About STAAR Surgical

STAAR, which has been dedicated solely to ophthalmic surgery for over 40 years, designs, develops, manufactures and markets implantable lenses for the eye. These lenses are intended to provide visual freedom for patients, lessening or eliminating the reliance on glasses or contact lenses. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAAR’s lens used in refractive surgery is called an Implantable Collamer Lens or “ICL,” which includes the EVO ICL product line. More than 3,000,000 ICLs have been sold to date and STAAR markets these lenses in over 75 countries. To learn more about the ICL go to: EVOICL.com. Headquartered in Lake Forest, CA, the company operates manufacturing and packaging facilities in Aliso Viejo, CA, Monrovia, CA, and Nidau, Switzerland. For more information, please visit the Company’s website at www.staar.com.