Welcome to our dedicated page for Staar Surgical Co news (Ticker: STAA), a resource for investors and traders seeking the latest updates and insights on Staar Surgical Co stock.
Staar Surgical Co (NASDAQ: STAA) is a prominent player in the ophthalmic surgery market, with over three decades of experience. The company specializes in the development, manufacture, and marketing of implantable lenses and accompanying delivery systems for the eye. Staar Surgical's flagship product line includes the EVO Visian Implantable Collamer® Lenses (ICLs), which are used to treat a variety of visual disorders such as myopia, hyperopia, astigmatism, and presbyopia.
These lenses are designed to provide visual freedom to patients, significantly reducing or eliminating their reliance on glasses or contact lenses. The EVO Visian ICLs are foldable, allowing for a minimally invasive procedure where the lens is inserted through a small incision. This innovative approach not only enhances surgical outcomes but also minimizes recovery time for patients.
To date, nearly 600,000 EVO Visian ICLs have been implanted worldwide, showcasing the trust and effectiveness of Staar Surgical's products. Additionally, the company offers minimally invasive intraocular lenses (IOLs) geared towards cataract surgery. These include foldable IOLs and aspheric IOLs that deliver a clearer image compared to traditional spherical lenses.
Staar Surgical's commitment to advancing ophthalmic technology is evident in its continuous efforts to improve product offerings and expand its market reach. The company has formed strategic partnerships and collaborations to bolster its research and development initiatives, ensuring the delivery of cutting-edge solutions in eye care.
Financially, Staar Surgical has shown consistent growth, with the majority of its revenue generated from the ophthalmic surgical product segment. The company's focus remains on innovation and quality, driving its mission to enhance vision care globally.
STAAR Surgical Company reported a 5% increase in net sales to $77.4 million for the first quarter of 2024. The company saw a 9% growth in ICL sales and a 2% increase in units. Gross margin was at 78.9%, and adjusted EBITDA was $5.3 million or $0.11 per share. However, there was a net loss of $3.3 million or $0.07 loss per share compared to net income of $2.7 million or $0.05 income per share in the previous year. STAAR Surgical reiterated its fiscal 2024 net sales outlook range of $335 million to $340 million and expects to be at the higher end of the range. Cash, cash equivalents, and investments available for sale were $252.1 million at the end of March 29, 2024.
STAAR Surgical Company (NASDAQ: STAA) has announced a strategic agreement with IQ Laser Vision, making EVO ICL lenses a primary option for patients seeking surgical vision correction in the U.S. This partnership aims to significantly increase the availability of EVO ICL lenses to qualified patients across IQ Laser Vision's practices.
STAAR Surgical Company (NASDAQ: STAA) announced the appointment of Nancy Sabin as Chief Marketing Officer and Nathaniel Sisitsky as General Counsel to drive innovation and growth. Nancy brings extensive experience from Johnson & Johnson, while Nate joins from NuVasive. This move reflects the company's commitment to enhancing brand awareness and legal functions globally. The new executives will play a vital role in accelerating growth and expanding the market for the EVO family of Implantable Collamer Lenses.
STAAR Surgical Company (NASDAQ: STAA) will report financial results for the first quarter ended March 29, 2024, on May 7, 2024. The company will host a conference call and webcast to discuss its performance. STAAR is a leading developer, manufacturer, and marketer of Implantable Collamer® Lenses for myopia, astigmatism, and presbyopia, with over 40 years of experience in ophthalmic surgery. The company's lenses provide visual freedom for patients, reducing the need for glasses or contact lenses. STAAR operates manufacturing facilities in the US and Switzerland and markets its products in over 75 countries.
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