Eye Lens Maker STAAR Surgical Expects Q1 Sales To Beat Consensus
Portfolio Pulse from Vandana Singh
STAAR Surgical Company (NASDAQ:STAA) reported preliminary Q1 2024 net sales of over $77 million, surpassing the consensus of $72.13 million. This includes the highest quarterly U.S. ICL sales since EVO ICL's FDA approval in March 2022. The company anticipates 2024 net sales at the higher end of the $335 million to $340 million range. Cash and investments were about $248 million, with accounts receivable at $70 million. Needham maintains a Hold rating on STAA, expecting revenues to approach $355 million in 2024 but sees the 2026 revenue target as challenging.
April 04, 2024 | 5:54 pm
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POSITIVE IMPACT
STAAR Surgical reported Q1 2024 sales exceeding expectations with significant growth in U.S. ICL sales, projecting higher end 2024 net sales. Needham maintains a Hold rating despite positive performance.
STAAR Surgical's reported preliminary Q1 sales and the optimistic outlook for 2024 suggest a positive short-term impact on the stock. The record U.S. ICL sales and the overall positive performance across major geographies contribute to this outlook. However, Needham's cautious stance and the mention of challenges in meeting the 2026 revenue target introduce a note of caution. The stock's significant price increase on the day of the announcement indicates positive market reception, supporting the likelihood of continued short-term positive momentum.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100