Staar Surgical reports Q1 EPS ($1.10), consensus (60c)

Reports Q1 revenue $42.6M, consensus $40.3M. “STAAR’s first quarter sales were in line with expectations, but we can and will do better,” said STAAR Surgical (STAA) CEO, Stephen C. Farrell. “Our results do not reflect the earnings power of our business or the strength of our brand. We are making progress working through transitory challenges in our China business, and importantly, we believe that EVO ICL procedure volumes in China are improving compared to the first quarter last year, despite the macroeconomic headwinds. As our distributors in China continue to consume channel inventory to meet this demand, we are on track to resume normalized sales in China in the third quarter. Our ability to drive growth this quarter in all key markets outside of China further demonstrates the potential and opportunity for STAAR to grow EVO ICL adoption.”