Earnings call: STAAR Surgical posts record Q2 sales, raises 2024 outlook

STAAR Surgical Company has reported record net sales of $99 million for the second quarter of 2024, marking significant year-over-year and sequential growth, particularly in the U.S. and China. With a strong performance in hand, STAAR Surgical has raised its financial outlook for the fiscal year 2024, expecting net sales to reach between $340 million and $345 million, and adjusted EBITDA to hit around $42 million. Key Takeaways STAAR Surgical's Q2 net sales hit a record $99 million, with growth in the U.S. and China. As a result, we are raising our fiscal 2024 outlook for both net sales and adjusted EBITDA. For fiscal 2024, we now expect net sales of approximately $340 million to $345 million, and adjusted EBITDA of approximately $42 million. The $6.7 million increase in Q2 2024 net sales is attributable to a 7% or a $6.3 million increase in ICL sales and a $0.4 million increase in other products. Constant currency net sales for Q2 2024 were $100.4 million, up 9% as compared to the prior year period, which adjusts for FX headwinds due to the strong US dollar and our second largest sales market today Japan. For Q2 2024, gross profit was $78.4 million or 79.2% of net sales as compared to gross profit of $70.7 million or 76.6% of net sales for the prior year quarter and $61 million or 7.9% of net sales for Q1 2024.