STAAR Surgical Q2 net loss widens on China weakness
Overview
STAAR Surgical Q2 net sales of $44.3 mln beat analyst expectations
Net loss of $16.8 mln, influenced by restructuring charges
Sales outside China rose 10% Y/Y, offsetting declines in China
Outlook
Company not hosting conference call due to Alcon acquisition
STAAR Surgical notes ongoing cost optimization efforts
Result Drivers
CHINA INVENTORY REDUCTION - Planned reduction in channel inventory in China led to 55% Y/Y decrease in net sales
SALES EXCLUDING CHINA - Sales outside China rose 10% Y/Y, partially offsetting overall revenue decline
COST OPTIMIZATION - Ongoing cost optimization efforts contributed to reduced operating expenses
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Sales | Beat | $44.32 mln | $40.10 mln (9 Analysts) |
Q2 EPS |
| -$0.34 |
|
Q2 Net Income |
| -$16.81 mln |
|
Q2 Gross Margin |
| 74.0% |
|
Q2 Gross Profit |
| $32.80 mln |
|
Q2 Operating Income |
| -$29.96 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy."
Wall Street's median 12-month price target for STAAR Surgical Co is $20.00, about 35.1% below its August 5 closing price of $27.02
Press Release: ID:nBw7gWvppa
