(RTTNews) - Shares of STAAR Surgical Company (STAA) are down over 37% in Wednesday's premarket trading after the company reported its fourth-quarter results for fiscal year 2024, highlighting the challenges in its crucial Chinese market and a drop in refractive procedure volumes.
For the fourth quarter of 2024, STAAR Surgical posted a net loss of $34.2 million or $0.69 per share, compared to the net income of $7.8 million or $0.16 per share reported in the same period last year.
This marks a notable reversal, driven largely by weak demand in China and the broader macroeconomic challenges affecting consumer spending on elective procedures.
In the fourth quarter of fiscal year 2024, STAAR Surgical reported total net sales of $49.0 million, a decline from $76.3 million in the same period of 2023.
STAAR generates worldwide revenue almost exclusively from the sales of implantable Collamer lenses (ICLs). The company markets and sells these lenses under the "EVO" family for refractive surgery to treat myopia (nearsightedness).
ICL sales were $46.9 million for the fourth quarter of 2024 compared to $74.6 million in the prior year quarter. Excluding China, ICL sales were $39.5 million, an increase of 17% as compared to the prior year period.
Looking ahead to fiscal year 2025, the Company expects ICL sales excluding China to range between $165 million and $175 million, reflecting a growth of 9% to 15%. This compares to the ICL sales Ex. China of $151.6 million in 2024.
Cash Position:
The company ended December 31, 2024, with cash, cash equivalents, and investments available for sale totaling $232.4 million.
STAA closed Tuesday's (Feb.11 2025) trading at $21.88 down by 3.23%. In premarket trading Wednesday, the stock is down by 36.93% at $13.80.
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