STAAR Surgical Company (NASDAQ:STAA) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
STAAR Surgical Company Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.01 in the quarter versus EPS of $0.00 in the year-earlier quarter.
Revenue: Rose 0.73% to $16.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: STAAR Surgical Company reported adjusted EPS income of $0.01 per share. By that measure, the company missed the mean analyst estimate of $0.01. It missed the average revenue estimate of $17.53 million.
Quoting Management: “The Visian ICL continued to gain market share in our key markets during 2012, though sales decreased 2.5% in the fourth quarter compared with the prior year,” said Barry Caldwell, president and CEO. “Visian ICL unit sales as compared to Market Scope’s newly released annual data on global refractive procedures confirm that the ICL is gaining share in virtually every key market. The major reason our ICL revenues declined in the quarter was due to an adjustment in the normal inventory levels carried at year end by our Korean distributor. Sales to our Korean distributor decreased 50% as compared to the fourth quarter a year ago. We are encouraged by the ordering patterns from our Korean distributor during the first two months of 2013. January was a record month for sales to end customers and their purchases from us through February already reflect a 60% increase as compared to the same period of 2012.”
Key Stats (on next page)…