STAAR Surgical Company (NASDAQ:STAA) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.29%.
STAAR Surgical Company Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 700% to $0.08 in the quarter versus EPS of $0.01 in the year-earlier quarter.
Revenue: Rose 16.05% to $18 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: STAAR Surgical Company reported adjusted EPS income of $0.08 per share. By that measure, the company beat the mean analyst estimate of $0. It beat the average revenue estimate of $17.31 million.
Quoting Management: “We are encouraged by the continued revenue growth we are achieving in the refractive surgery space, which resulted in an overall improvement in year-over-year sales of 16% for the first quarter of 2013 which on a constant currency basis is actually 21% growth,” said Barry Caldwell, president and CEO. “Sales of our Visian ICL exceeded $10 million for the first time and reflected a 24% increase over the same period in the prior year. Visian ICL sales increased in our focused markets, led by Europe, which increased by 57% during the first quarter and the Middle East with a 94% increase. The competitive landscape we face in refractive surgery seems to have changed more in the past six months than in previous years. LASIK surgery seems to be facing more difficult negative pressure with most market data showing that LASIK procedures are declining in major markets. Lenses which attempt to compete for refractive procedure share which are in the anterior segment of the eye all seem to be facing new clinical challenges. The Visian ICL sits behind the iris in the posterior segment unlike those competitive lenses. Also, our new Visian ICL CentraFLOW™ technology in Europe has been a key driver of our success in that marketplace,” added Mr. Caldwell.
Key Stats (on next page)…
Revenue increased 9.29% from $16.47 million in the previous quarter. EPS increased to $0.08 in the quarter versus EPS of $-0.04 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.02 to a profit $0.01. For the current year, the average estimate has moved down from a profit of $0.09 to a profit of $0.05 over the last ninety days.
Stocks with improving earnings metrics are worthy of your extra attention. In fact, “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute – click here and get our CHEAT SHEET stock picks now.
(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)