STAA - Why STAAR Surgical Stock Dropped Today
2023-08-03 19:18:59 ET
Shares of STAAR Surgical (NASDAQ: STAA) were down 9.6% on Thursday, according to data provided by S&P Global Market Intelligence , after announcing mixed quarterly results relative to Wall Street's expectations and lowering its near-term outlook.
To be sure, the implantable lens specialist saw net sales climb 14% year over year to $92.3 million in the second quarter -- slightly below estimates for sales of $93 million. On the bottom line, that translated to an adjusted net income of $19.7 million, or $0.40 per share (down from $0.42 per share a year earlier), handily exceeding estimates for earnings of $0.32 per share.
STAAR Surgical's revenue growth was driven entirely by 19% growth (20% at constant currency) in sales of its Implantable Collamer Lens (ICL) products to $93.1 million, offset partially by a $0.7 million sales reduction related to a sales return reserve of some intraocular lens (IOL) products. It seems revenue would have been roughly in line with expectations had it not been for that adjustment.
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Why STAAR Surgical Stock Dropped Today