STAAR Surgical Company reported a decrease in net sales for the fiscal year ending December 27, 2024, totaling $313.9 million, down 3% from $322.4 million in the previous year. The company also experienced a net loss of $20.2 million, a significant decline from the net income of $21.3 million reported in fiscal 2023. This downturn was primarily attributed to a notable drop in sales of implantable Collamer lenses (ICLs) in China, exacerbated by a sluggish economy and weak consumer demand. Prior to this fiscal year, STAAR had enjoyed over a decade of annual sales growth and profitability since 2018.
In terms of operational changes, STAAR Surgical has shifted its focus entirely to ICLs, phasing out its cataract intraocular lens (IOL) product line. For fiscal 2024, ICLs accounted for approximately 100% of the company's net sales, compared to 99% in fiscal 2023. The company has also expanded its manufacturing capabilities, particularly in its Nidau, Switzerland facility, to meet anticipated demand. However, the company faced challenges in the fourth quarter, including a $27.5 million order shipped to a distributor in China, for which revenue was not recognized due to extended payment terms.
Geographically, STAAR generated 94% of its revenue from international markets, with China being a significant contributor, accounting for 51% of consolidated net sales. The company sells its products in over 75 countries, with direct distribution in key markets such as the U.S., Japan, and Germany. Despite the challenges faced in China, STAAR has reported growth in other regions, including a 10% increase in sales in Europe, the Middle East, and Africa, and a 16% increase in the Americas.
Looking ahead, STAAR Surgical aims to navigate the macroeconomic challenges in China while positioning itself for future growth. The company plans to enhance surgeon education and training regarding ICLs and expand its marketing efforts to increase awareness of the ICL procedure. Additionally, STAAR intends to continue investing in product innovation and optimizing inventory levels to better align with forecasted demand. The company remains cautious about the ongoing economic conditions in China and their potential impact on future sales.
About STAAR SURGICAL CO
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