Thursday, STAAR Surgical Company (NASDAQ:STAA) reported preliminary net sales for the first quarter of 2024 of more than $77 million versus the consensus of $72.13 million, with U.S. ICL sales expected to be $5 million for the quarter.

This represents the company's highest quarterly ICL sales in the U.S. since the company obtained U.S. FDA approval for the EVO ICL in March 2022.

"STAAR is off to a solid start in 2024 as illustrated by our preliminary first quarter results, including a record quarter in the U.S.," said Tom Frinzi, President and CEO.

"U.S. ICL sales were up approximately 20% sequentially to $5 million in the first quarter, which reflects early signs of our increased market focus. EMEA ICL sales were up approximately 11% year over year and ICL sales in our APAC region were up approximately 9%, including approximately 10% growth in China.

We are pleased by the first quarter performance across all major geographies and will provide further detail on our results and outlook during our upcoming earnings call, but at this time we believe our fiscal 2024 net sales can be at the higher end of our previously announced outlook range of $335 million to $340 million."

Cash, cash equivalents, and investments available for sale were approximately $248 million, and accounts receivable were approximately $70 million as of March 29, 2024.

Needham writes that if the seasonal pattern of 2024 follows that of 2022 and 2023, it's anticipated that 2024 revenues will likely approach $355 million.

Despite this, achieving STAAR Surgical's revenue target for 2026 seems challenging, especially considering the necessary acceleration.

During a recent expert call, a doctor mentioned no expectation for an increase in their ICL mix.

While Needham analysts see the 2024 guidance as cautious, and anticipate a gradual domestic growth. Needham maintains the Hold rating.

Price Action: STAA shares are up 17.3% at $45.83 on the last check Thursday.

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