STAAR Surgical Stock Surges 21% After Q2 Sales Beat Expectations; Uplifts FY21 Outlook

STAAR Surgical Company STAA Q2 sales increased 77% Y/Y to $62.4 million and up 23% on a sequential basis, beating the consensus of $52.56 million.
The growth was attributable to global ICL sales growth, up 93% to $59.2 million.
Q2 EPS reached $0.27, up from $0.03 a year ago.
The gross margin expanded from 69.4% in Q2 FY20 to 78.9%.
Cash and Cash Equivalents at Q2 end was $173.1 million.
Outlook: For full-year fiscal 2021, STAAR Surgical expects sales of $227 million - $230 million (consensus $216.2 million), up from the previously provided outlook of $215 million to $217 million. The growth represents 40% Y/Y growth at the midpoint.
The Company anticipates robust levels of ICL unit growth in Q3 and Q4 that will exceed 30% Y/Y.
STAAR expects Q3 total net sales of $57 million - $58 million.
For the second half and full-year 2021, the Company sees a gross margin of 75% to 77% due to a higher mix of other product sales, STAAR Surgical mentioned in the Q2 earnings call.
Price Action: STAA shares are up 21.1% at $155.94 during the market session on the last check Thursday.

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