STAAR Surgical(US:STAA)2021-05-06 05:45Financial Data and Key Metrics Changes - Total net sales for Q1 2021 were $50.8 million, up 44% compared to $35.2 million in Q1 2020 and up 10% sequentially from Q4 2020 [14] - Gross profit for Q1 2021 was $39.1 million or 77.1% of net sales, compared to $24.8 million or 70.4% of net sales in Q1 2020 [16] - Net income in Q1 2021 was $5 million or $0.10 per diluted share, compared to a net loss of $134,000 in Q1 2020 [20] Business Line Data and Key Metrics Changes - ICL sales represented 93% of total company net sales for Q1 2021, with strong growth across various regions [14] - Global ICL unit growth for Q1 2021 was up 54% year-over-year, with significant increases in China (up 63%), Japan (up 72%), and the US (up 46%) [6][14] Market Data and Key Metrics Changes - The company anticipates Q2 2021 net sales to be approximately 50% year-over-year revenue growth compared to Q2 2020 [14] - The US market is expected to see a significant introduction of EVO lenses pending FDA approval, with a planned launch in Q4 2021 [12][21] Company Strategy and Development Direction - The company is focusing on expanding its EVO Visian ICL family of lenses and enhancing direct-to-consumer outreach to build awareness [8][10] - A new advertising campaign featuring a Japanese celebrity aims to increase visibility and patient engagement in Japan [9] Management's Comments on Operating Environment and Future Outlook - Management views the current growth as a continuation of pre-COVID momentum, with expectations for sustained growth in the coming quarters [24][25] - The company anticipates total net sales for fiscal 2021 to be approximately $215 million to $217 million, representing over 30% year-over-year growth [13] Other Important Information - The company plans to participate in several upcoming conferences, including the Oppenheimer Medtech Tools and Diagnostic Summit [21] - The company expects to maintain gross margins in the mid-70% range for Q2 and the fiscal year 2021 [16] Q&A Session Summary Question: Source of growth and awareness - Management does not see the growth as a catch-up but as a continuation of momentum pre-COVID, with strong patient referrals and social media engagement driving awareness [24] Question: US and EU implant numbers - Management noted a significant uptake in Europe and the US, attributing it to prior efforts in building awareness and patient satisfaction [25]