週二，眼科鏡頭製造商Staar Surgical Company（納斯達克代碼：STAA）報告2024年第四季度每股收益虧損69美分，而去年同期爲盈利16美分，低於市場預期的虧損16美分。 該公司報告銷售額爲4895萬美元，較去年同期的7630萬美元大幅下降，不及市場預期的7730萬美元。 銷售額下降主要是由於中國收入顯著下降，受整體屈光手術量下降趨勢惡化的影響。 2024年第四季度，植入型有晶體眼鏡（ICL）銷售額爲4690萬美元，而去年同期爲7460萬美元。 剔除中國市場，ICL銷售額爲3950萬美元，同比增長17%。 2024年12月，該公司向中國出貨2750萬美元的ICL，但由於與分銷商之間的延長付款條款，未確認收入。 該公司決定在2025年下半年需求回升前，將產品留在國內，以減輕地緣政治和關稅變化對其潛在影響。 根據延長的付款條款，Staar Surgical預計將在截至2025年9月26日的財季結束前，收到全款並確認這筆收入。 2024年第四季度的毛利率爲64.7%，而去年同期爲79.6%。 指導意見：Staar Surgical預計2025年的ICL銷售額（不包括中國市場）約爲1.65億美元至1.75億美元，增長約9%至15%，假設美洲地區的整體屈光手術量將下降5%至10%；EMEA地區將保持持平；亞太地區（不包括中國）將持平。 中國ICL銷售額將在2025年上半年低於500萬美元，因爲公司正在解決庫存積壓問題，同時市場對屈光手術需求疲軟。 該公司預計2025年下半年中國的ICL銷售額約爲7500萬至1.25億美元，具體取決於中國市場的屈光手術量，而公司認爲低端市場可能會下降10%。 該範圍的高端則考慮到整體屈光手術量將增長10%。 2025財年，公司將根據收入預期降低的情況管理營運資金，並採取適當的成本削減措施。 該公司計劃降低生產產量，減少資本支出，並有針對性地削減運營費用，這將影響員工數量和可自由支配的支出。 根據公司對2025財年的展望，Staar Surgical不再預計能實現其最初於2023年9月宣佈的“2026願景目標銷售和運營模型”。 由於缺乏可見性、迄今爲止的刺激措施存在不確定性，以及競爭日益激烈，再加上2025年全球屈光手術市場似乎將再次收縮，William Blair將Staar Surgical的評級下調爲市場表現評級。 價格變動：在週三盤前交易中，Staar Surgical的股價下跌38.6%，至13.44美元。

以上內容來自Benzinga Earnings專欄，原文如下：

On Tuesday, Staar Surgical Company (NASDAQ:STAA) reported a fourth-quarter 2024 EPS loss of 69 cents, a turnaround from an income of 16 cents, missing the consensus loss of 16 cents.

The contact lens maker reported sales of $48.95 million, compared to $76.3 million in the prior year quarter, missing the consensus of $77.3 million.

The decrease was due to a significant decline in China revenue, driven by worsening trends in overall refractive procedure volumes.

Implantable Collamer Lens (ICL) sales were $46.9 million for the fourth quarter of 2024 compared to $74.6 million in the prior year quarter.

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Excluding China, ICL sales were $39.5 million, an increase of 17%.

In December 2024, the company shipped $27.5 million of ICLs to China, for which it did not recognize revenue due to extended payment terms with its distributor.

The company determined to keep product in-country before the anticipated demand rebound in the second half of 2025 and mitigate potential impacts from geopolitical and tariff changes.

Based on the extended payment terms, Staar Surgical expects to receive full payment and fully recognize this revenue by the end of the fiscal quarter ending September 26, 2025.

The gross profit margin for the fourth quarter of 2024 was 64.7% compared to 79.6% a year ago.

Guidance: Staar Surgical expects 2025 ICL sales Ex. China of approximately $165 million to $175 million, representing approximately 9% to 15% growth, assuming overall refractive procedure volumes in the Americas will be down 5%-10%; EMEA will be flat; and APAC Ex. China will be flat.

China’s ICL sales will be less than $5 million for the first half of 2025, as the company works through elevated inventory levels against weak demand for refractive in-market procedures.

The company sees China ICL sales of approximately $75 million-$125 million in the second half of 2025, which is dependent on overall refractive procedure volumes in China, which the company believes could be down 10% at the low end.

The high end of this range contemplates a rebound in overall refractive procedure volumes growing 10%.

In fiscal year 2025, the company says it will manage its working capital and implement appropriate cost-cutting measures in light of the lower revenue forecast.

The company intends to lower production output, decrease capital expenditures, and make targeted reductions to operating expenses, which will impact headcount and discretionary spending.

Based on the company's outlook for fiscal year 2025, Staar Surgical no longer expects to achieve its Vision 2026 Target Sales and Operating Model, initially announced in September 2023.

William Blair downgraded Staar Surgical to a Market Perform rating given the lack of visibility, uncertainty around stimulus to date, and increasing competition in the region amid what appears to be another year of global refractive market contraction in 2025.

Price Action: Staar Surgical stock is down 38.6% at $13.44 during the premarket session on last check Wednesday.

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