Staar Surgical (STAA) shares plummeted 37.39% in the pre-market session on Wednesday, following the company's disappointing fourth-quarter and full-year 2024 financial results, which were heavily impacted by weak demand and economic challenges in China, a critical market for its eye surgery products.
The company reported a net loss of $34.2 million, or $0.69 per share, for the fourth quarter, missing analyst estimates of a $0.16 loss per share. Net sales for the quarter were $48.95 million, significantly lower than the consensus estimate of $77.29 million.
The primary driver behind the weak performance was the challenges faced in China, where sales of Implantable Collamer Lenses (ICL) declined by 13% year-over-year to $161 million for fiscal 2024. Staar Surgical attributed this decline to fluctuating demand and weak consumer sentiment in China, which is expected to continue, especially in the first half of 2025.
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