By Connor Hart
Staar Surgical scrapped its outlook for fiscal-year 2025, citing global economic uncertainty and evolving tariff policies that have made forecasting future quarters too challenging.
The withdrawal came as the eye-surgery company posted a wider loss and lower sales in the first quarter, which the company largely attributed to the planned reduction of channel inventory in China.
Staar posted a net loss of $54.2 million for its three months ended March 28, compared with a loss of $3.3 million in last year's comparable quarter.
The company notched a quarterly loss of $1.10 a share, whereas analysts polled by FactSet expected a loss of 60 cents a share.
Revenue fell 45%, to $42.6 million, but came in ahead of the $40.3 million that analysts modeled.
Chief Executive Stephen Farrell said the recent quarter's results don't reflect Staar's earnings power or the strength of its brand. "We are making progress working through transitory challenges in our China business," he said, noting that procedure volumes in the country improved year-over-year despite a challenging macroeconomic backdrop.
"In addition, we have made excellent progress on our cost controls and restructuring activities to better align our expenses with our sales," Farrell added.
Shares fell by as much as 12%, to $17.10, in late trading, though they have since rebounded to around flat.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
May 07, 2025 18:24 ET (22:24 GMT)
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