By Katherine Hamilton
Staar Surgical plans to cut jobs this year in an attempt cut costs after it recorded a loss for the fourth quarter.
Operating expenses rose 12% last year primarily due to higher compensation-related expenses and increased headcount, Staar said Tuesday.
The eye surgery company posted a loss in the quarter of $34.2 million, or 69 cents a share, compared with a profit of $7.7 million, or 16 cents a share, in the year prior.
China, which is the largest market for refractive procedures, had fluctuating demand in 2024, lowering Staar's performance, the company said. Low demand and weak consumer sentiment in China is expected to continue in this year, especially during the first half, and the company is working on addressing elevated inventory levels there, Staar said.
Write to Katherine at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 11, 2025 16:28 ET (21:28 GMT)
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