STAA STAAR SURGICAL CO
Price Chart
Executive Summary
STAAR Surgical reported a transformative Q1 2026 with record net sales of $93.5M (+119.6% YoY), driven by a recovery in China and strong U.S. growth, and returned to GAAP profitability with net income of $5.2M ($0.10 EPS) vs a $54.2M loss a year ago. The massive top-line beat vs consensus ($78.7M) and swing to profitability signal the end of the 2025 China inventory destock headwind, though the 119.6% YoY growth is heavily influenced by the depressed Q1 2025 base when China shipments were minimal.
Key Financial Metrics
Actionable Insight
The Q1 results confirm the China recovery thesis and the company's return to profitability, which should drive multiple expansion. Key catalysts to watch: (1) Q2 2026 results to confirm China demand sustainability vs one-time inventory restock; (2) EVO+ ICL adoption trajectory in China and margin impact; (3) U.S. growth acceleration post-FDA label expansion to age 45-60; (4) Swiss manufacturing scale achieving 100% China supply without tariffs. The stock likely gaps up significantly on this beat.
Key Facts
- Q1 2026 net sales of $93.5M, up 119.6% YoY from $42.6M, the highest first-quarter net sales in company history
- GAAP net income of $5.2M ($0.10 diluted EPS) vs net loss of $(54.2)M ($(1.10) EPS) in Q1 2025
- China net sales surged to $47.4M from $(0.9)M in Q1 2025, as distributor inventory normalized and EVO+ launch exceeded expectations
- U.S. net sales grew 22% YoY to $6.7M, surpassing $6M quarterly for the first time
- Gross margin improved to 73.6% from 65.8% YoY, driven by Swiss manufacturing scale and lower period costs
- Adjusted EBITDA of $24.4M ($0.48/diluted share) vs a loss of $(26.3)M in Q1 2025
- Operating income of $8.0M vs operating loss of $(57.4)M in Q1 2025
- Cash and investments of $163.9M, down from $187.5M at Q4 2025 end, with no debt
- Ex-China net sales grew 6.0% YoY to $46.1M, with U.S. growth partly offset by geopolitical headwinds in Middle East and India
Financial Impact
Record Q1 revenue of $93.5M vs consensus $78.7M (+18.8% beat); GAAP EPS $0.10 vs consensus $0.08 (+25% beat); swing from $(54.2)M net loss to $5.2M net income YoY
Risk Factors
- Q1 2025 was an artificially low comp due to China destock — sequential revenue trajectory matters more than YoY growth rate
- Operating cash flow was negative $(21.7)M in Q1 2026, worse than $(5.7)M in Q1 2025, driven by working capital build
- China net sales of $47.4M may partly reflect inventory restocking rather than pure end-demand recovery
- Geopolitical disruption in Middle East and India markets remains a headwind for ex-China growth
- Merger-related costs of $6.7M and restructuring charges of $2.7M continue to weigh on reported profitability
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000718937-26-000022 |
| Document: staa-20260512.htm | 0000718937-26-000022 |
| Document: 0000718937-26-000022-index-headers.html | 0000718937-26-000022 |
| Document: 0000718937-26-000022-index.html | 0000718937-26-000022 |
| Document: 0000718937-26-000022.txt | 0000718937-26-000022 |
| 8-K Data (Synthetic) | 0000718937-26-000022 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 13, 2026
27d ago
|
8-K
| $32.01 $32.79 | ▲ +2.44% | ▲ +3.15% | $29.96 (−6.40%) |
|
Apr 8, 2026
8w ago
|
8-K
| $25.21 $24.62 | ▼ −2.34% | ▼ −5.53% | $29.96 (+18.84%) |
US Market Status
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