Overview

* STAAR Surgical ( STAA ) Q3 net sales rise 6.9% yr/yr, driven by December China Shipment

* Net income for Q3 falls to $8.9 mln, impacted by higher income taxes

* Company repurchased 115,000 shares for $2 mln under buyback program

Outlook

* Company did not provide specific guidance due to pending acquisition by Alcon Inc.

Result Drivers

* DECEMBER CHINA SHIPMENT - Recognition of $25.9 mln from December China Shipment drove Q3 net sales increase

* GROSS MARGIN IMPROVEMENT - Gross margin rose to 82.2% due to cost reductions and timing of sales recognition

* INVENTORY MANAGEMENT IN CHINA - Lower new orders from China distributors due to leaner inventory management

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.18

Q3 Net $8.88

Income mln

Q3 Gross 82.20%

Margin

Q3 Gross $77.88

Profit mln

Q3 $18.49

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy."

* Wall Street's median 12-month price target for STAAR Surgical Co ( STAA ) is $28.00, about 9.7% above its November 4 closing price of $25.28

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)