【Jefferies-2025研报】STAAR外科（STAA）：中国ICL手术在第一季度增长；撤回指引；持有，目标价至21美元.pdfVIP

USA|MedicalSuppliesDevices

EquityResearch

STAARSurgicalMay19,2025

ChinaICLProceduresGrewin1Q;GuidanceTARGET|

ESTIMATE

CHANGE

Withdrawn;Hold,PTto$21RATINGHOLD

PRICE$19.22^

STAAreported1Qrevsof$43MM,6%aboveconsof$40MM,andabove

PRICETARGET|%TOPT

$21.00($18.00)|+9%

guidanceof$40MM.Giventhenewmanagementteamsfocusonrebuildback

52WHIGH-LOW$49.86-$13.50

upSTAAscredibility,theyhavewithdrawnguidance.However,theircoloron

FLOAT(%)|ADVMM(USD)99.2%|18.56

1QChinaICLproceduregrowth,2Hmacroheadwindsdiminishing,andtariff

MARKETCAP$948.4M

mitigationeffortsintheNTandLTwerepositiveupdates.STAAisalsomaking