STAA: Good Q1 Start with Early Signs of China Progress in Q2; Visibility into 2H26 Remains Limited

研报英文原文证据摘录

STAA: Good Q1 Start with Early Signs of China Progress in Q2; Visibility into 2H26 Remains Limited

seasonal ramp, though mgmt stopped short of a sequential 2026E 0.10 A 0.09 E 0.12 E 0.13 E 0.44 E

commitment. Q2 was framed as consistent with historical trends, implying a step-up Prior (0.13) E 0.19 E 0.22 E 0.19 E NC

from the $47.4M Q1 base into Q2. Mgmt noted encouraging order patterns ahead of the 2027E 0.15 E 0.17 E 0.16 E 0.18 E 0.62 E

June high season but did not explicitly guide to sequential growth. We model Q2 China at Prior 0.16 E 0.18 E NC 0.16 E NC

$48.1M (+1% q/q), likely conservative versus the historical strong double-digit Q1-to-Q2

step-up, with mgmt signaling some caution around Q3/Q4 seasonality. Source:NA = NotCompanyAvailable,Data,NC =WellsNo Change,Fargo SecuritiesNE = Noestimates,Estimate and Factset.

Still no FY26 guidance, though the ~$340M revenue framework from prior deal proxy Simran Kaur

appears reasonable given strong Q1 start. Q1 sales of $93.5M and China of $47.4M are Equity Analyst | Wells Fargo Securities, LLC SimranKaur@wellsfargo.com | 212-214-5973

tracking modestly ahead of the implied quarterly pace ($85M / $40M) from the proxy,

Larry Biegelsenparticularly with Q2 and Q3 typically representing seasonal peaks. Mgmt indicated the

Equity Analyst | Wells Fargo Securities, LLC

~$311M pre-call consensus was too low but stopped short of blessing the proxy, citing Lawrence.Biegelsen@wellsfargo.com | 212-214-8015

moving pieces. On balance, $340M appears achievable if current trends hold. Lei Huang

Associate Equity Analyst | Wells Fargo Securities, LLC

EVO+ tracked at ~10-12% of Q1 China shipments; long-term mix target is ~35%. Lei.Huang@wellsfargo.com | 212-214-8039