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STAAR Surgical Generates Cash From Operations During Second Quarter
Date:8/3/2009

tor system for the Three Piece Collamer Aspheric IOL is expected to create growth in the U.S. market during the second half of the year. These developments lead us to a favorable outlook for the second half and 2010 while our continued efforts to reduce costs remain a daily focus at our company. We believe we are on plan to generate cash from operations for the full year, improve overall gross margin, decrease operating expense and move to profitability," added Mr. Caldwell.

Financial Performance for the Second Quarter Ended July 3, 2009

Gross profit for the second quarter was $10.7 million compared with $11.5 million, which was 55.8% of net sales in both periods. Gross profit margin was flat year over year as a result of lower ASPs on IOLs and ICLs and higher unit costs due to decreased manufacturing volume as part of an effort to reduce inventories, offset by the favorable effect of increased volume and mix. Gross profit for the first six months of 2009 was $21.0 million, or 56% of net sales, compared with $19.3 million, or 50% of net sales in the prior year period. Gross profit for the first six months of 2008 was negatively impacted by a $1.5M purchase accounting charge associated with the acquisition of STAAR Japan.

Continued improvement in the management of operating expenses during the second quarter resulted in a $2.2 million dollar reduction or 16% from the year ago period. Sales and marketing expenses were reduced by $1.6 million during the quarter. Research and Development declined by $900,000 as a result of the Center of Excellence project and reduced regulatory consulting fees, although the investment level is still 10.4% of all STAAR manufactured product sales.

Net loss for the second quarter ended July 3, 2009 was $1.1 million or $0.04 per share, compared with $2.5 million, or $0.09 per share for the second quarter of 2008. Non-cash charges for the quarter
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SOURCE STAAR Surgical Company
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