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STAAR Surgical Reports 14% Fourth Quarter Revenue Growth
Date:3/16/2009

Cash Used for Operating Activities Declines to Less Than $1 Million

Gross Margin Increases to 57.1%

Programs Implemented to Yield Additional Cost Savings During 2009 & 2010

First Quarter Sales Off to Strong Start

MONROVIA, Calif., March 16 /PRNewswire-FirstCall/ -- STAAR Surgical Company (Nasdaq: STAA), a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today reported financial results for the fourth quarter and full year ended January 2, 2009. The financial results for both periods include the operating performance of STAAR Japan, which STAAR acquired at the beginning of fiscal year 2008.

Fourth Quarter Highlights

Financial Highlights

  • Total sales grew 14% year-over-year to $18.2 million due to strong sales of STAAR Japan of $3.7 million; 19% growth excluding impact of currency; total sales excluding Japan declined 9%
  • International sales grew 23% year-over-year, 30% excluding impact of currency
  • U.S. sales declined by 6% while operating expenses, excluding other charges, declined by 21%
  • Gross margin improved 700 basis points from the year ago period to 57.1%
  • Operating loss increased by 127% due to patent impairment charge and litigation verdict, reduced by 41%, excluding these other operating expenses
  • Cash used for operating activities during the quarter, including Japan, decreased to $991,000 and $514,000 excluding Japan; legal costs paid during the quarter total $600,000

"Our fourth quarter performance, though below our original expectations, capped a year of significant achievements for STAAR Surgical," said Barry G. Caldwell, President an
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SOURCE STAAR Surgical Company
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