Total Fourth Quarter International Sales Grow 15% Year-Over-Year
37% Increase in Refractive Sales
Gross Profit Margin Continues to Improve
Company Expands Initiatives to Reduce Operating Costs in U.S.
MONROVIA, Calif., March 6 /PRNewswire-FirstCall/ -- STAAR Surgical Company (Nasdaq: STAA), a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today reported financial results for its fourth quarter and full fiscal year ended December 28, 2007. In addition, the Company reported on cost reduction initiatives implemented to date as well as cost reduction goals for 2008.
Total product sales for the fourth quarter of 2007 were $15,885,000, an increase of 3% compared with $15,440,000 reported for the same period of 2006. The year-over-year increase in sales during the fourth quarter of 2007 was the result of increased international sales, which grew 15% compared with the fourth quarter of 2006. Total fourth quarter refractive product sales grew 26% compared to the fourth quarter of 2006, while total cataract product sales declined 4% compared with the same quarter of 2006. The favorable impact of changes in currency on fourth quarter 2007 sales was approximately $754,000. Gross margin improved to 50% compared to 42% in the fourth quarter of 2006. The net loss for the fourth quarter of 2007 was $4.3 million, or $0.15 per share compared to a net loss of $5.7 million, or $0.22 per share for the fourth quarter of 2006.
"During the fourth quarter, we began to realize the benefit of our cost
reduction initiatives of the third quarter and identified incremental
reductions for 2008," said Barry G. Caldwell, President and CEO of STAAR
|SOURCE STAAR Surgical Company|
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