-- Obtained New Technology Intraocular Lens (NTIOL) approval from the
Centers for Medicare and Medical Services (CMS) for Afinity
Collamer(R) Aspheric Three-Piece IOL
-- Submitted NTIOL application to CMS for STAAR Collamer Aspheric
Single Piece IOL which can be injected through a 2.2 mm incision
with the recently introduced nanoPOINT(TM) delivery system.
STAAR Japan Highlights
-- Sales for the quarter were $2.8 million which is on track to exceed
$12 million for the year.
-- Business transferred from exclusive distributor to direct
distribution without losing a customer.
-- End user pricing maintained which is the platform for gross margin
-- Costs are under control and on budget.
"During the quarter, we made meaningful progress towards executing our strategy and improving our financial performance," said Barry G. Caldwell, President and CEO of STAAR Surgical. "The first quarter financials include the purchase accounting expenses, which are not recurring expenses and if excluded would show the positive trends of the base business. We have decreased operating expenses in the U.S. and finished the quarter with $10.5 million in cash. The integration of STAAR Japan is well in hand; we generated year-over-year U.S. sales growth for the Visian ICL and have seen the growth momentum increase since ASCRS. At the same time, we continued to drive international sales growth."
Financial Highlights for the First Quarter Ended March 28, 2008
Total product sales were $17,960,000 which is the highest level of
quarterly sales in the over 25 year history of the Company. These sales,
compared with $14,917,000 reported for the first quarter of 2007, represent
a 20% increase. The increase in sales was led by strong international
product sales, which grew
|SOURCE STAAR Surgical Company|
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