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STAAR Surgical Provides Outlook On Second Quarter 2012 Financial Results
Date:7/19/2012

MONROVIA, Calif., July 19, 2012 /PRNewswire/ -- STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today provided selected preliminary results for the second quarter ended June 29, 2012.

Total revenue is expected to be approximately $16 million compared with $16.3 million in the second quarter of 2011 and $15.5 million in the first quarter of 2012.  Visian ICL sales increased in all three regions though at a less than anticipated level in Asia Pacific and Europe. 

"During the quarter, the transition to a direct selling model for our Visian ICL in Spain had a negative impact on our sales, though it will provide an upside to expectations in Spain during the second half of the year.  The negative sales impact came from the lack of re-orders from the market as the distributor worked down its inventory and STAAR incurred additional reduction in sales as we bought back the remainder of the inventory during the quarter.
In Asia Pacific we had lower than expected sales in Korea, our largest market, and China. These were partially offset by strong increases in Japan, Germany, Italy, India and Latin America.  North America grew within expectations during the quarter," said Barry Caldwell, President and CEO.

"In addition, based on preliminary review of our second quarter results, we expect our cash position increased to approximately $17.5 million at quarter end, which is a record cash position for the Company and was achieved while we made continued investments in our future," added Mr. Caldwell.  "We have now hired thirteen of the budgeted sixteen new employees in the sales and marketing area and expect to see enhanced results during the second half of 2012 from these additions.  We also invested approximately $700,000 in our manufacturing consolidation project
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SOURCE STAAR Surgical Company
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