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STAAR Surgical Reports 10% Second Quarter Revenue Growth
Date:7/31/2014

margin IOL injectors to a third party drove a negative impact of 80 basis points.  This factor should continue to be a headwind during the second half.  Finally, the transition of ICL production to the U.S. had a negative impact of 140 basis points.  This should improve during the second half, as it did during the first half, with increased manufacturing experience in the U.S. and the transfer of management from Switzerland.  An increase of 3% in the average prices on ICLs had a positive impact on gross margin during the second quarter.  The Company expects higher average prices for both ICLs and IOLs which should have a positive impact during the second half of the year.

Operating expenses for the quarter were $15.1 million, up 26% from $11.9 million in the prior year. This includes a $0.8 million increase in R&D expenses driven by the cost of an increased number of regulatory approvals in process, consultants working with the Company on the actions to address the issues in the FDA Warning Letter and cost associated with the development of the Preloaded ICL and the V6a ICL.  Investments in Sales and Marketing increased by $1.4 million which includes cost related to the expansion of the U.S. sales team in anticipation of the potential launch of the TICL and increased promotional spending.  General and Administrative expenses increased by $1.4 million primarily due to the increased cost of stock compensation due to a higher stock price in the second quarter of 2014 than in the second quarter of 2013, higher bonus accrual as targets for bonus achievement are on track, and tax consulting expenses.

The income tax provision was $0.4 million during the second quarter of 2014 compared to a provision of $0.6 million during the second quarter of 2013.  The effective tax rate for the second quarter was 26%, while the rate for the first half was 23%.  The effective income tax rates are negative in periods where w
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SOURCE STAAR Surgical Company
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