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

e have both consolidated pre-tax losses and tax provisions in foreign jurisdictions with pre-tax profits.

Adjusted net income (excluding manufacturing consolidation expenses, distribution transition expenses in Spain, gain (loss) on foreign currency transactions, fair value adjustment of warrants, stock-based compensation expense and Toric ICL FDA panel expenses) for the quarter ended July 4, 2014 was $0.3 million, or $0.01 per share versus adjusted net income for the year ago quarter of $1.8 million, or $0.05 per diluted share. 

The GAAP net loss for the first half of 2014 was $3.1 million or $0.08 on a per diluted share basis, compared with a net income of $0.7 million, or $0.02 on a per diluted share basis, in the first half of 2013.  Adjusted net income (excluding manufacturing consolidation expenses, distribution transition expenses in Spain, gain (loss) on foreign currency transactions, fair value adjustment of warrants, stock-based compensation expense and Toric ICL FDA panel expenses) for the first half of 2014 was $1.9 million, or $0.05 per share versus adjusted net income for the year ago first half of 2013 at $5.0 million, or $0.13 per diluted share. 

Cash and cash equivalents at July 4, 2014 totaled $19.2 million. During the quarter, the Company used $1.5 million in cash for operating activities including: $1.0 million to build inventory to support the potential U.S. launch of the TICL and the Preloaded ICL for EU launch.

Recent Visian Implantable Collamer® Lens (ICL) Highlights.

  • Sales grew 8% globally during the second quarter and were driven by an increase of 9% in the Company's target markets. Average selling price increased 3% driven by mix and new product introductions.
  • Procedures grew globally 5% in the second quarter, the same rate of growth in the target markets.
  • In the more than 60 markets where the TICL is available, second quarter sales of TICL represented
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  • SOURCE STAAR Surgical Company
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