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STAAR Surgical Reports 19% Revenue Growth Second Quarter
Date:8/2/2011

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  • Second quarter IOL sales increased 1% to $7.1 million compared with $7.0 million in the second quarter of 2010.
  • Foreign exchange had a favorable impact on IOL sales of $466,000, primarily due to preloaded IOL sales in Japan.
  • The Toric IOL, our highest margin IOL, was up 38% in the U.S.
  • Sales of the nanoFLEX IOL were up 3% globally and 4% in the U.S.
  • In April 2011, STAAR received CE Mark approval for its nanoFLEX IOL and began initial marketing efforts in the second quarter with product shipments to begin during the third quarter.  
  • In June, the Company's KS-SP Preloaded Single Piece Hydrophobic Acrylic IOL received CE Mark approval.  With this approval, STAAR will enhance its competitive position with a product offering for the largest segment of the IOL market.

  • Second Quarter Financial Highlights

  • Total net sales in the second quarter increased 19% or $2.6M to $16.3 million from $13.6 million in the second quarter of 2010.  Foreign currency changes had a favorable impact on sales of $511,000, primarily impacting preloaded IOL sales in Japan.  
  • Gross margin increased to 66.8% of revenue compared with 63.6% in the prior year's second quarter.  The increase reflected a 51% mix of ICL sales to total sales as compared with a 43% mix in the second quarter of 2010..
  • Operating expenses totaled $9.7 million, a 2% increase over the second quarter 2010 total of $9.5 million.  General and Administrative spending included more than $600,000 in higher bonus accruals based upon performance and increased costs associated with the Company's project to maximize future profits with revised manufacturing and tax strategy plans.  
  • Net income in the second quarter of 2011 was $862,000, or $0.02 per share, compared with a net loss in the second quarter of 2010 of $1.6 million, or $0.05 per share, a $2.5M improvement
  • Cash and cash equ
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  • SOURCE STAAR Surgical Company
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