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

ivalents and restricted cash totaled $13,145,000 at July 1, 2011 compared with $10,354,000 at April 1, 2011.  The Company generated $2,359,000 in cash from operating activities during the second quarter.

Six Months Financial Highlights

  • Total net sales in the first six months of 2011 grew 14% or $3.7M to $31.1 million from $27.4 million in the first six months of 2010.   Foreign currency changes favorably impacted sales by $1.0 million.  Visian ICL sales totaled $15.2 million, 30% above sales of $11.7 million reported for the first six months of 2010.  IOL sales totaled $14.2 million, a 2% increase over $13.9 million reported during the first six months of 2010.
  • Gross margin increased to 65.8% of revenue from 63.9% for the first six months of 2010. The increase was largely attributable to a higher mix of ICL sales.
  • Total operating expenses were $19.1 million, a 5% increase over the first six months 2010 of $18.2 million.  General and Administrative spending included over $900,000 incremental spending for bonus accruals based upon performance and costs associated with the Company's project to maximize future profits with revised manufacturing and tax strategy plans.
  • For the first six months ended July 1, 2011, income from continuing operations and net income totaled $1.2 million or $0.03 per share.  For the six months ended July 2, 2010, the Company reported a loss from continuing operations of $2.3 million; income from discontinued operations of $4.2 million and net income of $1.9 million, or $0.05 per share.

  • Conference CallThe Company will host a conference call and webcast today, August 2, 2011 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss the Company's second quarter financial results, and recent corporate developments. The dial-in number for the conference call is 877-941-6009 for domestic participants and 480-629-9645 for international participants
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    SOURCE STAAR Surgical Company
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