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STAAR Surgical Reports Continued Double Digit Core Revenue Growth
Date:11/2/2010

MONROVIA, Calif., Nov. 2, 2010 /PRNewswire-FirstCall/ -- STAAR Surgical Company (Nasdaq: STAA), a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today reported results for the third quarter ended October 1, 2010.  Revenue for the period grew 6% to $13.2 million reflecting core product (IOLs and ICLs) revenue growth of 10% and a 44% decrease in defocused product revenue as compared to the third quarter of 2009.  Foreign currency exchange favorably impacted sales by $404,000.  The Company generated cash from operations in the third quarter of $470,000 and ended the quarter with cash, cash equivalents, and restricted cash of $8.6 million compared to $8.0 million as of July 2, 2010.  

“Revenue from our core IOL and ICL products continued to grow in the third quarter, driven by record Visian ICL revenues with a 21% growth rate and increased market penetration of the nanoFLEX IOL,” said Barry G. Caldwell, President and CEO.  “We began the launch of our expanded range of Visian ICLs in late September to countries that accept CE Mark Certification.  With this expansion the Visian ICL has the broadest approval of any other refractive surgical option as virtually all myopic, hyperopic and astigmatic patients can now be treated.  Visian ICL units also established a new record with 34% growth reflecting accelerated market share gains. A higher percentage mix of ICLs compared to Toric ICLs resulted in an overall decline in average selling price.  Sales of the nanoFLEX IOL remain strong with a 26% increase over the prior year’s quarter.

“We are positioned to take advantage of the growth opportunities in our core product offerings,” continued Mr. Caldwell.  “We have increased the U.S. sales and marketing organization to more aggressively promote our ICL and
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SOURCE STAAR Surgical Company
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