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STAAR Surgical Reports First Quarterly Profit from Continuing Operations Since 2000
Date:5/3/2011

MONROVIA, Calif., May 3, 2011 /PRNewswire/ -- STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today reported financial results for the first quarter ended April 1, 2011.  Revenue for the quarter increased 8% to $14.8 million over the first quarter of 2010, driven by 10% growth in core product (IOL and ICL) sales.  The Company achieved its first quarter of income from continuing operations since 2000 of $300,000, or $0.01 per share, compared with a loss from continuing operations of $636,000, or $0.02 per share in the first quarter of 2010.  The Company increased its cash position in the first quarter by $900,000 to end the quarter with cash, cash equivalents, and restricted cash of $10.4 million compared to $9.5 million at December 31, 2010.  

"STAAR's first quarter accomplishments, the current trends which are even more encouraging, and the continuous improvement in our financial and operational results are all evidence that our strategies are working," said Barry G. Caldwell, President and CEO.  "We achieved a key metric and milestone in the first quarter, generating income from continuing operations for the first time since 2000.  Our success was driven largely by our on-going strategy to increase sales of higher margin core products.  Core product revenue rose 10%.  Visian ICL sales established a new quarterly sales record of $6.9 million, which represented more than 46% of total STAAR sales for the period, and an 18% increase over the prior year's first quarter results.  Our gross profit margin was nearly 65%, the highest level since 1999, and we anticipate it will expand during 2011 as the percentage of total sales represented by the ICL product line continues to grow.  In addition, our balance sheet remains solid as we increased our cash po
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