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

nd now show an increase over prior year for the first four months of the year.
  • Preloaded IOL revenues grew 11% globally during the period, while IOL sales in Japan grew 19%.
  • Global sales of lower margin silicone monofocal IOL declined 25% while the higher margin silicone Toric IOLs grew 30%.
  • The CE Mark approval of nanoFLEX, which was announced last week, will be a cornerstone in our global IOL strategy to drive premium sales in key and profitable markets throughout the world.  Marketing in Europe will begin during the second quarter.
  • The Company continues to interact with the FDA on its submission for the Preloaded Silicone IOL.  The FDA had an additional question on sterilization testing on the Preloaded Silicone submission, to which the Company responded on April 21st.  

  • First Quarter Financial Highlights

  • Total net sales in the first quarter increased 8% to $14.8 million from $13.8 million in the first quarter of 2010.  Foreign currency changes favorably impacted sales by $500,000.  Core product revenue grew 10% in the quarter.
  • Gross margin increased to 64.8% of revenue from 64.1% of revenue in the first quarter of 2010.  The increase is primarily due to a higher mix of ICL sales, and, within ICLs, a larger percentage of Toric ICL sales.  
  • Operating expenses totaled $9.4 million, an 8% increase over the first quarter 2010 total of $8.8 million.  The effect of exchange rate changes was approximately $241,000.  Increases in General and Administrative expenses were due to increased accruals for potential bonuses based upon 2011 performance and in Sales and Marketing where investment in key markets continues.
  • During the quarter the Company announced the conversion of its marketing efforts in Australia from direct to a distribution model.  There were some one-time impacts to the first quarter and to the remainder of the
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  • SOURCE STAAR Surgical Company
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