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STAAR Surgical Reports Strong First Quarter 2013 Financial Results
Date:5/1/2013

enses for the first quarter of 2013 were $11.6 million, up 9% from the $10.6 million prior year period reflecting $901,000 (a $346,000 increase) in related charges associated with the Company's manufacturing consolidation project and a $623,000 increase in sales and marketing expenses driven by the additions to the Company's headcount throughout 2012 and commissions paid to the former distributor in Spain for early transition to a direct sales model. Overall operating expenses were impacted positively by foreign currency exchange of $351,000.

Income taxes increased to $314,000 during the first quarter of 2013 compared to $232,000 during the first quarter of 2012.  The Company's effective tax rate for the first quarter was 40%, and is now expected to remain at this level for the remainder of 2013, versus the previously expected 50% tax rate for 2013. 

Cash and cash equivalents on March 29, 2013 totaled $19.2 million, compared to $21.7 million at the end of the prior quarter.  Cash utilization during the quarter was impacted by: $563,000 negative effect on exchange, $442,000 paid to the former Spanish distributor relating to the transition to a direct selling model (these charges were completed on March 8) and $1.2 million used for manufacturing consolidation and expansion of the Monrovia, CA facility.

"We are encouraged by the continued revenue growth we are achieving in the refractive surgery space, which resulted in an overall improvement in year-over-year sales of 16% for the first quarter of 2013 which on a constant currency basis is actually 21% growth," said Barry Caldwell, president and CEO.  "Sales of our Visian ICL exceeded $10 million for the first time and reflected a 24% increase over the same period in the prior year.  Visian ICL sales increased in our focused markets, led by Europe, which increased by 57% during the first quarter and the Middle East with a 94% increase.  The competitive landscape we f
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SOURCE STAAR Surgical Company
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