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

irradiator used to manufacture Collamer buttons from Aliso Viejo, California to Monrovia.
  • Manufacturing consolidation expenses increased to $901,000, from $555,000 reported in the first quarter of 2012 due to costs associated with the wind down of manufacturing operations in Japan, but are expected to decrease in the remaining months of the year, particularly in the second half.
  • Expansion of Monrovia facilityThe Monrovia, California headquarters was expanded by approximately 26,000 square feet that directly adjoin the current 44,000 square feet.  The additional space is expected to create a more productive working environment as manufacturing is consolidated at this facility.  The Company has incurred $899,000 in costs to date and expects to spend an additional $264,000 through the remainder of the year to complete this expansion.

    2013 Metrics-Solid Start to the Year, No Change to OutlookThe Company reiterates and will continue to report and update on each of the 2013 metrics quarterly:

  • Total revenue growth in the range of 8 to 10%. 
  • Gross margin expansion by a minimum of 250 bps for the year.
  • Profitable on a GAAP basis each quarter.
  • Make continuous quarterly progress towards the full implementation of manufacturing consolidation from Japan and Switzerland facilities to the U.S. by the end of 2013 while maintaining quality and adequate inventory.
  • Conference CallThe Company will host a conference call and video webcast today, May 1, 2013 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss the Company's first quarter 2013 financial results and recent corporate developments. The dial-in number for the conference call is 877-703-6110 for domestic participants and 857-244-7309 for international participants, both using a passcode 23245755.

    The Company will also be using slides to illustrate its first quarter results and operational progress.  The slide
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    SOURCE STAAR Surgical Company
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