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STAAR Surgical Reports Strong Second Quarter Financial Results
Date:7/31/2013

ch includes the use of $613,000 for the manufacturing consolidation project.  The Company also used $799,000 for the purchase of property and equipment and generated $929,000 in proceeds from stock option exercises.

For the six month period ended June 28, 2013, sales increased to $36.2 million versus $31.5 million during the first half of 2012, a 15% increase in U.S. dollars and 21% increase in constant currency.  Gross profit increased by 15%.
Operating expenses increased $1.7 million or 7.6%, which included key investments of $1.5 million for the consolidation project ($262,000 above prior year) and incremental spending of $916,000 in sales and marketing. Operating income increased by $1.7 million during the six month period.  Income taxes were $355,000 higher and the new medical device tax was $104,000.  Net Income on a GAAP basis was $749,000 or $0.02 per diluted share and the non-GAAP adjusted net income increased to $5.0 million or $0.13 per diluted share basis as compared to $2.6 million or $0.07 per diluted share during the first half of 2012.

Recent Visian Implantable Collamer® Lens (ICL) Highlights

  • ICL sales represented 62.0% of total sales, compared to 54.0% of sales in Q2 2012.
  • ICL sales increased 31% to $11.3 million from $8.6 million in Q2 2012 reflecting a 27% increase in unit sales and a 3% increase in price.
  • Of total Visian ICLs the mix of TICLs was approximately 33% of units and 39% of dollars.
  • Overall sales in the Company's 11 key markets reflected a 33% increase in revenues and 28% increase in units.
  • Key regulatory approvals were obtained during the quarter:
  • Visian ICL with CentraFLOW was approved in Korea and Argentina.
  • Progress was made in India with approval of the CentraFLOW technology expected within the third quarter.
  • The Company has been told by the FDA that the current intent is to take the TICL to the Advisory
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  • SOURCE STAAR Surgical Company
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