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

ulatory approval is expected during the third quarter.

North America (NA)

  • NA increased revenues by 9% while units increased 13% with a 3% decline in price.
  • Sales in the U.S. grew 10% while units grew 15% in a market with increasing evidence that LASIK procedures are declining or flat at best.
  • A major corporate provider of LASIK procedures reported their refractive procedures declined 10% in the U.S. during Q2 based upon their belief that new flexible spending account guidelines are having a negative impact on elective surgeries.
  • Recent Intraocular Lens (IOL) Highlights

  • Second quarter IOL sales were $5.9 million as compared to $6.8 million during the second quarter of 2012.  The negative impact of foreign exchange was $827,000 for IOLs.
    Without the impact of foreign exchange, global IOL revenue would have declined by approximately 1% on a constant currency basis.
  • IOL gross margin declined from 60% in the second quarter of 2012 to 55% in the current quarter.  This was driven primarily by the negative impact of foreign exchange as the preloaded silicone IOLs are cost based in U.S. dollars and primarily sold in yen.  If not for this impact the gross margin would have remained at the 60% level for the quarter.
  • IOLs represented 32% of total sales in the second quarter of 2013, compared to 43% of total sales in the same period of the prior year.
  • The Company ended the quarter with approximately $1.2 million in backorders from European customers which is a 30% increase over the backorders at the end of the first quarter.  The Company's supplier of acrylic IOLs has been unable to meet the high demand for the new KS IOL products, but is working to increase supply during the second half of the year.
  • IOL sales in Japan represented 57% of all IOL revenues and 45% of all IOL units. During the quarter there was a 15% increase in units as compared to the
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  • SOURCE STAAR Surgical Company
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