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

second quarter of 2012.  Units during the quarter increased by 2% over the first quarter of this year yet revenue declined by 6% due to the weakening of the yen value.  In U.S. dollars, this reflects a flat performance to the prior year though a 21% increase in constant currency.
  • Due to the lack of supply in the KS IOL products, the Company has suspended delivery of product to the China market.  IOL revenues during the second quarter were $810,000 less than prior year and $347,000 less than the first quarter of this year.
  • Shipments of the nanoFLEX Toric IOL began late in the quarter to customers in Europe.
  • The newly enhanced nanoFLEX II IOLs were shipped along with the reading cards for the clinical trials which started during July.  The protocol is designed to measure near and intermediate visual results as well as rotational stability.
  • Project Comet Update

  • The Company's manufacturing consolidation project continued to be basically on plan through the first half of the year.
    The Company has decided that due to the higher demand needs resulting from increased sales of the Visian ICL products and the expected Visian Preloaded V5 ICL approval for Europe, to extend the completion date for consolidation until the first half of 2014.
  • Validations were successfully completed for the Visian Toric ICLs as expected and the Company plans to ship the first TICLs from Monrovia during the third quarter.
  • Sterile IOLs began shipping from Monrovia to Japan during the quarter and the Company exited the quarter with all IOLs globally being manufactured in Monrovia.
  • Manufacturing consolidation expenses were $613,000, as compared to $697,000 reported in the second quarter of 2012.
    Costs associated with the wind down of manufacturing operations in Japan are expected to decrease in the second half of the year.
  • 2013 Metrics- Revenue Growth Metric Increased; Manufacturin
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    SOURCE STAAR Surgical Company
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