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STAAR Surgical Reports Third Quarter 2012 Financial Results
Date:10/31/2012

MONROVIA, Calif., Oct. 31, 2012 /PRNewswire/ -- STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today reported that sales of its Visian ICL product portfolio in the third quarter ended September 28, 2012 increased 15% to $9.1 million.  Total revenue was $15.9 million, up 4% from $15.3 million in the third quarter of 2011.  Gross margin of 70.4% was 190 basis points above the 68.5% margin in the third quarter of 2011.  The year over year gross margin improvement continues to reflect the increased contribution of Visian ICL sales, margin improvement in ICLs based on increased prices and lower cost of goods for both ICLs and IOLs.

Net loss, calculated in accordance with GAAP, was $90,000, or breakeven on a per diluted share basis, compared with net income of $77,000, also breakeven on a per diluted share basis, in the third quarter of 2011.  Adjusted net income (excluding manufacturing consolidation expenses, gain (loss) on foreign currency transactions, fair value adjustment of warrants, and stock-based compensation expense) for the quarter ended September 28, 2012 was $1.3 million, or $0.04 per diluted share versus adjusted net income for the year ago quarter of $1.2 million, or $0.03 per diluted share.  Cash and cash equivalents at September 28, 2012 totaled $19.8 million, the largest amount in the history of the Company.  This represents an increase of $2.2 million in cash from the end of June despite the increased investment spending in sales and marketing personnel and manufacturing consolidation of $1.7 million during the quarter.

"Visian ICL revenues during the quarter were strong in most of our key focused markets as compared to prior year," said Barry Caldwell, president and CEO.  "ICL sales were up double digits in all three of our regions: N
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SOURCE STAAR Surgical Company
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