See all news

STAAR Surgical Reports First Quarter Results in Line with Estimates

  • 2001-05-09
  • Press release

MONROVIA, Calif., May 9 /PRNewswire/ -- STAAR Surgical Company (Nasdaq: STAA) reported results for the first quarter ended March 31, 2001 were in line with First Call estimates. Revenues for the quarter were $13.0 million compared to $14.1 million for the first quarter a year ago. Revenues from last year's first quarter included $717,000 from discontinued operations. The Company reported a net loss of ($230,000), or a loss of ($0.01) per share, compared to net income of $264,000 or a gain of a $0.02 per share a year ago. During the first quarter the Company incurred an unfavorable exchange rate of $406,000.

David Bailey, President of STAAR Surgical Company said, "We are on track, delivering on the performance goals we set for the quarter, while meeting operational milestones. This will ensure our overall objective to turn STAAR Surgical into a vibrant and profitable operating company able to meet our markets needs."

Bailey added, "During the first quarter, we received the CE Mark for the SonicWave(TM) Phacoemulsification System. This has allowed us to enter the estimated $300 million European Union cataract market with an advanced machine that offers a safe lens removal system through its sonic and high-vacuum technology. Later in the quarter we announced that we will start to market STAARVISC(TM) II manufactured by Anika Therapeutics. This gives us access in the U.S. to an existing $153 million market. Anika, a respected leader in the industry, is able to produce the clear viscous substance used to protect delicate tissue inside the eye during anterior and posterior ophthalmic procedures at a much lower cost than STAAR. We are able to generate higher margins from the Anika product than if we manufactured our own viscoelastic and for the first time we are able to offer to more effectively bid the procedure and compete in many new accounts from which we have effectively been excluded."

Bailey concluded, "We are pleased and encouraged with our accomplishments in the first quarter, but realize we have a long way to go. As we enter into our second quarter, I am encouraged to see how well our employees have faced the challenge. I am excited about our future as we gain momentum and start to realize our goals for STAAR Surgical Company."

An investor conference call on the year-end and fourth quarter will be held on Wednesday, May 9, 2001 at 1:30 p.m. Pacific Time. To participate please dial 1 (800) 567-7916 ten minutes prior to scheduled start of the conference call and give ID#164806. A tape replay of the call will be available shortly after the conclusion of the conference until Wednesday, May 16, 2001 by dialing (800) 642-1687 and giving the conference ID#164806. The conference call will also be available the Internet at , and .

Founded in 1982, STAAR Surgical Company develops, manufactures and globally distributes minimally invasive medical devices for use in refractive, cataract and glaucoma surgery. The Company's principal product line includes foldable intraocular lenses, which are used as replacements for the natural lens in cataract procedures. STAAR also markets two products internationally: an Implantable Contact Lens(TM), which is a refractive lens for the treatment of nearsightedness and farsightedness and the AquaFlow(TM) collagen glaucoma drainage device. All of the Company's products except the Toric ICL(TM) have received CE Marking for distribution in the European Union.

For additional information, about STAAR Surgical, visit the Company's web site at or . You may wish to contact David Bailey, President, STAAR Surgical, or John Santos, Chief Financial Officer, STAAR Surgical, at (626) 303-7902. To contact Bill Roberts, President, CTC, Inc., or Ellen Geron, CTC Inc., please call (937) 434-2700.

Certain statements in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements involve risks and uncertainties that may cause the Company's actual results to be materially different.

                         STAAR Surgical Company
               Condensed Consolidated Statements of Income
                  (in 000's except for per share data)

                                            Three Months Ended
                                March 30,                  March 31,
                                  2001                       2000

      Sales                      $12,903   99.2%            $14,080   99.6%
      Royalties                       98    0.8%                 58    0.4%

    Total revenue                 13,001  100.0%             14,138  100.0%

    Cost of goods sold             5,179   39.8%              5,480   38.8%

    Gross profit                   7,822   60.2%              8,658   61.2%
      General and administrative   2,259   17.4%              2,338   16.5%
      Marketing and selling        5,091   39.2%              4,871   34.5%
      Research and development       818    6.3%              1,110    7.9%

    Total expenses:                8,168   62.8%              8,319   58.8%

    Operating income (loss)         (346)  -2.7%                339    2.4%
    Other income (expense)          (106)  -0.8%                126    0.9%
    Income (loss) before income
     taxes                          (452)  -3.5%                465    3.3%
    Income tax (benefit)
     provision                      (266)  -2.0%                158    1.1%
    Minority interest                 44    0.3%                 43    0.3%
    Net income (loss)              $(230)  -1.8%               $264    1.9%
    Diluted earnings per share    $(0.01)     -               $0.02      -
    Shares for diluted EPS        16,953      -              15,308      -

                            STAAR Surgical Company
                     Condensed Consolidated Balance Sheet
                     (in 000's except for per share data)

                                        Unaudited          Audited
                                        March 30,        December 29,
                                          2001               2000

    Current assets                       $45,747           $45,474
    Total assets                          79,886            80,152

    Current liabilities                   21,096            21,171
    Total liabilities                     21,388            21,483
    Stockholders' equity - net            58,250            58,465
    Total liabilities and equity         $79,886           $80,152

                    MAKE YOUR OPINION COUNT -  Click Here

SOURCE STAAR Surgical Company

CONTACT: David Bailey, President, or John Santos, Chief Financial Officer of STAAR Surgical, 626-303-7902; or Bill Roberts, President, or Ellen Geron of CTC Inc., 937-434-2700/