STAAR Surgical Reports First Quarter Results in Line with Estimates
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 www.streetevent.com , www.staar.com and www.irbyctc.com .
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 http://www.STAAR.com or www.irbyctc.com . 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)
Unaudited
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
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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/