STAAR Surgical Reports Third Quarter Results
November 5, 1997 04:00 PM
MONROVIA, Calif.--(BW HealthWire)--Nov. 5, 1997--STAAR Surgical Company STAA today announced financial results for its third quarter and nine months ended October 3, 1997.
Revenues for the third quarter grew 10% to $11.8 million compared with $10.8 million in the third quarter of 1996. During the quarter, operating expenses increased by 7%, generating a 19% increase in operating income to $3,346,000, versus $2,810,000 in the same quarter last year.
For the quarter, net income increased 16% to $2,064,000, or $0.15 per share, compared with $1,775,000, or $0.13 per share, in the same period last year.
For the nine months net income was $5,767,000, or $0.41 per share, on revenue of $34.0 million, versus net income of $5,018,000, or $0.36 per share, on $30.7 million in revenue for the comparable period last year. This represents a 15% increase in net income.
"Revenue reflects solid performance in our core foldable intraocular lens (IOL) business and international contributions of sales of our newest products," said Chairman and President John R. Wolf. "During the quarter we have engineered the opening of two new international offices STAAR Surgical AB in Norway and STAAR Surgical AS in Sweden. With the cooperation of existing distribution channels combined with our direct marketing agenda, which effectively targets and instructs leading surgeons in minimally invasive ophthalmic procedures, these two offices in Scandinavia offer significant opportunities for sales inside and outside of our core line of IOL products and provide STAAR with increased presence and market share in Europe."
"Also, we are pleased with the recent developments relating to the ICL(TM), a deformable intraocular refractive corrective lens," continued Wolf. "Phase I of the Hyperopic ICL(TM) FDA study has been completed. The data from the study as well as data from the Phase I Myopic ICL(TM) study was very positive. Last week the results of these studies were presented at the general session of the American Academy of Ophthalmology (AAO) in San Francisco by David C. Brown M.D. of Ft. Meyers, Florida. AAO members responded overwhelmingly to the presentation of the FDA study data," concluded Wolf.
Founded in 1982, STAAR Surgical Company develops, manufactures and globally distributes medical devices used in minimally invasive ophthalmic 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, in foreign countries, two new products: a "wick" style glaucoma implant for the treatment of glaucoma and the ICL(TM), a deformable intraocular refractive corrective lens, for the treatment of near and farsightedness. All of the Company's products have received CE Marking for distribution in the European Union. For additional information, visit the Company's web site at staar.com .
STAAR SURGICAL COMPANY
Condensed Consolidated Statements of Income
(in 000s except per share data)
Unaudited
Three Months Nine Months
Ended Ended
Oct. 3 Sept. 27 Oct. 3 Sept. 27
1997 1996 1997 1996
------- ------- ------- -------
Revenues $11,825 $10,799 $33,964 $30,655
Cost of Goods Sold 2,760 2,635 7,915 7,351
Gross Margin 9,065 8,164 26,049 23,304
General and Administrative 1,542 1,375 4,663 4,123
Marketing and Selling 3,213 2,997 9,401 8,926
Research and Development 964 982 3,025 2,919
Total Selling, General and
Administrative 5,719 5,354 17,089 15,968
Operating Income 3,346 2,810 8,960 7,336
Other Income (Expense) (301) (90) (451) 106
Pre-tax Income 3,045 2,720 8,509 7,442
Income Taxes 981 945 2,742 2,424
Net Income $ 2,064 $ 1,775 $ 5,767 $ 5,018
Net Income Per Share $ 0.15 $ 0.13 $ 0.41 $ 0.36
Shares for Fully Diluted EPS 14,139 13,857 14,139 13,857
STAAR SURGICAL COMPANY
Condensed Consolidated Balance Sheets
(in 000s)
Unaudited
Oct. 3, 1997 Jan. 3, 1997
------------ ------------
Current Assets $28,958 $28,670
Total Assets $53,712 $51,119
Current Liabilities $ 7,746 $13,671
Total Liabilities 10,758 14,515
Stockholder's Equity -- Net 42,954 36,604
Total Liabilities & Equity $53,712 $51,119
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