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Biotech / Medical : Staar Surgical STAA

STAA 25.26

-2.4%

3:59 PM EST

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To: gcrispin who wrote (24)	5/1/1999 7:41:00 PM
From: Alan A. Hicks	of 50

STAAR's Q1 had record revenues with product revenues growing by $2 million or 14% from Q4 1998. At $0.05 EPS STAAR also beat the consensus of analyst estimates of $0.02 EPS and $14.1 million revenues. The conference call was very upbeat with good progress being reported on all fronts. Results are expected to improve each quarter going forward. Cruttenden Roth has reiterated their “Buy” with a 12-month price target of $12. Analyst Bill Gibson raised his estimate for 1999 from $0.15 to $0.21. Kinnard reiterated their “Strong Buy” with a 12-month target of $17. Analyst Richard Leza raised his estimate for 1999 from $0.20 to $0.21. STAAR reported the initial 1000 implants of Toric lenses required by the FDA for follow-up data were completed. STAAR had limited sales of the Toric to only its best doctors. Now STAAR has turned loose its sales force to begin selling the Toric to all eye surgeons being trained to use the Toric lens. As the only product on the market to correct astigmatism, STAAR is using the Toric to pull through other STAAR products by with a bundling strategy. STAAR's new collamer material will begin sales in Europe this month. STAAR believes it will be the most biocompatible material on the market. It will be another weapon STAAR has to take market share away from competitive products such as Alcon's acrylic IOL. STAAR expects approval for the collamer material in the U.S. by the FDA by the end of the year or early next year. ICL/Wick sales had another record quarter with nearly $1 million in revenues. ICL sales were strong in France, Spain and Italy and beginning to build momentum in Germany, England, South America, South Africa and Asia. STAAR has been training doctors in Switzerland and Austria. Interest continues to increase as clinical trials are close to being completed for both the ICL and the AquaFlow glaucoma wick. The trials for AquaFlow are expected to be completed in July. With the excellent results AquaFlow has been achieving to treat glaucoma which currently has no good treatment, STAAR believes the FDA is interested in putting AquaFlow on a fastrack for approval which could come as soon as the middle of 2000. Gross margins should gradually improve as STAAR's new international distributors gradually replace competitor's products with STAAR products. STAAR expects its new phaco emulsification machine to begin to contribute in the second half of this year. STAAR also expects approval by the FDA for STAAR to begin Phase III trials for the ICL for hyperopia this summer. StaarVisc, STAAR's new viscoelastic, could be approved at any time. It was an excellent quarter for STAAR and it looks like there will be more good news ahead. In the meantime, we can buy all the STAAR we want at rock bottom prices.

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