Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Staar Surgical -- know anything about it? -- Ignore unavailable to you. Want to Upgrade?

To: geoffrey Wren who wrote (106)	11/5/1997 5:59:00 PM
From: geoffrey Wren	Read Replies (2) \| Respond to of 133

Earnings report out: MONROVIA, Calif.--(BW HealthWire)--Nov. 5, 1997--STAAR Surgical Company (NASDAQ: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. THIS ALL SEEMS WITHIN EXPECTATIONS, RIGHT? I'M GUESSING NO MAJOR MOVE TOMORROW. Geoff Wren