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: bill hopkins who wrote (128)	11/5/1998 10:33:00 AM
From: geoffrey Wren	Read Replies (1) \| Respond to of 133

News out, good and bad: Thursday November 5, 9:54 am Eastern Time Company Press Release STAAR Surgical Gives Preliminary Outlook for Third Quarter MONROVIA, Calif.--(BW HealthWire)--Nov. 5, 1998--STAAR Surgical Company (Nasdaq: STAA - news) today announced that, as a result of continued competition in its cataract business, it expects to report revenues and results of operations below analysts' estimates for its third quarter ended Oct. 2, 1998. The Company plans to announce its third quarter results on November 13. In a separate announcement, the Company also announced today that the United States Food and Drug Administration (FDA) has given marketing approval for the STAAR TORIC(TM) IOL, the only intraocular (IOL) lens designed to reduce pre-existing astigmatism in cataract patients. ''Achieving FDA marketing clearance for the STAAR TORIC IOL is a significant milestone, because it repositions STAAR as the preeminent technology company in the foldable IOL market and gives us the opportunity to recapture market share in the segment,'' said John R. Wolf, chairman and president of STAAR Surgical Company. ''As we have indicated over the past several quarters, increasing competition has disrupted our IOL business at a time when we are still in the FDA approval process for several new products, including the revolutionary Implantable Contact Lens(TM) (ICL(TM)). Although we believe the long-term future of STAAR will be determined by the success of these new products, we continue to believe that the Company can be a solid and profitable participant in the IOL market. We have begun to see these competitive pressures ease in the fourth quarter, and expect the FDA clearance of the Toric to generate significant excitement in the IOL market.'' 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 the foldable intraocular lenses, which are used as replacements for the natural lens in cataract procedures. STAAR also markets, in select foreign countries, two new products: 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 have received CE Marking for distribution in the European Union. For additional information, visit the company's web site at staar.com. 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. Factors that could impact the Company's future results are set forth in the Cautionary statements included in Exhibit 99 to the Company's Form 10-Q dated August 1, 1998, filed with the Securities and Exchange Commission.