MAY 03, 2013
Staar Surgical Company reported record revenue for the first quarter ended March 29, 2013 of $18 million, up from $15.5 million reported for the first quarter of 2012. The results included $10.6 million in Visian ICL sales, a 24 percent increase over the same period in the prior year, and $6.3 million in IOL sales.
Net income for the quarter was $471,000, compared with $232,000 in the first quarter of 2012. Operating expenses rose 9 percent to $11.6 million and reflected charges associated with a manufacturing consolidation project, a $623,000 increase in sales and marketing expenses driven by additions to the company's headcount throughout 2012, and commissions paid to the former distributor in Spain for early transition to a direct sales model.
"We are encouraged by the continued revenue growth we are achieving in the refractive surgery space, which resulted in an overall improvement in year-over-year sales of 16 percent for the first quarter of 2013 which on a constant currency basis is actually 21 percent growth," said Barry Caldwell, president and CEO. "Many things went right for us both from an operational and commercial perspective during the first quarter. We are well positioned in two large markets - refractive and cataract - and have a pipeline in place for new products throughout this year and well into 2014."