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STAAR Surgical announces third quarter financial results
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MONROVIA, Calif. — STAAR Surgical reported continued net losses for the third quarter 2002 and again lowered sales projections for the year.
The company reported net sales of $11.2 million, 7.8% below results from last year’s third quarter. The company attributed the reduction in sales mainly to decreased IOL sales in the United States. Sales in the company’s German and Australian subsidiaries increased 11% over the third quarter of 2001, while viscoelastic sales increased 146%. Sales of the AquaFlow glaucoma drainage device also increased 30% over the comparable period in 2001.
Net sales for the year to date were $35 million, 8% below the same year-to-date period last year. A 33% increase in ICL sales, a 101% increase in sales of the AquaFlow glaucoma drainage device and a 351% increase in viscoelastic sales helped to partially offset the decrease in IOL sales.
The company reported a net loss for the quarter of $2.1 million versus a net loss of $2 million for the same quarter 2001.
David Bailey, chairman, president and chief executive officer, said the company is forced to reduce projections for the full year for the second time, both in terms of sales and income. The company now forecasts $45 million to $50 million in sales and a loss of $7 million to $9 million.