STAAR Surgical reports 3.7% increase in net revenue for second quarter of 2010

MONROVIA, Calif. — STAAR Surgical reported $13.6 million in net revenue for the second quarter of 2010, representing a 3.7% increase compared with net revenues reported during the same period last year, the company announced.

STAAR's second-quarter revenue growth was led by sales of core products, IOLs and Visian Implantable Collamer Lenses (ICLs), which increased by 7% during the quarter.

Global IOL sales totaled $7 million, an increase of 5% from $6.7 million reported for the second quarter of 2009. Overall IOL sales fell by 7% in the U.S., led by a sales decline in lower-priced silicone IOLs. However, European IOL sales increased by approximately 35% for the second quarter, with sales in France more than quadrupling.

Visian ICL revenue totaled $5.9 million, an increase of 9% compared with $5.4 million in sales reported during last year's second quarter, the release said.

Foreign currency changes boosted total sales by $258,000, the release said.

"We continued to make progress during the quarter on our plan to generate increased shareholder value," Barry G. Caldwell, president and CEO of STAAR, said in the release. "We finished the quarter with about 4,000 IOLs on back-order. We currently expect to achieve double-digit core product line growth in the third quarter and for the full year."

Gross profit margin increased to 63.6% of revenue, up from 61% in the second quarter of 2009.

Cash and restricted cash totaled $8.1 million; the company is largely debt-free with the exception of a credit line in Japan, the release said.

Follow OSNSuperSite.com on Twitter.