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STAAR reports increase in quarterly revenue

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MONROVIA, Calif. — STAAR Surgical reported revenue of $15.5 million in the first quarter compared with $14.8 million in the first quarter last year, according to a company press release. Quarterly net income dropped to $232,000 compared with $300,000 a year ago.

“We continued to make good progress in our business during the first quarter, evidenced by our 30% increase of ICL revenues in our top 11 targeted markets,” Barry G. Caldwell, president and CEO of STAAR, said in the release. “This increase in ICL sales combined with our product cost improvements led to significant year-over-year expansion in gross margin.”

Visian ICL quarterly sales increased by 25% compared with a year ago, resulting in $8.6 million in sales, according to the release.

IOL sales in the quarter were $6.4 million, an 11% decrease compared with a year ago.

STAAR confirmed its goals for 2012, including increasing revenues by 15%; exceeding 2011 Visian ICL revenue growth rate of 32%; continuous expansion of gross margins to achieve 71% for the full year; profitability in each quarter and for the full year; and implementing manufacturing consolidation with no disruption to customer supply requirements.

“The 2012 start is very similar to the start of 2011 when we missed two of our metrics in the first quarter, only to exceed them as the year progressed,” Mr. Caldwell said in the release. “We remain confident that we will achieve our metrics for 2012, which include ICL revenue growth in excess of 32% and total revenue growth of 15%.”