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Staar Surgical reports $2.1 million net loss in 2017

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Staar Surgical reported a net loss of $2.1 million, or $0.05 per share, in 2017 compared with a net loss of $12.1 million, or $0.30 per share, in 2016, according to a press release.

Net sales increased 10% to $90.6 million for the year compared with $82.4 million in 2016. The increase was attributed to ICL revenue and unit growth and strong injector part sales, the release said. IOL sales decreased 12%.

In 2017’s fourth quarter, the company reported a net loss of $0.1 million compared with a $0.2 million net loss in the same period of 2016.

Operating expenses for the year decreased from $71 million in 2016 to $67.9 million in 2017. For the quarter, operating expenses increased from $14.6 million to $18.6 million, with general and administrative costs going up from $3.9 million to $5.6 million.

The company reported cash, cash equivalents and restricted cash of $18.6 million as of Dec. 29.