STAAR Surgical reports 12% increase in first-quarter 2010 revenue

Apr 13 2010

STAAR Surgical Company (Nasdaq: STAA), a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today reported that revenue for the first quarter ended April 3, 2010 grew approximately 12% as compared to the first quarter of 2009.  In addition, the Company announced several developments at the American Society of Cataract and Refractive Surgeons (ASCRS) annual conference which continues through Tuesday, April 13, in Boston.

On March 2, 2010, STAAR divested its German distribution subsidiary, Domilens GmbH.  Operating results for the first quarter of 2010 will not include any contribution from Domilens, which has been classified as discontinued operations.  Comparative historic results have also been restated to reflect the discontinued status of the Domilens operations.  The Company currently expects to report its final first quarter results in early May, and those results will include a gain from the divesture of Domilens.

Visian® ICL revenues increased approximately 20% during the quarter with continued very strong growth in Korea, China and France.  STAAR believes that the Visian ICL captured over 10% of the refractive surgery market in Korea during 2009. Visian ICL revenues increased by approximately 7% in the U.S. despite preliminary reports that industry-wide refractive procedures continue to decline.  STAAR IOL revenues increased by approximately 11%.  Revenues for Preloaded Hydrophobic Acrylic IOLs continued with strong growth in France, while despite pricing pressures in Japan IOL units and dollars increased there as well.  In the U.S., nanoFLEX Collamer IOL sales increased by approximately 17% during the quarter.  

"We are very encouraged with our double digit revenue growth during the first quarter," said Barry G. Caldwell, President & CEO.  "The Company has made very good progress on several fronts during the past year.  We have a much stronger balance sheet today and are now prepared to focus on revenue growth in our core ICL and IOL technologies with continued attention to our spending levels.  We generated cash flow from operations during 2009 for the first time in seven years and now we have our objectives set to reach profitability in 2010.  I think we are off to a good start."

At the ASCRS, STAAR launched the Visian nanoPOINT 2.0 Injector System, which enables the implantation of the ICL through an incision size of 2.0 mm.  The smaller incision size reduces the potential of inducing astigmatism during the implantation process.  In addition, the smaller incision reduces healing time and provides less opportunity for infection during the procedure.  The Visian nanoPOINT 2.0 also loads more easily, making the process more user friendly for nurses and surgeons.  This newly designed injector system should encourage more surgeons to consider implanting the ICL in an office-based procedure.

Dr. James Lewis from Philadelphia, Pennsylvania presented on Sunday, during the ASCRS Paper Session entitled "Intraocular Surgery-Correcting IOLs," the updated findings of STAAR's Collamer Accommodation Study Team (CAST).  The title of his paper was, "Binocular Near and Intermediate Visual Results with Collamer Single-Piece Aspheric IOL."  Dr. Lewis also presented his data on over 600 eyes implanted with the nanoFLEX IOL which revealed near vision results better than all standard IOLs and intermediate vision results better than any IOL on the market including premium IOLs.  "My results showed that the nanoFLEX provides superior intermediate vision as compared to four approved premium IOLs," said Dr. Lewis.  "The nanoFLEX provides premium laptop vision without any out of pocket cost to the patient."

STAAR is currently in the process of working with the FDA on the protocol for a clinical study which is referred to as CAST II by the Company.  This clinical study would evaluate the nanoFLEX Collamer IOL near and intermediate visual results with the potential for a label change if the study provides adequate findings.  The Company is also initiating in parallel a CAST III study which would measure the near and intermediate visual results with a slightly re-designed nanoFLEX Collamer IOL.  The purpose of this study would be to potentially allow for a label change regarding less spectacle dependence which could create an additional path to the premium IOL channel for STAAR.

"Tomorrow, we will conclude a very successful ASCRS conference for STAAR Surgical," continued Mr. Caldwell.  "Highlights include the certifying of more than 70 additional U.S. surgeons on our Visian Toric ICL, which is currently under submission with the FDA.  To date, we have certified more than 220 surgeons in the U.S. on the Visian Toric ICL.  In addition, we conducted a certification course on the Visian ICL for about 25 surgeons, 15 of whom are employed by LCA-Vision, Inc. (LCAV), a leading provider of laser vision correction services.  STAAR will be working with LCAV in the coming months to incorporate the Visian ICL into specific refractive centers."

SOURCE STAAR Surgical Company