The management of STAAR Surgical Company (NASDAQ: STAA) declared the results reported for 2Q2016 a record quarterly performance. But what really transpired in the quarter and where are the records coming from?
The company’s CEO Caren Mason commented on the results and said that they are seeing strong demand for the product called ICL in Asia and Europe. He particularly said that China is leading the uptake of ICL in Asia Pacific and Germany is leading in Europe.
The plan is to build on the success in those countries to drive even greater demand for ICL in Asia and Europe regions.
Other than robust demand for ICL, Mason said that in 2Q2016 STAAR Surgical Company (NASDAQ: STAA) made a number of strategic advances as it had prioritized for 2016. One of those advances was to finalize clinical study agreements for Presbyopic ICL for first-in-man implant.
In addition, STAAR Surgical Company (NASDAQ:STAA) took the opportunity in 2Q to evaluate its Cataract Care strategy and come to the conclusion that it should end the sale of its silicone IOL lenses in North America. With that, only the company’s proprietary Collamer IOL lenses will be offered in North America region.
Where are the records for STAAR Surgical Company (NASDAQ: STAA)?
STAAR Surgical said its net sales in 2Q spiked to $21 million, indicating a 12% increase over the same quarter last year. The company said that the topline got support from higher sales of ICL, whose revenue in the quarter rose 26% and unit sales increased 18%.
STAAR Surgical Company (NASDAQ: STAA) also said that improvement in manufacturing efficiency and increased sales of higher margin products lifted its gross margin in 2Q to 69.7% from 66.3%. With that, the company posted adjusted EPS loss of $0.02. But the bottom-line deteriorated from breakeven in the same period last year.
Coming liquidity position, STAAR Surgical Company (NASDAQ:STAA) said its cash balance stood at $12.7 million at the end of the latest quarter compared to $9 million in the prior quarter.