STAAR Surgical Company (STAA, Financial) filed Quarterly Report for the period ended 2012-06-29.
Staar Surgical Company has a market cap of $232.6 million; its shares were traded at around $6.37 with a P/E ratio of 128.1 and P/S ratio of 3.7.
Sales of IOLs during the three and six months ended June 29, 2012 were $6.8 million, and $13.1 million, respectively, compared to $7.1 million and $14.2 million, respectively, for the same period in the prior year. IOL sales represented approximately 43% of total net sales in the three-month period and 42% in the six-month periods.
Total ICL sales for the three months ended June 29, 2012 were $8.6 million, an increase of 3.8% compared with $8.3 million reported during the three months ended July 1, 2011. Total ICL sales for the six months ended June 29, 2012 were $17.2 million, an increase of 13.3% compared with $15.2 million reported during the six months ended July 1, 2011. The increase in ICL sales for the three-month period is due to increased sales in Japan, India, Germany, and the U.S., partially offset by decreased sales in Korea and Spain. The decreased sales in Korea were due to lower than typical inventory purchases and the decrease in Spain was due to the return of inventory and a lack of reorders during the conversion from a distributor to a direct sales model. The Company expects sales and gross profit to increase during the second half of the year as a result the change in distribution in Spain. In addition, sales in China were flat quarter over quarter as a result of a decline in refractive procedures due to negative publicity surrounding Lasik. The increase in ICL sales for the six-month period was due to a 15% increase in sales in our top eleven refractive markets. However, growth was slower than expected during the first six months of 2012 due to slower than expected growth in Korea and China and decreased sales in Spain. ICL sales represented 54.0% and 54.7%, respectively, of our total sales for the three and six months ended June 29, 2012.
Total IOL sales for the three months ended June 29, 2012 were $6.8 million, a decrease of 4.3%, when compared with $7.1 million for the three months ended July 1, 2011. Total IOL sales for the six months ended June 29, 2012 were $13.1 million, a decrease of 7.5%, when compared with $14.2 million for the six months ended July 1, 2011. IOL sales represent 42.5% and 41.8% of the sales for the three and six months ended June 29, 2012. The decrease in IOL sales for the three-month period is due to decreased IOL sales in the U.S. and Europe, partially offset by increased sales in Japan and China. The decrease in IOL sales for the six-month period is due to decreased IOL sales in the U.S., Australia, Germany, and Japan, partially offset by increased IOL sales in China. Despite the decrease in IOL sales for the quarter, IOL gross profit was flat compared to prior year due to increased average selling prices (ASPs) and improved manufacturing costs. IOL gross margin was 60% for both the three and six month periods of 2012, respectively, compared with 57% for the three and six month periods of 2011.
Gross profit for the second quarter was $11.0 million, or 69.3% of revenue, compared with $10.9 million, or 66.8% of revenue, in the prior year period. During the first six months of 2012, gross profit was $21.9 million, or 69.8% of revenue, compared with $20.5 million, or 65.8% of revenue, in the prior year period. The increase in gross profit and gross profit margin was largely attributable to a higher mix of ICL sales, higher ASPs on IOLs and ICLs and improved manufacturing costs.
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Staar Surgical Company has a market cap of $232.6 million; its shares were traded at around $6.37 with a P/E ratio of 128.1 and P/S ratio of 3.7.
Highlight of Business Operations:
Sales of ICLs during the three months and six months ended June 29, 2012 were $8.6 million and $17.2 million, compared to $8.3 million and $15.2 million for the same period in the prior year. Having surpassed our sales of IOLs for the first time in the second quarter of 2011, ICL sales represented approximately 54% of total net sales in the three-month period and 55% in the six-month period of 2012.Sales of IOLs during the three and six months ended June 29, 2012 were $6.8 million, and $13.1 million, respectively, compared to $7.1 million and $14.2 million, respectively, for the same period in the prior year. IOL sales represented approximately 43% of total net sales in the three-month period and 42% in the six-month periods.
Total ICL sales for the three months ended June 29, 2012 were $8.6 million, an increase of 3.8% compared with $8.3 million reported during the three months ended July 1, 2011. Total ICL sales for the six months ended June 29, 2012 were $17.2 million, an increase of 13.3% compared with $15.2 million reported during the six months ended July 1, 2011. The increase in ICL sales for the three-month period is due to increased sales in Japan, India, Germany, and the U.S., partially offset by decreased sales in Korea and Spain. The decreased sales in Korea were due to lower than typical inventory purchases and the decrease in Spain was due to the return of inventory and a lack of reorders during the conversion from a distributor to a direct sales model. The Company expects sales and gross profit to increase during the second half of the year as a result the change in distribution in Spain. In addition, sales in China were flat quarter over quarter as a result of a decline in refractive procedures due to negative publicity surrounding Lasik. The increase in ICL sales for the six-month period was due to a 15% increase in sales in our top eleven refractive markets. However, growth was slower than expected during the first six months of 2012 due to slower than expected growth in Korea and China and decreased sales in Spain. ICL sales represented 54.0% and 54.7%, respectively, of our total sales for the three and six months ended June 29, 2012.
Total IOL sales for the three months ended June 29, 2012 were $6.8 million, a decrease of 4.3%, when compared with $7.1 million for the three months ended July 1, 2011. Total IOL sales for the six months ended June 29, 2012 were $13.1 million, a decrease of 7.5%, when compared with $14.2 million for the six months ended July 1, 2011. IOL sales represent 42.5% and 41.8% of the sales for the three and six months ended June 29, 2012. The decrease in IOL sales for the three-month period is due to decreased IOL sales in the U.S. and Europe, partially offset by increased sales in Japan and China. The decrease in IOL sales for the six-month period is due to decreased IOL sales in the U.S., Australia, Germany, and Japan, partially offset by increased IOL sales in China. Despite the decrease in IOL sales for the quarter, IOL gross profit was flat compared to prior year due to increased average selling prices (ASPs) and improved manufacturing costs. IOL gross margin was 60% for both the three and six month periods of 2012, respectively, compared with 57% for the three and six month periods of 2011.
Gross profit for the second quarter was $11.0 million, or 69.3% of revenue, compared with $10.9 million, or 66.8% of revenue, in the prior year period. During the first six months of 2012, gross profit was $21.9 million, or 69.8% of revenue, compared with $20.5 million, or 65.8% of revenue, in the prior year period. The increase in gross profit and gross profit margin was largely attributable to a higher mix of ICL sales, higher ASPs on IOLs and ICLs and improved manufacturing costs.
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