Staar Surgical Company (STAA) saw its loss narrow to $2.20 million, or $0.05 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8.04 million, or $0.20 a share. On the other hand, adjusted net loss for the quarter widened to $1.44 million, or $0.04 a share from a loss of $0.53 million or $0.01 a share, a year ago.
Revenue during the quarter grew 5.61 percent to $20.35 million from $19.27 million in the previous year period. Gross margin for the quarter expanded 420 basis points over the previous year period to 71.63 percent. Operating margin for the quarter stood at negative 10.29 percent as compared to a negative 52.17 percent for the previous year period.
Operating loss for the quarter was $2.10 million, compared with an operating loss of $10.05 million in the previous year period.
"We are pleased with the momentum that continues to build in our ICL business," said Caren Mason, president and chief executive officer. "ICL highlights for Q1 include sales growth in Canada of 65%, Japan of 65%, and China of 45%. Region growth was strong in ICL units as well with EMEA up 11% and APAC up 28%. Global Toric ICL shipments hit a new quarterly record and continue to account for a growing percentage of the ICL mix. Units in Korea were appreciably down as anticipated. For the quarter, IOL sales and injector parts were behind prior year. With the discontinuation of our U.S. silicone IOL business, we anticipate flat to declining growth in 2017 for our IOL product line. Injector parts, however, should resume their growth trajectory in coming quarters. With regard to FDA remediation, we have completed the internal work in Q1 per our submitted plan to the agency."
Operating cash flow remains negative Staar Surgical Co has spent $0.62 million cash to meet operating activities during the quarter as against cash outgo of $2.98 million in the last year period.
The company has spent $0.31 million cash to meet investing activities during the quarter as against cash outgo of $1.01 million in the last year period.
Cash flow from financing activities was $0.08 million for the quarter as against cash outgo of $0.70 million in the last year period.
Cash and cash equivalents stood at $13.62 million as on Mar. 31, 2017, up 49.87 percent or $4.53 million from $9.09 million on Apr. 01, 2016.
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