Staar Surgical Company (STAA) saw its loss widen to $1.78 million, or $0.04 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.75 million, or $0.04 a share. On an adjusted basis, net loss for the quarter was $0.88 million, when compared with $0.04 million in the last year period.

Revenue during the quarter grew 6.94 percent to $20.05 million from $18.75 million in the previous year period. Gross margin for the quarter expanded 591 basis points over the previous year period to 74.17 percent. Operating margin for the quarter stood at negative 8.55 percent as compared to a negative 10.78 percent for the previous year period.

Operating loss for the quarter was $1.72 million, compared with an operating loss of $2.02 million in the previous year period.

"We delivered another successive record quarter for ICL units sold and signed two additional Strategic Cooperation Agreements during the quarter" said Caren Mason, President and chief executive officer. "In addition, we have finalized the initial clinical design of our new extended depth of field EVO+ Visian ICL posterior chamber phakic lens and the initial clinical results are positive. The EVO and EVO+ ICL lenses are made of Collamer, our proprietary highly biocompatible material that allows for long-term implantation. As patients age, they begin to lose near and then intermediate vision due to presbyopia, a long-term, natural progressive loss of accommodation experienced by all people," added Ms. Mason. “These lenses are designed to provide good vision for patients of all ages and prescriptions within our approved ranges while potentially extending by many years the period of time before reading glasses are required," said Vice President of Research and Development, Keith Holliday Ph.D. "Hyperopic far-sighted patients may benefit most from an extended depth of field as such patients suffer from the effects of presbyopia soonest. Subtle changes have been made to the optical surfaces of our EVO lens design to modify the hyperfocal distance of an eye implanted with the lens. This leads to an increase in the depth of field for the patient. As the lens is implanted between the cornea and the crystalline lens it works together with the crystalline lens without having to surgically alter the cornea," added Dr. Holliday.

The company has spent $2.64 million cash to meet investing activities during the nine month period as against cash outgo of $1.28 million in the last year period. It has incurred net capital expenditure of $2.64 million on net basis during the nine month period, up 106.40 percent or $1.36 million from year ago period.

Cash flow from financing activities was $1.89 million for the nine month period, down 59.23 percent or $2.75 million, when compared with the last year period.

Cash and cash equivalents stood at $14.28 million as on Sep. 30, 2016, down 11.17 percent or $1.80 million from $16.08 million on Oct. 02, 2015.

Working capital declines
Staar Surgical Company has witnessed a decline in the working capital over the last year. It stood at $28.47 million as at Sep. 30, 2016, down 8.79 percent or $2.74 million from $31.21 million on Oct. 02, 2015. Current ratio was at 2.34 as on Sep. 30, 2016, down from 2.85 on Oct. 02, 2015.

Cash conversion cycle (CCC) has decreased to 89 days for the quarter from 201 days for the last year period. Days sales outstanding were almost stable at 61 days for the quarter, when compared with the last year period.

Days inventory outstanding has decreased to 140 days for the quarter compared with 220 days for the previous year period. At the same time, days payable outstanding went up to 112 days for the quarter from 81 for the same period last year.