STAAR Surgical Company Reschedules Fourth Quarter Earnings Release And Conference Call Date To March 14
MONROVIA, Calif., Feb. 20 /PRNewswire-FirstCall/ -- STAAR Surgical Corporation today announced that it is rescheduling the final release of its fourth quarter results from February 27 to March 14, 2007, after the market close. On January 10, 2007 the Company provided preliminary fourth quarter results including revenue of approximately $15.2 million, which was the second highest quarterly revenue level in the Company's 25-year history. In addition, the Company also announced that it had exited the quarter with approximately $7.8 million in cash.
"On January 23, 2007, we reported developments concerning our German subsidiary, Domilens GmbH, including a forensic audit which remains in progress. We have been advised that this review is not likely to be completed until March," said David Bailey, President and CEO of STAAR Surgical. "To date, the review of our German operation has revealed no findings that materially change the expected financial impact we reported in January, and we currently do not expect any such findings to materialize. Nevertheless, we want the review to be comprehensive and, as a result, have elected to reschedule the planned release of our final fourth quarter and full year 2006 results."
Conference Call Dial-In Information
The Company will host a conference call and webcast on Wednesday, March 14, 2007 at 5:00 p.m. Eastern Time to discuss the Company's fourth quarter and full year results and current corporate developments. The dial-in number for the conference call is 800-218-0530 for domestic participants and 303-262-2125 for international participants.
A taped replay of the conference call will also be available beginning approximately one hour after the call's conclusion and will be available for seven days. This replay can be accessed by dialing 800-405-2236 for domestic callers and 303-590-3000 for international callers, both using passcode 11081256#. To access the live webcast of the call, go to STAAR Surgical's website at http://www.staar.com. An archived webcast will also be available at http://www.staar.com.
All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of earnings, revenue, sales, cash or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements regarding the ultimate financial impact of the forensic audit of Domilens GmbH, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include our limited capital resources and limited access to financing, the challenge of adapting our largely independent marketing model to the needs of the refractive market, our ability to overcome negative publicity resulting from warning letters and other correspondence from the FDA Office of Compliance, the willingness of surgeons and patients to adopt a new product and procedure, and our ability to successfully launch and market the ICL in the U.S. while overcoming the foregoing challenges. Our ability to capitalize on the opportunity presented by the U.S. ICL approval depends on our overall financial condition, which can be adversely affected by general economic conditions, and other factors beyond our control, including those detailed from time to time in our reports filed with the Securities and Exchange Commission. STAAR assumes no obligation to update these forward- looking statements to reflect future events or actual outcomes and does not intend to do so.
About STAAR Surgical
STAAR Surgical is a leader in the development, manufacture and marketing of minimally invasive ophthalmic products employing proprietary technologies. STAAR's products are used by ophthalmic surgeons and include the Visian ICL, a tiny, flexible lens implanted to correct refractive errors, as well as innovative products designed to improve patient outcomes for cataracts and glaucoma. STAAR's ICL is approved by the FDA for use in treating myopia, has received CE Marking and is approved for sale in 43 countries. More than 65,000 ICLs have been sold worldwide. More information is available at http://www.staar.com.
Contacts: Investors EVC Group Douglas Sherk, 415-896-6820 Jennifer Beugelmans, 646-201-5447 Media EVC Group Jen Saunders, 646-201-5431STAAR Surgical Company
CONTACT: Investors, Douglas Sherk, +1-415-896-6820, or JenniferBeugelmans, +1-646-201-5447, or Media, Jen Saunders, +1-646-201-5431, allof EVC Group for STAAR Surgical Corporation
Web site: http://www.staar.com//