Revenue during the quarter grew 6.32 percent to $38.50 million from $36.22 million in the previous year period. Gross margin for the quarter contracted 11 basis points over the previous year period to 48.39 percent. Total expenses were 70.58 percent of quarterly revenues, down from 71.10 percent for the same period last year. This has led to an improvement of 52 basis points in operating margin to 29.42 percent.

Operating income for the quarter was $11.33 million, compared with $10.46 million in the previous year period.

Commenting on the Company's results for the first quarter of 2017 compared to the same period last year, David A. Battat, president & chief executive officer, said, "Sales were up 6%, with Ophthalmology and Fluid Delivery showing growth and aided by relatively stable foreign exchange rates. With improved scale in manufacturing, operating income increased by 8%." Mr. Battat added, "Diluted earnings per share were up 43% from last year's $3.74, reflecting, in part, a tax benefit related to employee stock compensation that lowered our tax rate to 13% compared to 32% in the first quarter of 2016. Excluding the tax benefit, diluted EPS for the quarter increased 11%, generally in line with the increase in our operating income." Mr. Battat concluded, "Cash and short and long term investments increased by $2.0 million to a total of $56.0 million as of March 31, 2017."