Revenue during the quarter grew 6.13 percent to $22.14 million from $20.86 million in the previous year period. Gross margin for the quarter expanded 142 basis points over the previous year period to 71.72 percent. Operating margin for the quarter period stood at positive 5.67 percent as compared to a negative 0.31 percent for the previous year period.

Operating income for the quarter was $1.26 million, compared with an operating loss of $0.06 million in the previous year period.

“We delivered solid fourth quarter performance that included record quarterly sales for STAAR, record quarterly ICL sales and units and gross margin improvement of 1.4 points as compared to prior year fourth quarter,” said Caren Mason, president and chief executive officer. “The 2016 investments in the clinical, quality, regulatory, research and development, marketing and operations headcount and programs resulted in appreciable progress toward the achievement of three year transformational goals targeted for completion in 2017. Significantly, we ended the year having completed remediation and quality system internal commitments due in 2016 in response to past FDA observations. We expect that in 2017, we will complete this work and remediation expense should be reduced while the upgrade and increase in number of dedicated quality personnel, new quality management software system implementation and continual process management and improvements will remain as an integral base business expense. As we enter the third year of our three-year transformation, we again expect double digit ICL unit growth and expanding gross margins as compared with year-end 2016. We will continue to increase our investments in clinical affairs, corporate infrastructure, sales and marketing and research and development. Total operating expenses may trend higher in 2017 as we achieve the base business spending level to fortify the business and prepare for growth. Also of note, our first-in-man clinical trial for the next generation ICL with EDOF continued in the fourth quarter and the results continue to be positive. Our goal is to introduce this upgraded lens in 2017,” added Ms. Mason.

The company has spent $3.20 million cash to meet investing activities during the year as against cash outgo of $2.04 million in the last year.

Cash flow from financing activities was $2.95 million for the year, down 35.51 percent or $1.63 million, when compared with the last year.

Cash and cash equivalents stood at $14 million as on Dec. 30, 2016, up 4.45 percent or $0.60 million from $13.40 million on Jan. 01, 2016.

Working capital declines
STAAR Surgical Company has witnessed a decline in the working capital over the last year. It stood at $28.84 million as at Dec. 30, 2016, down 7.52 percent or $2.34 million from $31.19 million on Jan. 01, 2016. Current ratio was at 2.37 as on Dec. 30, 2016, down from 2.74 on Jan. 01, 2016.