Staar Surgical Rises on Improved OutlookThursday, August 2, 2012
Shares of Staar Surgical Co. jumped 26 percent to close at $6.49 on Thursday after the maker of implantable eye lenses reported a mixed second quarter but provided more optimistic guidance.
The Monrovia company reported a smaller net loss than a year earlier, with adjusted net income of 3 cents a share, in line with Wall Street expectations. But revenue fell 2 percent to a less-than-expected $15.9 million.
Shares had dropped 20 percent two weeks ago following the company’s profit warning, but executive now say they expect to achieve profitability in the third and fourth quarters, with revenue growth in the high single digits.