Staar Jumps on Better-Than-Expected RevenueWednesday, April 10, 2013
Shares of Staar Surgical Co. gained more than 16 percent over the last two trading days after the implantable eye lens maker said it expected to report significantly better-than-expected revenue for the first quarter.
The Monrovia company, which late Monday announced some of its financials ahead of investor meetings this week and a medical conference next week, said it expects to report revenue of $18 million, compared with a Wall Street consensus of $16.5 million.
Staar makes eye lenses used to replace natural eye lenses following cataract surgery. It also makes a line of less invasive, implantable Visian lens used as an alternative to Lasik surgery to correct nearsightedness and other vision problems. The company said sales of its non-cataract products grew about 24 percent, and overall sales in Europe had been particularly strong.
"Our year is off to a good start, despite currency exchange and backorder challenges," Chief Executive Barry Caldwell said in a statement. “We are encouraged by the market demand we are generating for this high-margin product while Lasik volume seems to be under pressure globally.”
Staar shares rose more than 11 percent on Tuesday and gained another 5 percent on Wednesday to close at $6.41 on the Nasdaq.