Los Angeles Business Journal

Sales Boost Staar Surgical’s Quarter

By Deborah Crowe Thursday, August 1, 2013

Staar Surgical Co. shares jumped 18 percent on Thursday after the vision products company moved from a loss to profit in the second quarter amid growing overseas demand for one of its implantable corrective eye lenses.

The Monrovia company reported net income of $278,000 (1 cent a share), compared with a net loss of $491,000 (-1 cent) in the same period a year earlier. Revenue rose 14 percent to $18.2 million, $11.3 million coming from sales of its Visian ICL lens, which treats nearsightedness.

In a conference call with analysts, Chief Executive Barry Caldwell said that despite “headwinds” from unfavorable currency exchange rates, sales of the Visian ICL soared 77 percent in China, and rose 7 percent in South Korea, its two largest ICL revenue markets in the quarter.

Shares closed up $1.90, or 18 percent, to $12.41 on the Nasdaq, making the stock the biggest gainer Thursday on the Los Angeles Business Journal Stock Index.