Sales Boost Staar Surgical’s QuarterThursday, 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.