Los Angeles Business Journal

Staar Surgical Jumps on Revenue Improvement

By Deborah Crowe Thursday, May 2, 2013

Shares of Staar Surgical Co. jumped nearly 29 percent on Thursday after the ophthalmology products company reported a better-than-expected first quarter

After the markets closed on Wednesday, the Monrovia maker of implantable eye lens maker reported net income of $471,000 (1 cent), 103 percent higher than the same period a year earlier. The per-share profit was unchanged, because the company now has fewer shares.

Excluding currency fluctuations and expenses related to moving manufacturing operations closer to its Monrovia headquarters, the company’s profit was $3.2 million (8 cents), a 100 percent increase.

Revenue rose 16 percent to $18 million, in line with what the company pre-announced last month before investor and medical meetings.

Staar makes eye lenses used to replace natural eye lenses following cataract surgery. It also makes a line of less invasive, implantable Visian lens to correct nearsightedness and other vision problems.

Chief Executive Barry Caldwell said sales of its Staar’s Visian ICL exceeded $10 million for the first time and were up 24 percent from a year earlier. He sees that as a strong indication that the product is a viable alternative to Lasik surgery.

“Lasik surgery seems to be facing more difficult negative pressure with most market data showing that Lasik procedures are declining,” Caldwell said in a conference call with analysts.

Shares closed up $1.88, more 29 percent, to $8.43 on the Nasdaq.