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.