Shares of Staar Surgical Co. soared more than 27 percent on Wednesday, a day after the ophthalmic company reported its second consecutive quarter of profitability – the first time that’s happened since 1999.

After the markets closed on Tuesday, the Monrovia company reported net income of $862,000 (2 cents per share), compared with a net loss of $1.6 million (-5 cents) in the same period a year earlier.

Revenue rose 19 percent to $16.3 million. Sales of its implantable lenses, which have received increasing approvals to be sold in overseas markets and for additional eye conditions in the United States, were up 41 percent to $8.3 million. Its primary use is to treat near-sightedness.

The gross profit margin in the quarter of 66.8 percent represents a 320 basis point improvement over the second quarter last year, noted Chief Executive Barry Caldwell, who now expects the company to be profitable in all four quarters this year and bring in a full-year gross margin of 66.5 percent.

“We continued to benefit from sound execution of our strategy to focus on the growth of … core products,” Caldwell said in a statement. “With the regulatory approvals received during the first half of the year and positive momentum, we are poised for continued strong growth during the second half of 2011.”

Analyst Raymond Myers at Benchmark Co. increased his 12-month price target from $9 to $10, noting that more than 77 percent of revenue is generated outside of the United States.

Shares closed up $1.23, or 27.5 percent, to $5.71 on the Nasdaq.