Staar Surgical Co. shares jumped nearly 12 percent on Wednesday after the medical device company said a 33-percent increase in sales of its implantable contact lens and other ophthalmic products helped reduce third quarter losses.
Monrovia-based Staar reported a third-quarter net loss of $2.3 million (-8 cents per share), compared with a net loss of $3.8 million (-13 cents) a year ago. The deficit includes $1.6 million in non-cash expenses.
Product sales were $18.1 million, largely from a 50 percent rise in international product sales, which included $2.9 million in sales from its new Staar Japan division. U.S. sales remained relatively stable at $4.8 million, with sales of the implantable Visian ICL up 24 percent to $1.3 million.
Chief Executive Barry Caldwell said that with higher sales and lower costs, the company is on track to showing positive operating income in the fourth quarter.
"We continued to successfully execute on our plan to restore operating profitability," said Caldwell in a statement. "We reduced operating cash burn by approximately 29 percent compared to the third quarter of last year and reduced U.S. operational spending by 20 percent as well."
Staar shares closed up 24 cents, or 11.5 percent, to $2.33 in Nasdaq trading.
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