Shares of Staar Surgical Co. fell more than 12 percent on Tuesday after the ophthalmic products company reported third quarter profit that fell short of analysts’ expectations.
The Monrovia maker of implantable eye lens reported net income of $77,000 (breakeven) compared with a net loss of $1.2 million (-3 cents) in the same period a year earlier. Revenue rose 16 percent to $15.3 million.
Analysts surveyed by Thomson Reuters on average expected per-share profit of 3 cents.
It’s the first time since 1999 that the company – which makes products that are an alternative to glasses, conventional contact lens and refractive surgery – has reported three consecutive quarters of profitability. Benchmark Co., which has a “buy” recommendation on the stock, raised its 12-month price target from $10 to $12.50 per share.
The company said it was hurt by foreign currency fluctuations and a fair-value adjustment of outstanding warrants due to the increased price of the company’s stock, which has risen 42 percent since the beginning of the year.
Shares closed down $1.26, or 12.6 percent, to $8.69 on the Nasdaq.
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