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.
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