STAAR Surgical (NASDAQ:STAA) Posts Earnings Results, Beats Estimates By $0.06 EPS

STAAR Surgical (NASDAQ:STAA) issued its quarterly earnings data on Wednesday. The medical instruments supplier reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06, FiscalAI reports. STAAR Surgical had a return on equity of 9.05% and a net margin of 1.13%. The business had revenue of $83.41 million for the quarter, compared to the consensus estimate of $78.73 million.

STAAR Surgical Stock Performance

Shares of STAA traded up $2.00 during mid-day trading on Wednesday, hitting $27.17. The company’s stock had a trading volume of 969,641 shares, compared to its average volume of 1,097,303. The stock’s 50-day moving average is $22.49 and its two-hundred day moving average is $23.58. The firm has a market capitalization of $1.36 billion, a PE ratio of 388.20 and a beta of 1.22. STAAR Surgical has a one year low of $15.59 and a one year high of $35.87.

Analyst Upgrades and Downgrades

STAA has been the subject of a number of recent analyst reports. Veritas Investment Research set a $31.00 target price on STAAR Surgical in a research report on Tuesday, September 29th. William Blair set a $33.00 price target on shares of STAAR Surgical in a research report on Thursday, August 13th. Wedbush reduced their price objective on shares of STAAR Surgical from $40.00 to $37.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Stifel Nicolaus raised shares of STAAR Surgical from a “hold” rating to a “buy” rating and upped their price objective for the stock from $28.00 to $31.00 in a report on Tuesday, September 29th. Finally, Zacks Research upgraded shares of STAAR Surgical from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $28.45.

STAAR Surgical announced that its board has authorized a stock repurchase plan on Thursday, September 24th that allows the company to repurchase $50 million in shares. This repurchase authorization allows the medical instruments supplier to purchase up to 5.2% of its shares through open market purchases. Share repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

About STAAR Surgical

STAAR Surgical is a medical device company focused on ophthalmic surgery and vision correction. The company develops, manufactures and markets implantable lenses and related products designed to reduce or eliminate dependence on glasses or contact lenses.

Its principal product line is the EVO Visian Implantable Collamer Lens (ICL), a lens implanted inside the eye to correct myopia, with or without astigmatism. Unlike procedures that remove corneal tissue, ICL surgery preserves the eye’s natural lens and is designed to be removable.