STAAR Surgical (NASDAQ:STAA) Releases Earnings Results, Beats Expectations By $0.06 EPS

STAAR Surgical (NASDAQ:STAA) released its earnings results on Wednesday. The medical instruments supplier reported $0.11 earnings per share (EPS) 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 company had revenue of $83.41 million during the quarter, compared to analyst estimates of $78.73 million.

STAAR Surgical Stock Performance

Shares of STAAR Surgical stock traded up $2.00 during midday trading on Wednesday, reaching $27.17. 969,641 shares of the company’s stock traded hands, compared to its average volume of 1,097,303. The company has a market cap of $1.36 billion, a price-to-earnings ratio of 388.20 and a beta of 1.22. The company’s 50 day simple moving average is $22.49 and its 200 day simple moving average is $23.58. STAAR Surgical has a 52 week low of $15.59 and a 52 week high of $35.87.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. William Blair set a $33.00 price objective on STAAR Surgical in a research note on Thursday, August 13th. Weiss Ratings upgraded STAAR Surgical from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, August 13th. Wedbush dropped their target price on STAAR Surgical from $40.00 to $37.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Veritas Investment Research set a $31.00 price target on shares of STAAR Surgical in a research report on Tuesday, September 29th. Finally, Piper Sandler restated a “neutral” rating on shares of STAAR Surgical in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.45.

STAAR Surgical declared that its board has authorized a share repurchase plan on Thursday, September 24th that allows the company to buy back $50 million in outstanding shares. This buyback authorization allows the medical instruments supplier to purchase up to 5.2% of its stock through open market purchases. Stock buyback 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.