Staar Surgical shares jump on Q3 Beat

Shares in Staar Surgical (NSDQ:STAA) have risen in after-hours trading today after the medical device maker beat expectations on Wall Street with its third quarter results.

The Monrovia, Calif.-based company posted profits of approximately $1.5 million, or 3¢ per share, on sales of approximately $31.8 million for the three months ended September 28, for bottom-line growth of 24.4% on sales growth of 35.3% compared with the same period during the previous year.

Adjusted to exclude one time items, earnings per share were 7¢, well ahead of the 3¢ loss-per-share expectation on Wall Street, where analysts expected to see sales of $29 million, which it handily topped.

“STAAR’s operating momentum continued during the third quarter resulting in an increase in sales of 35% over the prior year driven by the growth of our EVO Visian ICL family of lenses. ICL unit growth highlights for the quarter included China up 100%, Japan up 95%, India up 27% and Germany up 20%. We continue to see strengthening in our key international markets as we prepare for Europe’s and Korea’s high implant season beginning this quarter and extending into Q1 2019 with strong trends continuing in our Asian markets as well. In addition, we believe our full year fiscal 2018 sales growth should exceed 30% over 2017, based on current market conditions, and we fully expect to maintain GAAP profitability for the year. We are also pleased to report that implants have begun and the staged rollout of our Toric ICL lens in the U.S. with certified surgeons is in progress and ahead of schedule. Based upon the enthusiastic reception from prominent surgeons to the Toric ICL, we anticipate that this product introduction represents a positive re-entry point for STAAR in the U.S., the world’s second largest market for refractive vision correction procedures. Finally, outside the U.S. our multi-site EVO with Aspheric Optic clinical trial for presbyopia is ongoing. Our principal investigator from the initial first-in-person clinical trial of the EVO with Aspheric Optic lens for presbyopia presented his study data during our invitation only Experts Summit for surgeons held immediately ahead of the European Society of Cataract and Refractive Surgeons meeting in Vienna last month. We are very pleased with the enthusiastic reception his presentation received,” prez & CEO Caren Mason said in a press release.

Shares in Staar Surgical closed up 4.2% today, closing at $40.11. Shares have jumped another 7.1% in after-hours trading, at $42.95 as of 4:46 p.m. EDT.

In September, Staar Surgical said that it won FDA approval for its Visian toric implantable collamer lens designed for correcting myopia with astigmatism.

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