Staar Surgical shares surge on strong 2Q sales, rosy outlook for rest of 2018
Staar Surgical Company (NASDAQ:STAA) shares rallied Thursday after the company reported a jump in second-quarter sales, beat market expectations on earnings and forecast stronger performance for the rest of 2018.
In a statement, the maker of implantable eye lenses said net sales hit US$33.9mln for the quarter, up 55% from the same period last year. Earnings per share stood at US$0.04, a reversal from the US$0.02 loss per share in the prior year quarter and analyst consensus estimates of a loss of US$0.01 for the second quarter.
Shares of California-based Staar climbed US$7.20, or by 22.6%, to US$39.10 near midsession Thursday, having hit a session peak of US$43.15. The shares of the company have more than doubled since the start of 2018.
“We continue to see a high level of momentum in our key international markets and therefore believe our second half sales growth may exceed 20% even taking into account our strong finish to 2017,” said Staar president chief executive Caren Mason.” In addition, we believe our full year fiscal 2018 sales growth may now exceed 25% compared with our prior target for sales growth closer to 20% over 2017, based on current market conditions.”
Mason said among sales were highlighted by strong performances in the following countries. “Japan (is) up 131%, China up 127%, Canada up 64% and India up 61% with solid 30% unit growth in Germany and 20% growth from our European distributors.”
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202135/staar-surgical-shares-surge-on-strong-2q-sales-rosy-outlook-for-rest-of-2018-202135.html
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