Staar Surgical (NSDQ:STAA) put black ink into its ledger for the 3rd quarter, beating Wall Street’s earnigns expectations in the process.
Monrovia, Calif.-based Staar Surgical posted profits of $525,000, or 1¢ per share, on sales of $17.1 million for the 3 months ended Sept. 27., compared with losses of $90,000 during the same period last year, for a sales gain of 7.8%.
Adjusted to exclude 1-time items, earnings per share were 4¢, a pair of pennies ahead of expecations on The Street.
“We believe we’re on track to finish at the upper end of the revised revenue growth rate for the full year. That would put our growth rate at 13% to 14% for the year despite the anticipation of those headwinds continuing. One of our continued headwinds is the negative impact of currency as the value of the yen further weakened during the quarter and throughout the year,” president & CEO Barry Caldwell told analysts during a conference call.
Investors reacted by sending STAA shares down 5.6% to $13.02 apiece Oct. 30, the day the company reported its results. The stock was trading at $12.71 per share as of about 10:15 a.m. today, down 2.4% on the day and 7.5% since the earnings release.
