Staar Surgical Co.'s stock soared 5.12% in extended trading on Tuesday after the company reported better-than-expected third-quarter earnings and revenue, fueled by strong demand for its implantable lenses.
The eye surgery products maker posted Q3 revenue of $88.59 million, surpassing analysts' consensus estimate of $86.9 million. Adjusted earnings per share came in at $0.33, significantly beating Wall Street's projection of $0.17 per share.
The company's strong Q3 performance was driven by robust sales across its product portfolio. Staar Surgical's gross margin also improved to 77.3% in the quarter, up from 76.3% a year earlier. Looking ahead, the company raised its full-year revenue guidance to a range of $340 million to $345 million, reflecting continued growth momentum.
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