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Strength Seen in Staar Surgical (STAA): Can Its 16.5% Jump Turn into More Strength?

Zacks Equity Research
·2 min read

Staar Surgical STAA shares rallied 16.5% in the last trading session to close at $45.51. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 10.1% gain over the past four weeks.

STAAR Surgical recorded a strong price increase after it announced solid preliminary first-quarter 2024 net sales. Per the preliminary report, first-quarter net sales are estimated to exceed $77 million, with U.S. Implantable Collamer Lenses (ICL) sales expected to be $5 million for the quarter. This represents the company’s highest quarterly ICL sales in the U.S. since it obtained the FDA’s approval of the EVO ICL in March 2022. The company expects to release its first-quarter earnings on May 8, 2024.

This maker of implantable lenses is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of -72.2%. Revenues are expected to be $72.17 million, down 1.9% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For Staar Surgical, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on STAA going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Staar Surgical is a member of the Zacks Medical - Dental Supplies industry. One other stock in the same industry, McKesson MCK, finished the last trading session 1% lower at $534.79. MCK has returned 2.9% over the past month.

McKesson's consensus EPS estimate for the upcoming report has changed +0.3% over the past month to $6.38. Compared to the company's year-ago EPS, this represents a change of -11.3%. McKesson currently boasts a Zacks Rank of #3.

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STAAR Surgical Company (STAA) : Free Stock Analysis Report

McKesson Corporation (MCK) : Free Stock Analysis Report

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Zacks Investment Research