Lake Forest-based implantable lens maker Staar Surgical Inc. reported second-quarter earnings that missed analysts’ expectations, due to delays in elective procedures.
Staar’s shares fell about 7.6% to $57.10 per share in after hours trading. Its shares are still up more than 65% since the beginning of the year. It has a $2.8 billion market cap.
The company (Nasdaq: STAA) reported net sales of $35.2 million in the quarter ended July 3, which was below analyst consensus estimate of $37.8 million and down 11% from the same period a year ago. It also reported an adjusted profit of 3 cents per share, topping the average analyst estimate for a 4 cent loss.
Staar Chief Executive Caren Mason said the company’s outlook accurately assessed “market dynamics and Staar’s ability to perform well in the midst of a prolonged shutdown of elective surgeries.”
