Shares in Staar Surgical Co. shot up 21% in after-hours trading today after announcing preliminary net sales for the first quarter.
The Lake Forest lens maker said net sales exceeded $90 million, while analysts had expected $67.6 million. Sales were $42.6 million for the first quarter a year ago.
Shares jumped to $24.84 each in after-hours trading. They had ended regular trading at $20.88 and a $1 billion market cap (Nasdaq: STAA).
“We are very pleased with our strong first quarter net sales in our largest market, China, which accounted for the majority of the increase in net sales, along with continued double-digit growth in the Americas,” Deborah Andrews, interim co-chief executive and chief financial officer, said in a statement.
While the company saw growth in China, sales in the Middle East and other parts of the Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) regions were negatively impacted by geopolitical and macroeconomic headwinds, according to Staar.
Andrews said that the company will report full first quarter results in early May.
