Shares of IntraLase Corp. jumped nearly 10/4% to $17 Thursday after it recorded a profitable first quarter, the first since its inception in 1997.
The Irvine-based eye laser maker reported net profit of $2 million on revenue of $21.2 million in the period, compared to a net loss of $2.1 million on revenue of $9.4 million a year ago. The results beat Wall Street estimates, according to Thomson Financial.
“Most significantly, we continued to deliver on our promise of gaining rapid adoption of our technology, as well as increasing our share of the market while operating profitably,” said IntraLase Chief Executive Robert Palmisano.
In the past, Palmisano has said that getting IntraLase’s machines and technology into the hands of refractive eye surgeons would be key to its growth.
IntraLase’s lasers are used to cut a flap into a patient’s cornea,the first step in eye corrective surgery. Its newest laser is designed to replace existing technology that uses a metal blade, or microkeratome.
IntraLase said that its revenue growth mainly came from laser sales. The company placed 39 lasers for sale or lease in the March quarter, compared to 17 a year earlier.
Additionally, IntraLase said the company’s fees grew 91% to $9 million in the period. The company earns a fee for every eye surgery that is done with its devices.
IntraLase raised $86 million in its initial public offering in October.
