Home Top Movers Why STAAR Surgical Company (STAA) stock went up on Tuesday?

Why STAAR Surgical Company (STAA) stock went up on Tuesday?

STAAR Surgical Company (STAA) shares rose 5.84% in after-hours on Tuesday, June 22, 2021, and closed the day at $151.25 per share. earlier in the morning session, STAA’s stock gained 0.76% to close the session at $149.28 per share. STAA shares have risen 161.89% over the last 12 months, and they have moved up 1.20% in the past week. Over the past three months, the stock has gained 51.32%, while over the past six months, it has lost 95.19%.

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Recent financial results

On May 5, 2021, STAAR Surgical Company released its financial results for the first quarter ended April 2, 2021.


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Q1 2021 financial highlights

  • STAAR Surgical Company reported record net sales of $50.8 million for the first quarter of 2021compared to $35.2 million in Q1 2020.
  • In Q1 2021, the gross profit margin was 77.1% compared to 70.4% in the same quarter in 2020.
  • The company spent $31.7 million in operating expenses in Q1 2021 compared to $25.9 million in Q1 2020.
  • It earned a net income of $5.0 million or $0.10 per diluted share in Q1 2021 compared to a net loss of $0.1 million or approximately $0.00 per diluted share for the prior-year quarter.
  • Adjusted Net Income was $9.6 million or $0.20 per diluted share for the first quarter of 2021 compared to $1.9 million or $0.04 per diluted share for Q1 2020.
  • As of April 2, 2021, the company had cash and cash equivalents of $162.3 million compared to$152.5 million on January 1, 2021.

Q4 and FY 2020 financial results announcement

On February 24, 2021, STAAR Surgical Company announced its financial results for the fourth quarter and fiscal year ended January 1, 2021.

Q4 2020 financial highlights

  • For Q4 2020, STAAR Surgical Company reported net sales of $46.0 million compared to $38.9 million in Q4 2019.
  • The gross profit margin was 74.6% for Q4 2020 compared to74.1% for Q4 2019.
  • The company spent $30.2 million in operating expenses in Q4 2020 compared to $26.5 million in Q4 2019.
  • Net income was $3.3 million or $0.07 per diluted share for the fourth quarter of 2020 compared with net income of $6.4 million or $0.14 per diluted share for the prior-year quarter.

FY2020 financial highlights

  • The company reported net sales of $163.5 million for full-year 2020 compared to $150.2 million reported in the full year 2019.
  • In FY 2020, the Gross profit margin was 72.4%compared to 74.5% in FY 2019.
  • Operating expenses were $111.6 million in FY 2020 compared to $100.1 million in FY 2019.
  • Net income was $5.9 million or approximately $0.12 per share in FY 2020 compared with net income of $14.0 million or $0.30 per diluted share for FY 2019.

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Conclusion

Well, as of this writing there is no recent development about STAA but its recent financial results could be the driving force behind its good performance in the stock market.

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