STAAR Surgical shares closed Friday more than 7% higher after the eye-care company announced a board-authorized buyback of up to $50 million in common stock. The program has no set end date, though STAAR expects it to last a year; the company is not obligated to repurchase a set.
STAAR may buy shares in the open market through methods including block purchases and structured agreements with third parties, and can modify or suspend the program. CEO Warren Foust said it reflected confidence in the company’s business progress, balance sheet and free cash flow, and the view that its shares were substantially undervalued.
In its second quarter, STAAR’s net sales more than doubled year over year, driven by growth in China, its largest market. The company also returned to a headline net profit and had nearly $149 million in cash.
