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Tuesday saw Piper Sandler reassert a Neutral rating on STAAR Surgical (NASDAQ:STAA) stock with a consistent price target of $16.00. The stock, currently trading at $17.40, has experienced a challenging year with a decline of over 54% in the past 12 months. According to InvestingPro data, eight analysts have recently revised their earnings expectations downward for the upcoming period. The firm’s analysts highlighted a series of executive changes at the company, with the most significant being the exit of Chief Financial Officer (CFO) Patrick Williams. Deborah Andrews steps in as Interim CFO, while the company begins the search for a permanent replacement. Despite these changes, InvestingPro analysis shows the company maintains a strong balance sheet with a healthy current ratio of 5.23 and more cash than debt.
Warren Foust has been promoted to President and Chief Operating Officer, and Magda Michna, PhD, has advanced to the position of Chief Development Officer. These shifts in leadership are seen as an effort by STAAR Surgical to ensure stability during a period of transition, with internal promotions signaling a desire for continuity.
The departure of Williams, who joined STAAR Surgical in 2020, is noted as particularly noteworthy against the backdrop of economic challenges over the past five years. Piper Sandler acknowledged his contributions in steering the company through turbulent times and commended his efforts.
Despite the stock’s perceived low valuation, Piper Sandler’s analysts have chosen to maintain a stance of caution. They have expressed the need for clearer insight into the company’s recovery process before altering their position on the stock. The analysts concluded that while the internal promotions are aimed at preserving a degree of consistency, they will remain watchful from the sidelines for the time being. Recent InvestingPro data reveals revenue declined by 2.64% in the last twelve months, with analysts anticipating further sales decline this year. For deeper insights into STAAR Surgical’s financial health and comprehensive analysis, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, STAAR Surgical Company reported its fourth-quarter 2024 earnings, which significantly missed expectations. The company posted an earnings per share (EPS) of -$0.69, far below the forecasted -$0.03, and revenue came in at $48.95 million against an expected $77.2 million. This earnings miss has affected market confidence, with the company also reporting a net loss of $20.2 million for the fiscal year 2024. Meanwhile, Canaccord Genuity has lowered its price target for STAAR Surgical shares to $17.00 from $28.00, maintaining a Hold rating, while Jefferies downgraded the stock and slashed the price target to $18 from $60. Stifel also reduced the price target to $20 from $38 but retained a Buy rating on the shares. These adjustments reflect ongoing concerns about STAAR Surgical’s performance, particularly in the Chinese market, where macroeconomic challenges and elevated inventory levels have impacted results. STAAR Surgical has announced several executive leadership changes, including a new CEO and President, as part of efforts to improve its financial performance. Despite these challenges, the company maintains a strong cash position of $230.5 million and plans to focus on its EVO ICL (TASE:ICL) technology and upcoming EVO Plus launch in China.
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