STAAR Surgical Co. (NASDAQ:STAA), a leader in the development, manufacture, and sale of implantable lenses for the eye, has seen its stock price touch a 52-week low, dipping to $23.52. According to InvestingPro data, the company maintains a "GOOD" overall financial health score, with strong liquidity metrics including a current ratio of 5.99x. This downturn reflects a challenging year for the company, with its stock experiencing a 1-year change of -16.51%. Despite the decline, analysts maintain price targets ranging from $23 to $60, suggesting potential upside opportunities. Investors are closely monitoring STAAR Surgical’s performance as the company navigates through market volatility and strives to regain its footing in the competitive medical device sector. The current price level presents a critical juncture for the company, as stakeholders consider the implications of this 52-week low on long-term growth prospects. InvestingPro subscribers can access 10 additional key insights and a comprehensive Pro Research Report for deeper analysis of STAAR Surgical’s market position.
In other recent news, STAAR Surgical Company and Procept BioRobotics have seen significant developments in their financial performance. Piper Sandler analysts expressed optimism for various healthcare companies, including STAAR Surgical, highlighting the potential for profitability improvement. However, STAAR Surgical’s initial guidance might not meet expectations due to market softness, as noted by the analysts. On the other hand, Procept BioRobotics reported robust revenue growth of 66% in the third quarter, largely attributed to the company’s Hydros units.
STAAR Surgical reported a 10% increase in its third-quarter net sales, reaching $88.6 million, primarily driven by a 10% rise in its Implantable Collamer Lens ( ICL (TASE:ICL)) products’ sales. Despite macroeconomic challenges, particularly in China, the company maintained its fiscal year 2024 sales outlook, projecting revenues between $340 million and $345 million.
Financial services firms Stifel and Mizuho (NYSE:MFG) revised their stock price targets for STAAR Surgical, maintaining their Buy and Outperform ratings, respectively. Similarly, Morgan Stanley (NYSE:MS) initiated coverage on Procept BioRobotics with an Overweight rating, while Jefferies maintains a Hold rating on the company’s stock. Truist Securities maintained a Buy rating on Procept BioRobotics, raising its price target to $105 following the company’s strong third-quarter performance. These are some of the recent developments in the two companies.
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