STAAR Surgical Drops 11% After Preliminary Sales Miss

STAAR Surgical shares fell 11.5% on July 17 after management released preliminary sales figures that missed internal expectations. The company did not provide full second-quarter results, only a brief statement that revenue would come in below the range previously discussed with analysts.

Several analysts cut their price targets following the announcement. Needham lowered its target to $35 from $50, while Canaccord dropped its target to $30 from $42. Both firms cited weaker-than-expected demand for the company's EVO line of implantable collamer lenses in the U.S. and China.

STAAR has not yet scheduled a formal earnings call. The company said it would provide a complete update when it files its quarterly report. Trading volume surged to more than 4 million shares, roughly five times the 30-day average.

The stock closed at $27.84, its lowest level since November 2023.