Staar Surgical announces $50 million share buyback program

Staar Surgical has announced a share buyback program authorized by its Board of Directors. The eyecare specialist intends to repurchase up to $50 million of its common stock in the open market. The company anticipates the initiative will last approximately one year, though it remains subject to modification or suspension at the company's discretion.

CEO Warren Foust stated that the move reflects confidence in the company’s business progress, strong balance sheet, and ample free cash flow. He added that the decision stems from the conclusion that Staar is currently “substantially undervalued.”

Following the announcement, the company’s stock saw a significant increase, trading up more than 7% to reach $20.51. The buyback authorization allows the medical instruments supplier to repurchase up to 5.2% of its outstanding shares.