MDB Capital Reiterates a 'Buy' STAAR Surgical (STAA) and Raises Price Target

August 17, 2009 12:36 PM EDT

MDB Capital reiterates a 'Buy' STAAR Surgical (Nasdaq: STAA) and raises price target to $5.

MDB analyst says, "We had the opportunity to visit with the management team of Staar Surgical last week and came away with an increased conviction that the company’s future has never looked better. We believe that the remainder of 2009 is likely to include a number of positive developments for the company. As a result, we have revisited our model for calendar 2010 and have increased our estimate of gross margins and lowered our operating expenses somewhat. The result is that we now believe the company could achieve GAAP earnings of $5.7 million or $0.15 per share on a fully diluted share count of 38 million...We anticipate revenues of at least $90 million in 2010 and believe GAAP earnings could total $0.15 per share...Furthermore, we would point out that it is not uncommon for medical device companies with revenues approaching $100 million to be acquired at multiples of sales of at least 4 to 5 times."

To see more analyst ratings on STAA Click Here.

STAAR Surgical Company, together with its subsidiaries, develops, manufactures, and sells intraocular lenses (IOL), implantable collamer lenses (ICL), and ophthalmic surgical products used primarily in cataract and refractive surgery.

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