Morgan Joseph Comments on STAAR Surgical (STAA) Following Two Day Conference

Morgan Joseph is reiterating its Buy rating and $6.50 price target on shares of STAAR Surgical (NASDAQ: STAA) following a two day conference with management.

The firm reports that it came away from the meeting feeling like the company is on track with its 2011 outlook. A number of new product launches should support STAA's projected revenue growth and gross margin expansion. Gross margin is expected to increase to over 70 percent within the next three years. Soleil also notes not to over look near-term growth opportunities in Europe, Korea, and Japan.

Version 4c of the Visian ICL is set to launch in Q3 at the annual meeting of the European Society of Refractive and Cataract Surgery. It will offer a significant advantage to physicians as they now will be able to implant the lens in a single procedure, making the ICL as efficient as LASIK surgery, but with better outcomes.

Morgan Joseph current 2011 and 2012 EPS estimates are $0.03 and $0.12 while its revenue estimates are $61.1 million and $68.8 million.

For more ratings news on STAAR Surgical click here and for the rating history of STAAR Surgical click here.

Shares of STAAR Surgical closed at $5.13 yesterday.

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