Investing.com -- STAAR Surgical Company (NASDAQ: STAA) shares rose as much as 2% in after-hours trading Thursday following the company's announcement of a $50 million share repurchase program authorized by its Board of Directors.

The medical device company, which specializes in phakic intraocular lenses for vision correction, said it may repurchase shares through open market transactions, privately negotiated deals, structured repurchase agreements, block purchases, or Rule 10b5-1 trading plans. The program is expected to continue over the next twelve months, though it may be modified, suspended, or discontinued at any time.

The timing, manner, price, and amount of repurchases will be determined at the company's discretion, subject to market conditions and legal requirements. STAAR is not obligated to repurchase any specific number of shares under the program.

The company stated the authorization reflects confidence in its business progress, balance sheet strength, and free cash flow generation. Management indicated the repurchase program aligns with its capital allocation strategy, which balances internal investment with returning capital to shareholders.

Original Article