STAAR Surgical Shares Rise After $50 Million Buyback Authorization

STAAR Surgical’s board approved a share-repurchase program of up to $50 million, which the company expects to run for 12 months. Repurchases may be made through open-market or negotiated transactions and funded with cash on hand and organic free cash flow; STAAR is not required to buy a specific number of shares and may change or end the program. CEO Warren Foust said the authorization reflects confidence in the company’s business progress, finances and long-term prospects, and management’s view that the stock is substantially undervalued. STAAR reported $181.5 million in cash, cash equivalents and investments and no outstanding debt. Shares rose after the announcement, though they had been down about 12% year to date and 24% over the prior 52 weeks.