Broadwood Partners, L.P., a significant stakeholder in STAAR Surgical Co. (NASDAQ:STAA), recently acquired additional shares in the company. According to a recent SEC filing, Broadwood Partners purchased shares totaling approximately $1,947,539. The transactions occurred over several days, with prices ranging from $23.73 to $24.89 per share. These purchases come as STAAR Surgical, currently valued at $1.2 billion, trades near its 52-week low of $23.72, significantly below its 52-week high of $52.68.
The purchases were executed on December 16, 17, and 18, 2024, adding a substantial number of shares to Broadwood's holdings. Following these transactions, Broadwood Partners and its affiliates, including Broadwood Capital Inc. and Neal C. Bradsher, now own a total of 10,848,631 shares of STAAR Surgical's common stock.
The acquisitions highlight Broadwood's continued investment in STAAR Surgical, a company known for its ophthalmic products. The transactions were executed directly by Broadwood Partners and indirectly by Broadwood Capital, Inc., and Neal C. Bradsher, who serves as President of Broadwood Capital.
In other recent news, STAAR Surgical has experienced a series of financial revisions and projections. Mizuho (NYSE:MFG) reduced the company's price target from $50.00 to $45.00, maintaining an Outperform rating, despite tempered expectations for growth in 2024. Concurrently, Stifel revised its stock price target for STAAR Surgical from $42.00 to $38.00, while keeping a Buy rating, in light of concerns about market trends in China.
STAAR Surgical reported a 10% increase in third-quarter net sales, reaching $88.6 million, largely due to a 10% rise in sales of its Implantable Collamer Lens ( ICL (TASE:ICL)) products. The company also maintained its fiscal year 2024 sales outlook, projecting revenues between $340 million and $345 million, despite macroeconomic challenges, particularly in China.
Analysts from both Mizuho and Stifel emphasized the importance of the company's educational, training, and sales initiatives in increasing product adoption. These strategic efforts are seen as integral to the company's long-range plan (LRP) objectives. STAAR Surgical's CEO, Tom Frinzi, remains confident in overcoming competition in China, particularly from iBright, expected in 2025. These are recent developments in the company's performance and projections.
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