Lake Forest implantable lens maker Staar Surgical yesterday announced that its board of directors authorized a $50 million share repurchase program.
“The decision to authorize a share repurchase program reflects the confidence of the Board and management team in STAAR’s business progress, as well as the Company’s strong balance sheet and ample free cash flow,” Chief Executive Warren Foust said in a statement.
Staar reported having no outstanding debt and $181.5 million in cash, cash equivalents and investments as of July 3.
Shares in Staar rose 6.3% to $20.28 apiece with a $1 billion market cap (Nasdaq: STAA).
