UPDATE: Canaccord Genuity Lowers STAAR Surgical Company's PT

According to a research report published this morning, Canaccord Genuity has lowered STAAR Surgical Company's STAA PT from $14.50 to $14. Canaccord Genuity said, "Q1 was mixed, with disappointing top-line performance ($15.5M vs. our $16.7M est.) but a higher-than-expected GM (70.3% vs. our 69.2%E). ICL uptake in Asia Pacific was strong, with weak growth (~2%) in the EMEA region, reflecting a strong year-ago comp and a couple of delayed orders. IOL sales were down 11% Y/Y but had an improving GM. We remain optimistic about STAA's overall growth prospects, namely with ICL, which has a positive impact on GM as its mix increases." Canaccord Genuity maintains its Buy rating on STAAR, which closed yesterday at $11.17.