Staar Surgical Cutting Work Force
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Staar Surgical Co., a Monrovia-based medical-device maker whose shares have fallen 68% this year, said Wednesday that it’s cutting 75 jobs, or a quarter of its work force worldwide, to boost profit.
The maker of intra-ocular lenses and contact lenses will take $12 million in charges over the next several quarters as part of the cost-cutting moves.
Staar said it will shut some overseas operations. The firm isn’t yet disclosing where the closures will be, Chief Financial Officer John Santos said.
Last month, the company won Food and Drug Administration approval for a wick-like device designed to lower pressure inside the eyes of patients who have glaucoma so severe that drugs no longer work.
Staar shares rose 7 cents to close at $3.97 on Nasdaq. The announcement was made after the close of regular trading.
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