Staar Surgical's stock surged 25.14% during intraday trading on Thursday, following the company's announcement of preliminary first-quarter net sales that more than doubled year-over-year and significantly exceeded analyst expectations.

The implantable lens maker reported preliminary Q1 net sales above $90 million, compared to $42.6 million in the same period last year, representing growth of over 111%. This result substantially beat the consensus analyst estimate of approximately $67 million to $73 million. The company attributed the strong performance primarily to robust demand in China, its largest market, along with continued double-digit sales growth in the Americas.

Adding to the positive sentiment, Canaccord Genuity upgraded its rating on Staar Surgical to "Buy" from "Hold" and raised its price target to $27 from $22. Additionally, Wedbush increased its price target on the stock to $26 from $21. The company noted that the higher sales, combined with an improved cost structure, are expected to drive meaningful improvement in adjusted EBITDA for the quarter.