STAAR Surgical Company's stock surged 21.84% in pre-market trading. The medical device maker reported preliminary first-quarter net sales that more than doubled year-over-year and significantly exceeded analyst expectations.

The company announced 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 beat the consensus analyst estimate of approximately $67 million. The strong performance was primarily driven by robust demand in China, STAAR Surgical's 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. The company noted that despite geopolitical challenges affecting sales in some regions, the higher revenue combined with an improved cost structure is expected to drive meaningful improvement in adjusted EBITDA for the quarter.