DATE: February 16, 2006
FOR IMMEDIATE RELEASE
AMERICAN MEDICAL SYSTEMS REPORTS GLOBAL REVENUE GROWTH OF 26 PERCENT FOR 2005
Balanced Fourth Quarter Revenue Growth Drives 43 Percent Operating Income Increase
MINNEAPOLIS, February 16, 2006 — American Medical Systems Holdings, Inc. (NASDAQ: AMMD) reported record sales of $73.1 million for the fourth quarter of 2005, a 21.7 percent increase over sales of $60.0 million in the comparable quarter of 2004.
The Company reported fourth quarter 2005 net income of $14.6 million, or $0.20 per share. The prior year’s fourth quarter earnings were reported at $6.7 million, or $0.09 per share. These prior year earnings include a $4.5 million investment impairment charge, with no associated tax benefit. Net income for fourth quarter 2004, adjusted for this charge, was $11.2 million, or $0.16 per share. Net income growth, as adjusted, was 30.1 percent. A reconciliation of GAAP earnings to these adjusted results is included in the attached financial tables.
Sales for the full year 2005 were $262.6 million, up 25.8 percent from sales of $208.8 million during 2004. TherMatrx, Inc, the Company’s July 2004 acquisition, contributed 5.9 percentage points to that annual growth rate for the 2005 period for which no comparable year sales were reported.
The net income reported for the year 2005 was $39.3 million, or $0.55 per share. This reported net income includes the third quarter impact of a $9.2 million in-process research and development (IPR&D) charge related to the Ovion Inc. acquisition. The reported net loss for 2004 was $3.1 million, or $0.05 per share, including the $35.0 million IPR&D charge related to the TherMatrx, Inc. acquisition and the previously mentioned investment impairment charge. As adjusted for these charges in both years, net income for 2005 was $48.5 million, or $0.68 per share, up 33.3 percent from $36.4 million, or $0.52 per share, in 2004. A reconciliation of GAAP earnings to these adjusted results is included in the attached financial tables.
Martin J. Emerson, President and Chief Executive Officer, commented, “This past year was one of significant achievement at AMS. In our fourth quarter, we established ourselves as the market leader in minimally-invasive prostate therapies. Our pelvic organ prolapse repair systems fundamentally changed how surgeons around the world think about solutions for their patients. Our male continence products reached a broader pool of patients than ever before. Our uterine health growth, after obtaining January 2005 reimbursement, reinforced our focus on meeting the need for therapies appropriate to the office. We are now more diversified than ever before as we closed 2005 with nearly 40 percent of our revenues from our women’s pelvic health business.”

 


The following information was filed by American Medical Systems Holdings Inc on Thursday, February 16, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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