DATE: February 14, 2008
FOR IMMEDIATE RELEASE
AMERICAN MEDICAL SYSTEMS CONFIRMS FOURTH QUARTER REVENUE OF $130.0 MILLION AND REPORTS SOLID OPERATING RESULTS
    Fourth quarter sales of $130.0 million represent a 12.7 percent increase over 2006
 
    Fourth quarter gross margin percentage expands to 78.7 percent
 
    Fourth quarter operating results impacted by $7.5 million milestone payment on previous acquisition and $14.3 million charge related to resolution of litigation
MINNEAPOLIS, February 14, 2008 — American Medical Systems Holdings, Inc. (NASDAQ: AMMD) reported revenue of $130.0 million for the fourth quarter of 2007, a 12.7 percent increase over revenue of $115.4 million in the comparable quarter of 2006. Highlighting the quarter were very strong performances from the erectile restoration, male incontinence, and female incontinence businesses. The exceptional growth from these businesses was partially offset by the relatively lower growth rate from laser therapy revenues, which were $30.1 million, a 3.3 percent increase over a very strong 2006 fourth quarter.
2007 full year revenue of $463.9 million grew 29.5 percent over 2006 revenue of $358.3 million. Comparisons between years are impacted by the July 2006 acquisition of Laserscope. Laser therapy revenues were $111.4 million in 2007 and $47.6 million in 2006. Excluding laser therapy revenue, AMS base 2007 revenue was $352.6 million, a 13.5 percent increase over 2006 AMS base revenue of $310.8 million.
Ross Longhini, Interim Chief Executive Officer, noted, “2007 was a year of mixed results for the Company. We continue to be pleased by the strength of our base business, and the robust franchise we have built. Fourth quarter 2007 revenue for our base business grew 15.8 percent over the comparable period last year. However, 2007 also reflects the challenges of our first full year of integrating the Laserscope operations. Although we experienced lower than expected results from this new business, we remain confident in the GreenLight technology and market potential as we move forward into 2008.”
The Company reported a net loss from continuing operations for the fourth quarter of 2007 of $5.0 million, or $0.07 per share, compared to net income from continuing operations in the same period last year of $10.7 million, or $0.15 per share. 2007 fourth quarter net loss from continuing operations includes an in-process research and development (IPRD) charge of $7.5 million related to a milestone payment to BioControl Medical, Ltd., and $14.3 million in litigation related charges. 2006 fourth quarter net income from continuing operations included IPRD charges and certain tax items. Excluding these items in both quarters results in adjusted net income from continuing operations in the fourth quarter of 2007 of $13.1 million, or $0.18 per share, compared to adjusted net income from continuing operations in the fourth quarter of 2006 of $10.8 million, or $0.15 per share.

 


The following information was filed by American Medical Systems Holdings Inc on Thursday, February 14, 2008 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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