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FOR IMMEDIATE RELEASE
Sheree Aronson, Corporate Vice President,
Investor Relations and Corporate Communications
Steve Chesterman, Manager, Corporate
Mark Levin, Manager, Investor Relations
ADVANCED MEDICAL OPTICS ANNOUNCES
SECOND-QUARTER 2007 RESULTS
Integration of IntraLase Drove Pro Forma Laser Vision Correction Sales Growth of 17% on Strong Procedure Volume and Unit Placements
Eye Care Business Executed Multipurpose Solution Recall; Preparing for August Market Re-Entry Ahead of Previous Timeline
Tecnis® Monofocal and Refractive Implant Sales Fueled 8% IOL Growth
Company Reaffirms 2007 and 2008 Financial Guidance
(SANTA ANA, CA), August 2, 2007 Advanced Medical Optics, Inc. (AMO) [NYSE: EYE], a global leader in ophthalmic surgical devices and eye care products, today announced financial results for the second quarter of 2007.
The companys second-quarter 2007 net sales rose 1.7 percent to $261.4 million. The sales increases related to the April 2007 acquisition of IntraLase Corp. and organic growth were offset by lost sales and product returns related to the May 2007 MoisturePlus recall. Foreign currency impacts increased net sales by 1.7 percent.
AMO reported a second-quarter net loss under Generally Accepted Accounting Principles (GAAP) of $166.8 million, or a loss of $2.78 per share, which included the impact of the recall. These results also included the following items, which combined to increase the net loss per share by approximately $1.98:
$85.4 million pre-tax, non-cash in-process research and development (R&D) charge and a $7.7 million pre-tax, non-cash inventory step-up to fair value charge related to the IntraLase acquisition.
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The following information was filed by Abbott Medical Optics Inc on Thursday, August 2, 2007 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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