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FOR IMMEDIATE RELEASE
|Sheree Aronson, Corporate Vice President,||Steve Chesterman, Manager, Corporate|
|Investor Relations and Corporate Communications||Communications|
|(714) 247-8290||(714) 247-8711|
|Mark Levin, Manager, Investor Relations|
ADVANCED MEDICAL OPTICS ANNOUNCES
THIRD-QUARTER 2007 RESULTS
Pro Forma Laser Vision Correction Sales Rise 15.8% on Global Procedure Growth and Unit Placements
Cataract/Implant Sales Grow 5.2% on Strong IOL and Phacoemulsification Performance
Eye Care Business Rebounds Following May 2007 Recall; Global Re-Launch of Branded Multipurpose Solution Underway
Company Reaffirms 2007 and 2008 Financial Guidance
(SANTA ANA, CA), October 25, 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 third quarter of 2007.
The companys third-quarter 2007 net sales rose 5.6 percent to $273.2 million. The sales increases related to the IntraLase Corp. and WaveFront Sciences, Inc. acquisitions and organic growth were partially offset by lost sales related to the May 2007 contact lens care solutions recall. Foreign currency impacts increased net sales by 2.1 percent.
AMO reported a third-quarter net loss under Generally Accepted Accounting Principles (GAAP) of $25.9 million, or a loss of $0.43 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 $0.08:
$5.3 million in pre-tax charges related to integration of acquisitions.
$2.4 million pre-tax loss on derivative instruments.
Estimated tax effects related to the items mentioned above, totaling $3.1 million.
In the same period last year, AMO reported GAAP net income of $87.2 million, or $1.42 per diluted share. A net total of $97.3 million in pre-tax items increased third-quarter 2006 results by $0.92 per share. These items included a pre-tax net gain of $102.9 million related to the
The following information was filed by Abbott Medical Optics Inc on Thursday, October 25, 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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