Wednesday, American Medical Systems Holdings, Inc. (AMMD), medical solution provider, reported a higher profit for the third quarter, as revenues increased on higher sales across the business segments. The company also provided guidance for the fourth quarter and raised its earnings and revenue expectations for the fiscal 2009.
American Medical's net income for the quarter surged to $28.62 or $0.38 per share from $3.50 million or $0.05 per share in the comparable quarter last year.
Results for the quarter include $17.4 million pre-tax gain on the sale of the Ovion technology as well as a $5.6 million pre-tax gain on the exchange of the majority of the company's 3.25% Convertible Senior Subordinated Notes due 2036, completed during the quarter.
Non-GAAP adjusted net income was $19.98 million or $0.27 per share, up from $13.69 million or $0.18 per share in the prior year quarter.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter edged up to $123.23 million from $117.46 million in the prior-year quarter. Analysts expected revenues of $116.79 million for the quarter. On a segmental basis, sales at men's health business unit grew 44% to $54.66 million from $51.30 million, BPH therapy unit's sales increased to $27.68 million from $26.86 million and sales at women's health unit was $40.87 million, up 33% from $39.30 million in the prior-year quarter.
Geographically, sales in U.S. edged up to $92.26 million from $84.48 million while international sales declined to $30.96 million from $32.97 million in the same quarter last year.
For the recent quarter, gross profit increased to $101.94 million from $92.60 million in the same quarter last year.
Operating expenses declined to $68.74 million from $75.04 million and operating income edged up to $33.20 million from $17.55 million in the year-ago period.
For the nine months ended, net income was $62.56 million or $0.84 per share compared with $21.41 million or $0.29 per share in the year-ago period. Adjusted net income was up to $60.34 million or $0.81 per share from $42.42 million or $0.57 per share in the prior year period. Year-to-date revenue net sales to $373.3 million from $367.6 million last year.
Looking ahead, the company estimates adjusted earnings to be in the range of $0.29 to $0.33 per share on revenue ranging between $136 million to $142 million for the fourth quarter. Analysts expect earnings of $0.32 per share, on revenues of $136.58 million for the quarter.
American Medical raised its adjusted earnings per share outlook for the full year 2009 to be in the range of $1.10 to $1.14 from the previous guidance of $1.00 to $1.10. Sales for the full year is expected to be between $509 million to $515 million, an increase from the previous guidance of $495 million - $510 million.
Analysts currently expect earnings of $1.06 per share, on revenues of $503.50 million for the full year.
American Medical closed Wednesday's regular trading at $15.45, down $0.03 or 0.19% on a volume of 0.84 million shares and in after hours its trading up $0.80 or 5.18% at $16.25 on the Nasdaq.
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