Monday, specialty medical company Advanced Medical Optics, Inc. (EYE) reported profit in the second quarter compared to loss last year, on higher sales and the favorable impact of foreign exchange.
Net income was $21.96 million or $0.35 per share, compared with loss of $166.79 million or $2.78 per share in the year-ago period. On average, 9 analysts expected the company to report earnings of $0.27 a share.
Net sales rose 22.6% to $320.49 million from $261.4 million last year, exceeding analysts' expectations for revenues of $307.69 million.
The favorable impact of foreign exchange on sales was 7.2%.
Cataract sales increased to $144.52 million from $125.77 million in the prior year quarter. Refractive sales increased slightly to $118.33 million from $116.59 million in the previous year. Revenue from eye care climbed to $57.65 million from $19.04 million last year.
Commenting on the latest quarter's results, Jim Mazzo, the chairman and chief executive officer of Advanced Medical Optics stated, "The value and benefit of expanding our refractive business internationally came into focus as strong refractive sales outside the U.S. helped to partially offset domestic challenges."
Net income for the half year was $28.89 million or $0.46 per share, compared with loss of $154.69 million or $2.59 per share last year.
The year-to-date sales surged to $624.23 million from $513.07 million in the same period last year.
Mazzo stated that expectations that difficult economic conditions will pressure its domestic refractive business for the rest of 2008 led the company to reduce its earnings outlook. Advanced Medical Optics currently expects full year earnings of $1.00 - $1.15 a share, down from $1.25 - $1.45 a share. The company backed its revenue expectations of $1.22 billion - $1.24 billion.
Analysts expect full-year earnings of $1.20 a share, on revenues of $1.23 billion.
EYE closed Friday's regular trading session at $17.20.
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