American Medical Systems Holdings Inc. (AMMD) posted third quarter GAAP net income of $28.6 million or $0.38 per share, compared to $3.5 million or $0.05 per share in the prior year period.
Included in the third quarter 2009 net income was a $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 earnings for the quarter was $19.9 million or $0.27 per share, compared to $13.7 million or $0.18 per share in the comparable period last year.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share. Analysts' estimates typically exclude special items.
Revenue for the period was $123.2 million, compared to $117.5 million in the previous year quarter. Excluding the impact of foreign currency fluctuations, third quarter revenue grew 6.7% over the same period last year.
Eight Wall Street analysts expected revenues of $116.79 million for the quarter.
Looking forward, for the fourth quarter, the company estimates non-GAAP adjusted earnings per share in the range of $0.29 to $0.33 and revenue in the range of $136 to $142 million.
Street analysts expect earnings of $0.32 per share on revenue of $136.58 million.
Further ahead, for the full year 2009, non-GAAP adjusted earnings per share is now forecast in the range of $1.10 to $1.14, compared to its earlier estimates in the range of $1.00 to $1.10. Revenue is now projected to range from $509 to $515 million, compared to its previous guidance in the range $495 to $510 million.
Street analysts expect earnings of $1.06 per share on revenues of $503.50 million.
For comments and feedback: editorial@rttnews.com