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AMO experiences double digit-growth during its first full fiscal year

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SANTA ANA, Calif. — Advanced Medical Optics Inc. reported net revenue increased 13.5% to $167 million during the fourth quarter 2003 and increased 11.8% to $601.5 million for the full year.

According to the company, the good performance is primarily due to sales of its OptiEdge IOL series, which includes the Sensar acrylic and Clariflex silicone IOLs, and to increased sales of equipment and surgical packs for its Sovereign phacoemulsifier franchise.

Favorable foreign currency exchange rates also contributed to the strong financial results, and growth in sales of its Complete line of eye care solutions contributed to gross profit.

“AMO finished its first full year of independence by delivering to shareholders consistent revenue growth in both businesses and solid, double-digit pro forma earnings growth,” said James V. Mazzo, president and chief executive officer. “AMO has proven itself to be a focused, disciplined organization that can effectively execute against a plan and create value for shareholders.”

Following the results, the company revised its 2004 revenue guidance upward to between $620 million and $630 million. It also reaffirmed its pro forma diluted earnings per share guidance of $0.98 to $1.

Regarding individual business units, revenue for the company’s ophthalmic surgical unit grew 14.9% during the quarter to $86.5 million, or 5.1% when excluding the effect of currency. For the full year, ophthalmic surgical revenue increased 13.4% to $306.5 million, or 4.8% when excluding the effect of currency.

IOL revenue increased 15% for the quarter, totaling $56.9 million. The company noted that eye care product sales also improved during the quarter, with revenue increasing 12% to $80.5 million.

For the full 2003 fiscal year, eye care revenue increased 10.2% to $294.9 million, or 0.9% when excluding the effect of currency.

Gross profit increased 12.1% to $102.9 million for the quarter and increased 12% for the full year to $373.6 million.

The company noted that it increased spending on research and development, with expenses totaling 6.2% of sales for both the quarter and the full year.