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AMO reports 22.6% rise in second-quarter sales

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SANTA ANA, Calif. — Advanced Medical Optics reported $320.5 million in net sales for the second quarter, an increase of 22.6% — including a 7.2% rise due to foreign currency exchange rate effects — compared with $261.4 million during the second quarter of 2007, the company announced in a press release.

Second-quarter net earnings under generally accepted accounting principles totaled $22 million, or $0.35 per diluted share, compared with a net loss of $166.8 million, or a loss of $2.78 per share, during last year's second quarter. The 2008 results included a $20.5 million net gain on legal contingencies linked to a cross-licensing agreement, $11 million in restructuring charges associated with manufacturing relocations, workforce reductions and facility consolidation, a $2.7 million unrealized gain on derivative investments, as well as a $1.3 million loss on an investment, according to the release.

Second-quarter cataract sales rose 14.9% to $144.5 million, while total monofocal IOL sales rose 15.6% to $77.3 million, led by a 38% rise in sales of the Tecnis portfolio of monofocal IOLs.

Viscoelastic/phacoemulsification sales increased 15.5% to $62.3 million, due principally to sales growth for WhiteStar Signature and Sovereign Compact systems, phacoemulsification packs and Healon 5 (2.3% sodium hyaluronate) viscoelastic, according to the release.

Second-quarter refractive sales increased 1.5% to $118.3 million, while procedures, implants and related sales declined slightly to $77.4 million, primarily due to the increased global penetration of AMO's IntraLase technology and a 45.1% rise in international refractive procedures and implants sales, which offset a softness in the U.S. excimer and refractive IOL market.

Second-quarter eye care product sales rose 202.8% to $57.6 million, the release said.

For the full year, AMO expects to incur between $36 million and $43 million in charges related to its ongoing restructuring plan that is designed to enhance its global presence, operating leverage and cash flow. The company incurred approximately $22.9 million of these charges during the first half of the year, including $11 million during the second quarter, according to the release.