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AMO reports double digit growth in second quarter

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SANTA ANA, Calif. – Advanced Medical Optics reported net revenue of $152.1 million for the second quarter of 2003, an increase of 10.5% over the same quarter in 2002, the company announced in a press release. Net income decreased to $4.4 million during the quarter, from $6.6 million in the year-ago quarter.

AMO attributed the growth to both gains in its eye care franchise and consistent growth in its surgical line.

“We are pleased with our second quarter operating performance and the attainment of important strategic milestones — the restructuring of our balance sheet and the announced decision to purchase a manufacturing facility in Spain, adding to our eye care production capabilities,” said Jim Mazzo, AMO’s president and chief executive officer, in the release.

Gross profit during the quarter rose to $95.4 million from $84.3 million during the second quarter of 2002. Gross profit improvement for the quarter was attributable to several factors, according to the release, including the “continued success of the Sensar and Clariflex IOLs and growth in the Complete branded line of eye care solutions.”

Ophthalmic surgical revenue for the second quarter of 2003 was $78.3 million, compared to $71 million in the second quarter of 2002. Total IOL revenue was $52 million, an increase of 11.2% from the year-ago quarter. In addition to continued market growth for the company’s IOL line, continued market acceptance of AMO’s Silver and Emerald series Unfolder IOL insertion devices helped grow the category, the release stated.

Eye care revenue for the quarter was $73.8 million, a 10.6% increase from the year-ago quarter, according to the release.

“Revenue gains are primarily attributable to continued growth of AMO’s eye care products in Europe and Japan, where the company enjoys a strong market position,” the release stated. AMO is on target to introduce its Complete MoisturePlus multipurpose lens solution in the North American and European markets during the third quarter, according to the release.