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AMO reports year-end revenues of $538.1 million

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SANTA ANA, Calif. — For the year ending Dec. 31, 2002, Advanced Medical Optics reported net sales of $538.1 million, net income of $25.9 million and diluted earnings per share of $0.89.

Sales in the company’s ophthalmic surgical business were $270.4 million, an increase of 6.8% from 2001. A company news release attributes the growth to AMO’s foldable IOL technology and “advanced” phacoemulsification systems. Total IOL sales for the year were $181.4 million, a 5.8% increase from the previous year.

Overall eye care sales dropped 7.7% during the year, totaling $267.7 million. While AMO’s branded line continued to perform well, the company has decided to exit its private-label business and increase its focus on the Complete branded product line.

AMO was spun off from Allergan Inc. in June 2002.