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AMO sales, revenue rise, net earnings drop in 2004

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SANTA ANA, Calif. — Net revenue for Advanced Medical Optics increased to $742.1 million during 2004, up 23.4% from 2003, the company announced in a financial press release. The company also posted a net earnings loss of $129.4 million for the year, which the company said was attributable solely to the completion of its acquisition of Pfizer’s ophthalmic surgical business.

AMO’s ophthalmic surgical business revenue grew 34.9% to $413.4 million in 2004, up from $306.5 million in 2003; the increase was a reflection of the acquisition of the Pfizer unit and the strength of its two leading IOLs, Tecnis and Sensar, according to AMO. Also helping the increase in revenue was the integration of Pfizer’s Healon line of viscoelastics. Phacoemulsification sales also increased, led by the company’s Sovereign Compact system with WhiteStar technology.

AMO’s flagship Complete contact lens product line increased 17.6% for the year. Overall eye care revenue grew 11.4% for the year, to $328.7 million.

During the year, the company moved to a direct sales force in Belgium as a result of the Pfizer acquisition.

In November, the company announced plans to purchase excimer laser manufacturer Visx; that deal is expected to close during the first quarter of 2005.