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AMO second-quarter results reflect recent acquisitions

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SANTA ANA, Calif. — Advanced Medical Optics reported net revenue of $227 million in the second-quarter of 2005, a 34.6% increase over net revenue in the same period last year.

This growth in revenue includes the May acquisition of Visx and the acquisition of the Pfizer ophthalmic surgical business in the third quarter of 2004, according to a financial report from AMO.

The company reported a net loss of $438 million for the quarter, or $9.53 per share, compared with a net loss of $112.5 million, or $3.67 per share, in the same quarter last year. AMO said the losses in both 2004 and 2005 were “heavily impacted” by special charges, including an after-tax charge of $456 million associated with the recent acquisitions and a $451 million non-cash write-off for research and development.

“In the second quarter, we took a major step forward in the execution of our strategy with the successful close of our acquisition of Visx, which positions AMO as the world leader in refractive surgery,” said Jim Mazzo, AMO’s president and chief executive officer, in a press release.

The company’s ophthalmic surgical revenue grew 66.2% in the second quarter, to $144 million, compared with $86.7 million in the year-ago quarter, according to the press release.

IOL sales rose 19.9% to $66.9 million, compared with $55.8 million in the second quarter of 2004, reflecting the acquisition of Pfizer’s Tecnis IOL.

Laser vision correction revenue was $13.4 million in the second quarter, which the company said reflected the four-week period that AMO owned the Visx business.