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Visx Q2 revenues rise; Visx/Alcon settle antitrust lawsuits

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SANTA CLARA, Calif. — Visx (NYSE: EYE) released its financial results for the second quarter and 6-month period ended June 30, 2001, after the market close yesterday. Visx also announced the settlement of multiple antitrust lawsuits, and attributed its net losses in the quarter to the litigation settlements.

Revenue in the second quarter of 2001 was $49.4 million compared with $48 million for the comparable period in 2000. Pro forma net income was $0.21 per share for the second quarter of 2001 excluding the effect of $37.8 million in litigation settlements. Net loss, including a one-time charge for litigation settlements, was $10.7 million, or $0.19 per share, in the second quarter of 2001 compared to net income of $4.2 million, or $0.07 per share, in the second quarter of 2000.

Revenue for the 6-month period ended June 30, 2001, was $100.9 million, compared with $112 million for the comparable period of the previous year. Pro forma net income was $0.42 per share for the six-month period ended June 30, 2001, excluding the effect of $37.8 million in litigation settlements. Net income, including the one-time charge for litigation settlements, was $1.9 million, or $0.03 per share, for the 6-month period ended June 30, 2001 compared to net income of $23.7 million, or $0.37 per share, for the comparable period of the prior year.

Visx/Summit settle lawsuit

Visx and Summit Autonomous Inc., a unit of Alcon, have settled antitrust class action lawsuits, where Visx will pay a total of approximately $37.8 million in one-time payments and related costs and fees. Alcon's share of the payments is $25 million. The lawsuits, one by physicians and another by consumers, alleged that Summit and Visx entered an illegal price-fixing agreement.

Discussing the legal settlements, Liz Davila, Visx's chief executive officer, remarked, "The focus of these lawsuits is early 1990s and involved former management, long gone, from both Summit and Visx. This settlement is one more step in our program to 'clear the decks' of litigation."

Agreed Tim Sear, Alcon president and chief executive officer, "While Alcon believes there is no basis for the claims, it wished to close the matters and move on for the good of its customers and their patients."