Advanced Medical Optics second-quarter sales up 13.2% at $257 million

By Lisa Kerner

Charlotte, N.C., Aug. 1 - Advanced Medical Optics, Inc. reported second-quarter 2006 sales of $257 million, a 13.2% increase from $227 million for the same quarter last year.

The company attributes the increase to its May 2005 acquisition of VISX, Inc. and the growth of core brands.

Operating income for the quarter of $25.0 million was up from the prior-year period's operating loss of $423.4 million due primarily to charges related to acquisitions.

For the second quarter, Advanced Medical had a net GAAP loss of $2.7 million, or $0.04 per share, up from the second-quarter 2005 reported GAAP loss of $438.1 million, or $9.53 per share, including after-tax charges of $456.0 million, primarily associated with acquisitions.

For the six months ended June 30, Advanced Medical reported increased net sales of $495.3 million from $419.6 million in the same period last year.

Operating loss for the first half of 2006 was a loss of $74 million, up from a loss of 424.3 million for the six-month period ended June 30, 2005.

The company reported a GAAP net loss for the first six months of 2006 of $0.1 million, or break even on a per share basis. For the first six months of 2005, Advanced Medical had a GAAP net loss of $424.3 million, or a loss of $10.17 per share.

Company highlights for the second quarter include issuing $500 million total principal amount of 3.25% convertible subordinated notes and settling pending patent infringement lawsuits with Alcon, Inc.

"Our second-quarter performance demonstrates the ongoing benefits of shifting our focus to premium-priced products, moving aggressively to rationalize non-strategic products and finalizing our repositioning for improved competitiveness," chairman, president and chief executive officer Jim Mazzo said in a company news release.

Advanced Medical is a Santa Ana, Calif., medical device specializing in vision technologies.

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