SANTA ANA, Calif.--Advanced Medical
Optics had net sales of $238.2 million in its first quarter ended
March 31, a 23.7-percent increase (including a 4.9-percent decline
related to foreign currency).
The company’s net income for
the period was $2.6 million, down from $13.8 million in last
year’s first quarter. This year’s results included a
pretax charge of $35.2 million related to Advanced Medical
Optics’ repositioning initiatives.
In 2006’s first quarter, the
company’s laser vision correction sales rose 14.4 percent, to
$61 million. Sales of eyecare products totaled $56.8 million, down
23 percent (including a 4.3-percent negative impact related to
foreign currency).
Last year, Advanced Medical Optics
ceased production of several older-generation cataract and eyecare
products and implemented sales-incentive programs to shift
customers to its core products. As a result, the company estimated
that it lost approximately $8 million in sales during 2006’s
first quarter, and it expects to lose an additional $25 million to
$30 million in sales related to the discontinued products during
the rest of this year. An announcement said these lost sales should
be offset by “growth of its new and technologically advanced
products.”