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American Medical Systems Announces First Quarter 2011 Financial Results

Stocks in this article: AMMD

American Medical Systems Holdings, Inc. (NASDAQ: AMMD) reported revenue of $140.8 million for the first quarter of 2011, a 4.3 percent increase over sales of $134.9 million in the comparable quarter of 2010. Adjusting revenue for the impact of currency fluctuation and the impact of the Her Option® uterine health product line, which was sold during the first quarter of 2010, results in constant currency revenue growth of 5.4 percent.

Men’s Health sales of $67.4 million in the first quarter represented an increase of 4.5 percent on a reported basis compared to the same quarter last year, and grew 4.3 percent on a constant currency basis, with growth primarily driven by the Male Continence product line. The BPH Therapy business increased 8.3 percent on a reported basis and 7.8 percent on a constant currency basis to $28.1 million for the quarter. BPH Therapy sales were led by continued enthusiasm surrounding the new GreenLight™ XPS console and the MoXy™ Liquid Cooled Fiber. The Women’s Health business increased 6.0 percent on a reported basis and 5.7 percent on a constant currency basis to $45.3 million in the first quarter. The Women’s Health growth is primarily driven by the pelvic floor repair product line which continues to benefit from both the Elevate® anterior and posterior systems.

The Company reported first quarter net income of $21.6 million, or $0.27 per share. This compares to net income in the same quarter last year of $20.7 million, also $0.27 per share. Non-GAAP adjusted earnings per share of $0.33 compares to $0.29 per share in the same quarter last year, an increase of 13.8 percent. Non-GAAP adjusted earnings per share excludes the impact of the amortization of intangible assets and amortization of financing costs, both significant non-cash items affecting comparability to other companies. First quarter 2011 non-GAAP adjusted earnings per share also excludes the start-up costs related to the transition of certain manufacturing operations to a new facility in Ireland and first quarter 2010 non-GAAP adjusted earnings per share excludes the gain on the sale of the Her Option® Uterine Health product line. A reconciliation of reported net income to non-GAAP adjusted net income for all periods is provided in the attached schedules.

Proposed Transaction with Endo Pharmaceuticals

On April 10, 2011, Endo Pharmaceuticals (Endo) (NASDAQ: ENDP) and American Medical Systems entered into a definitive agreement under which Endo will acquire AMS for $30 per share, or $2.9 billion in cash, which includes the assumption and repayment of $312 million of AMS debt. The transaction is expected to close in the third quarter of 2011, subject to approval by AMS stockholders, clearance by the relevant antitrust authorities and the satisfaction of other customary conditions.

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