Advanced Medical Optics
reported positive third-quarter results, but again lowered its guidance citing unfavorable market and pricing conditions.
The maker of vision-correcting systems reported quarterly earnings of $87.2 million, or $1.42 a share, compared with a loss of $31.2 million, or 47 cents a share, a year ago.
Sales were $258.6 million, up 4.2% from the year-ago quarter thanks in part to higher demand for its intraocular lenses and international expansion of its laser vision-correction business. Analyst were expecting sales of $254.6 million.
However, Advanced Medical cut its forecast for the second time in recent weeks, saying it will likely earn $1.85 to $1.90 a share this year, 5 cents below its old outlook. For 2007, the company is now projecting a profit of $2.25 to $2.35, down from its earlier guidance of $2.60.
Before a warning last month, Advanced Medical had been planning to earn $2.05 to $2.21 a share this year.
At any rate, Jim Mazzo, Advanced Medical's chairman, president and CEO, remained upbeat.
"Our third-quarter results demonstrate meaningful progress in terms of sales growth, market penetration of branded technologies, operating expense management and cash flow from operations," he said in a press release. "We believe the AMO strategy has and will continue to deliver significant revenue growth and margin expansion in the future."
Shares of Advanced Medical fell 3.8% to $38.91.