Thursday, October 9, 2008

AMO Cuts Estimates, Blames Economy

Santa Ana-based Advanced Medical Optics is seeing an impact on it sales due to the economy, the firm disclosed this morning, saying it would lower its 2008 revenue guidance and EPS. According to AMO, it is now forecasting $1.17 billion to $1.20 billion in sales, rather than its earlier estimates of $1.22 billion to $1.24 billion in sales. According to the firm's Chairman and CEO, Jim Mazzo, said in a statement, that "deteriorating economic conditions are impacting our U.S. and European refractive procedure and system sales more significantly than we had previously anticipated." AMO said it has seen third quarter excimer laser procedures decline by about 37%, and domestic femtosecond procedures declined about 12%. The company expects these to further decline in the fourth quarter.

---