AMO’s last independent quarter
This article was originally published in The Tan Sheet
Executive Summary
Advanced Medical Optics' fiscal 2008 net sales rose 8.6 percent to $1.2 billion despite net sales falling 6.4 percent to $285.2 million in the fourth quarter. The Santa Ana, Calif.-based firm says Feb. 20 that the quarterly drop primarily was due to poor refractive sales, which fell 24.8 percent to $87.1 million in the quarter because consumers have less discretionary money for eye procedures. However, eye-care product sales rose 8.3 percent to $54.7 million in the quarter, led by a 21.9 percent increase in multipurpose solution sales to $24.5 million and by sales of artificial tears, part of the "other" category, which was up 12.3 percent to $15 million. Abbott is acquiring AMO for $22 per share in cash for a total $2.8 billion (1"The Tan Sheet" Feb. 9, 2009, In Brief)