Advanced Medical Optics Inc.’s shares surged Friday after the Santa Ana eye product company said it swung to a third-quarter profit from a year-ago loss.
Advanced Medical’s shares were up 30% near the close of trading Friday with a market value of about $350 million.
Advanced Medical earned $7.1 million in the quarter, in line with analysts’ expectations of $7.5 million.
The company lost $25.9 million in 2007’s third quarter, a period that was hurt by its recall of its Complete MoisturePlus contact lens solution, which was linked to cases of eye infections.
Third-quarter revenue was up 1% to $275.6 million on stronger sales of cataract surgery products, its largest unit, and contact lens solutions.
Wall Street expected Advanced Medical to have $275 million in sales in the quarter.
A 9% drop in laser surgery sales to $96 million was offset by a 9% rise in cataract sales to $124.9 million. Eye care sales, which primarily come from contact lens solutions, shot up 19% to $50.2 million.
The company also reiterated a full-year forecast, which was cut earlier this month. It sees a profit of $44.2 million to $50.5 million on $1.17 billion to $1.2 billion in revenue.
Wall Street expects Advanced Medical to make $46.1 million on $1.18 billion in sales in 2008.
