Charges and lost sales from a contact lens solution recall drove a larger second-quarter loss at Santa Ana’s Advanced Medical Optics Inc., a day after the company gave up its bid to buy rival Bausch & Lomb Inc.
Advanced Medical on Thursday said it lost $167 million, up from a $2.7 million loss a year earlier.
Without charges, the company lost $48 million, more than what analysts had expected.
Revenue grew 2% to $261.4 million. Sales of contact lens solutions, which once made up about a quarter of the company’s business, fell 73% percent to $19 million, or 7% of sales.
Revenue from IntraLase Corp., an Irvine maker of lasers used in vision correction surgery that Advanced Medical bought in April, offset the drop in solution sales.
Advanced Medical recalled its Complete MoisturePlus solution in May after the product was linked to an eye infection that can cause blindness.
On Wednesday, Advanced Medical Optics ended its $4.23 billion bid to take over rival Bausch & Lomb.
Bausch, which is based in Rochester, N.Y., now is set to be acquired for $3.67 billion all-cash go private bid from private equity firm Warburg Pincus.
Advanced Medical faced strong shareholder opposition for its Bausch bid, particularly from activist San Francisco hedge fund ValueAct Capital LP, which holds 15% of the eye care and device maker.
