Shares of Santa Ana-based Advanced Medical Optics Inc. shot up more than 6% in midday trading Wednesday as investors looked past the company’s projected loss for 2004.
The maker of eye care and surgical devices said it expects to lose money when fourth-quarter and year-end results are out on Feb. 8. Advanced Medical made money in 2003.
The company blamed the loss on costs related to its $450 million buy of Pfizer Inc.’s ophthalmic surgical business last year.
Advanced Medical said it expects to lose $143 million in 2004, compared with a profit of $10.4 million in 2003.
What cheered investors: Without the charges, Advanced Medical made some $45.5 million on revenue of $740 million, a 23% increase from 2003’s $601.5 million.
The company had previously said that it expected its 2004 earnings to come in at $44 million to $46 million.
Advanced Medical, which became an independent company more than two years ago after it was spun out of former parent Allergan Inc. of Irvine, is one of OC’s most assertive acquirers.
Besides Pfizer, the company spent $1.2 billion to buy Santa Clara-based Visx Inc., a maker of laser vision correction devices.
