Shares of Santa Ana medical device maker Advanced Medical Optics Inc. rose nearly 10% on Wednesday after the company reported better-than-expected first-quarter results and reaffirmed guidance for the year.
Advanced Medical posted a $12.6 million profit in the first quarter, up 365% a year ago. Sales were up 5.6% to $251.7 million.
Analysts expected a profit of $9.6 million and $243 million in revenue.
The device maker reaffirmed its 2007 profit forecast of $83.6 million to $92.5 million. The company also said it still expects sales of $1.15 billion to $1.18 billion.
Wall Street is looking for earnings of $86 million and $1.14 billion in sales.
Investors were pleased. Shares of Advanced Medical rose about 9% to close at $42.37.
