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Third Quarter Profits For American Medical Systems (AMMD) Goes Down

|Includes:American Medical Systems Holdings, Inc. (AMMD)
Surgical products maker American Medical Systems Holdings Inc. (NASDAQ:AMMD) has reported a lower profit for the third quarter, despite higher revenues, mainly reflecting the absence of last year's gains on extinguishment of debt and sale of non-strategic assets.

AMMD reported third quarter net income of $18.6 million, or $0.24 per share. This compares to net income and earnings per share in the same quarter last year of $28.6 million, or $0.38, which included a $17.4 million gain on the sale of the Ovion technology and a $5.6 million gain on the exchange of convertible notes.

The strengthening of the U.S. dollar compared to the third quarter of 2009 negatively affected revenue comparisons for the quarter by $1.4 million. AMMD adjusted the impact of foreign currency results in third quarter revenue growth of 1.8 percent over the same quarter last year.

Looking ahead to the fourth quarter, the company expects revenue in the range of $141 million to $146 million and adjusted earnings in the range of $0.35 to $0.38 per share.

American Medical Systems (AMMD), headquartered in Minnetonka, Minnesota, is a diversified supplier of medical devices and procedures to cure incontinence, erectile dysfunction, benign prostate hyperplasia (BPH), pelvic floor prolapse and other pelvic disorders in men and women.

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Stocks: AMMD