Poor economy hits AMO's 2008 outlook
This article was originally published in Clinica
The weakening economy has dealt a bigger-than-expected blow to Advanced Medical Optics' US and European laser vision correction businesses, resulting in the company having to slash its revenue and profit outlook for 2008. The Santa Ana, California firm is now expecting revenue for the year to be between $1.7-1.2bn, down from the previous forecast of $1.22-1.24bn. Earnings-per-share is anticipated to sink below the $1-mark to reach between $0.70-0.80, compared with $1-1.15 as previously expected. The news sent AMO's shares plunging to an all-time low, closing at $6.83 per share on Friday (October 10).One silver lining in the cloud was the company's performance in the Japanese and Asia-Pacific markets, which the firm said was growing at double digit rates.