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Thursday, November 05, 2009

American Medical Shares Jump o Q3 Beat; Higher View

By Kathryn Glass

FOXBusiness

Health products manufacturer American Medical Systems Holdings Inc. (AMMD) weighed in with third-quarter earnings that blew estimates away on Thursday, and sent shares nearly 13% higher.

American Medical boosted its fiscal 2009 earnings view to range between $1.10 and $1.14 per share on revenue of $509 million to $515 million, compared to earlier forecasts of earnings ranging between $1.00 and $1.10 per share with revenue between $495 million and $510 million.

Analysts polled by Thomson Reuters were expecting earnings of $1.06 per share on revenue of $503.5 million.

The company reported Wednesday after the market closed that third-quarter profit rose to $28.6 million or 38 cents per share, compared to net income of $3.5 million or 5 cents per share in the same quarter last year.

Non-GAAP earnings came to 27 cents per share on revenue that rose 5% to $123.2 million. Those results easily beat analyst forecasts for 20 cents per share on revenue of $116.8 million.

Shares of American Medical rose $1.97 or 12.75% to close at $17.42 per share on Thursday.

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