Healthcare Industry News: Glaucoma
News Release - January 16, 2007
Advanced Medical Optics Acquires WaveFront SciencesSANTA ANA, Calif., Jan. 16 (HSMN NewsFeed) -- Advanced Medical Optics, Inc. (AMO) (NYSE: EYE ), a global ophthalmic surgical and eye care products company, today announced the acquisition of WaveFront Sciences, Inc., a leading provider of proprietary wavefront diagnostic systems for refractive surgery and medical research.
WaveFront Sciences, Inc. designs and manufactures the industry's highest resolution Shack-Hartmann-based aberrometer, which precisely measures the total refractive error and wavefront aberrations of the human eye as part of the wavefront-guided custom laser vision correction procedure. The acquisition expands AMO's portfolio of industry-leading laser technologies and strengthens its pipeline of new wavefront-guided diagnostic innovations.
"WaveFront Sciences has earned an excellent reputation in the ophthalmic industry for its cutting-edge diagnostics," said AMO Chairman, President and CEO Jim Mazzo. "This acquisition represents another step forward in AMO's strategy to provide a full range of products and services that meets the needs of comprehensive refractive practices. With this transaction, we secure proprietary technologies and R&D expertise in wavefront sensing and laser optics, which we expect will allow us to further strengthen our Advanced CustomVue(TM) laser vision correction technology and accelerate the introduction of next-generation diagnostics that build on our WaveScan Wavefront® systems."
AMO acquired WaveFront Sciences for approximately $20 million, including a $14 million cash payment at closing and an agreement to make a total of $6 million in future cash payments contingent on achievement of certain milestones over the next three years. Based in Albuquerque, New Mexico, WaveFront Sciences is a privately held company.
"WaveFront Sciences looks forward to supporting and contributing to AMO's growth and business objectives while enabling practitioners to provide state-of-the-art surgical planning and diagnostics for their patients," said WaveFront Sciences CEO Tim Turner.
AMO is the global laser vision correction leader. Its Advanced CustomVue(TM) procedure provides practitioners the widest FDA-approved custom LASIK treatment range on the market today. The WaveFront Sciences acquisition follows AMO's January 8 announcement of its intent to acquire IntraLase Corp., the leading provider of femotsecond laser technology, and define a new standard of laser vision correction care. AMO expects to complete the Intralase transaction in the second quarter of 2007.
About Advanced Medical Optics (AMO)
AMO is a global medical device leader focused on the discovery and delivery of innovative vision technologies that optimize the quality of life for people of all ages. Products in the ophthalmic surgical line include intraocular lenses, laser vision correction systems, phacoemulsification systems, viscoelastics, microkeratomes and related products used in cataract and refractive surgery. AMO owns or has the rights to such ophthalmic surgical product brands as ReZoom(TM), Clariflex®, Sensar®, CeeOn®, Tecnis® and Verisyse(TM) intraocular lenses, STAR S4 IR(TM) laser vision correction system, WaveScan Wavefront® System, CustomVue(TM) procedure, Sovereign® and Sovereign® Compact(TM) phacoemulsification systems with WhiteStar® technology, Amadeus(TM) and Amadeus(TM) II microkeratomes, Healon® viscoelastics, and the Baerveldt® Glaucoma shunt. Products in the contact lens care line include disinfecting solutions, enzymatic cleaners and lens rewetting drops. Among the eye care product brands the company possesses are COMPLETE Moisture PLUS®, COMPLETE® Blink-N-Clean®, Consept®F, Consept® 1 Step, Oxysept® 1 Step, UltraCare®, Ultrazyme®, Total Care(TM) and blinkTM branded products. Amadeus is a licensed product of, and a trademark of SIS, Ltd. AMO is based in Santa Ana, California, and employs approximately 3,800 worldwide. The company has operations in 24 countries and markets products in approximately 60 countries. For more information, visit the company's Web site at www.amo-inc.com.
About WaveFront Sciences
WaveFront Sciences is the world's leading manufacturer of Shack-Hartmann based optical metrology with products for customized LASIK surgery, intraocular and contact lenses as well as conventional optical metrology. WaveFront Sciences' Complete Ophthalmic Analysis System(TM) (COAS(TM)) set the standard for ophthalmic wavefront analysis and is surpassed only by the newly released High Definition COAS(TM) model 2800. The advanced technology verified in WaveFront Sciences' CLAS-2D(TM) and COAS(TM) systems provides the basis for WaveFront Sciences' CrystalWave(TM) and ClearWave(TM) Precision Aberrometers(TM). The CrystalWave(TM) Intraocular Lens Precision Aberrometer(TM) is used for wet and dry testing of intraocular lenses, and the ClearWave(TM) Contact Lens Precision Aberrometer(TM) is optimized for testing and characterization of contact lenses of all types. Both systems combine a high-resolution Shack-Hartmann sensor with a custom-designed software package, providing IOL and contact lens designers and quality assurance teams with superior information about their product's optical performance. WaveFront Sciences' CLAS-2D(TM) system offers a complete line of products for the analysis of visible, infra-red, continuous, and pulsed lasers. It also presents advantages to most optical test requirements traditionally addressed by interferometry. The company employs approximately 50 people. For more information, visit the company's Web site at www.wavefrontsciences.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements contained in this document that refer to AMO's estimated or future results such as statements regarding the benefits of the transaction and technologies, and statements of Mr. Mazzo and Mr. Turner, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The forward-looking statements contained in this document include statements about future financial and operating results. These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Therefore, actual outcomes and results may differ materially from what is expressed herein. In any forward-looking statement in which AMO expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will result or be achieved or accomplished. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: risks associated with successfully integrating AMO and WaveFront Sciences, the failure to realize the synergies and other perceived advantages resulting from the transaction, the ability to retain key personnel both before and after the transaction, AMO's ability to successfully execute its business strategies, the extent and timing of regulatory approvals, and the extent and timing of market acceptance of new products or product indications, manufacturing, litigation, the procurement, maintenance, enforcement and defense of patents and proprietary rights, competitive conditions in the industry, business cycles affecting the markets in which any products may be sold, fluctuations in foreign exchange rates and interest rates, and economic conditions generally or in various geographic areas, including those set forth in AMO's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, especially in the "Risk Factors" section, and its Current Reports on Form 8-K and other SEC filings. AMO is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
Source: Advanced Medical Optics
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