American Medical Systems 1Q profit more than doubles

MINNEAPOLIS—Medical device maker American Medical Systems Holdings Inc. said Tuesday its first-quarter earnings more than doubled on strong sales of products to treat erectile dysfunction and male incontinence.

Profit for the three months ended March 29 rose to $8.2 million, or 11 cents per share, from $3.7 million, or 5 cents per share, in the prior year period.

Quarterly sales rose 11 percent to $120.4 million, from $108.4 million in the 2007 quarter.

Analysts surveyed by Thomson Financial forecast earnings of 10 cents per share on revenue of $119.5 million.

American Medical Systems attributed its growth to strong sales of products to treat male incontinence and erectile dysfunction.

The company's laser therapy business booked a modest 3.1 percent increase to $27.8 million during the quarter. "Consistent with our message from last quarter, while the Laser Therapy business produced solid results internationally, it continues to struggle in the United States," said Interim Chief Executive Ross Longhini. "Although we continue to identify and implement initiatives to address Laser Therapy growth in the U.S., we do not anticipate accelerated growth until late 2008."

Sales of women's health products rose 5.9 percent to $36.8 million.

American Medical Systems shares gained 15 cents to $14.70 in after-hours trading, after falling 13 cents to end the regular session at $14.55.