This excerpt taken from the EYE 8-K filed Feb 13, 2007.
Laser Vision Correction (LVC) Overview
LVC sales grew 76.9 percent versus 2005 to $216.9 million, reflecting the full year benefit of the May 2005 VISX acquisition, growth in CustomVue procedures, and strong international system sales. On a pro forma basis, LVC sales grew 6.9 percent. Fourth-quarter LVC sales declined 4.5 percent, reflecting primarily fewer system sales versus the year-ago period when the company was conducting the U.S. rollout of Iris Registration technology. The impact of foreign currency contributed an increase of 0.3 percent and 0.7 percent for the year and fourth quarter, respectively. Below are LVC sales highlights. Growth rates reflect comparisons to the same period in 2005 and include the impacts of foreign currency.
· Procedures and related sales grew 104.7 percent to $144.3 million, reflecting the VISX acquisition and increased global penetration of CustomVueä procedures. On a pro forma basis, procedure and related sales grew 12.0 percent. Fourth-quarter procedure sales grew 14.7 percent.
· For 2006, 59.5 percent of the companys U.S. procedures were wavefront-guided CustomVueä procedures, and its U.S. procedure volume was unchanged versus 2005.
· International CustomVue procedures gained momentum throughout the year and accounted for approximately 10 percent of the companys total 2006 procedure sales. In the fourth quarter, international procedure sales were $4.5 million, of which approximately 80 percent were CustomVueä procedures, representing a 90 percent increase versus the same period one year ago and a 21 percent increase versus the third quarter of 2006.
· System sales rose 46.8 percent to $40.1 million, reflecting the VISX acquisition and subsequent execution of AMOs international expansion strategy. On a pro forma basis, system sales rose 1.9 percent. Fourth-quarter system sales declined 34.6 percent, reflecting U.S. rollout of Iris Registration technology in the year-ago period.