AMO expects 2007 loss following Complete MoisturePlus Recall
Yesterday Advanced Medical Optics, Inc. (AMO) revised their financial guidance to reflect the impact of the Complete MoisturePlus recall. The popular contact lens solution was removed from the market after CDC officials linked it to an increased risk of Acanthamoeba Keratitis, a rare and possibly blinding eye infection. The problems caused by AMO Complete MoisturePlus have cost the company millions of dollars in sales and they now face numerous lawsuits which will be filed by users who have been seriously injured by the solution.
>>INFORMATION: Complete Moisture Plus Lawsuits
In 2006, Complete MoisturePlus accounted for 10% of AMO’s total sales, generating $105.7 million in revenue. As a result of the contact solution recall and anticipated costs associated with launching a different multipurpose solution later this year, the company expects a loss of 95 cents to $1.15 a share this year, instead of the previously projected earnings of $1.40 to $1.55 a share.
Although they did not factor potential legal liability for the injuries caused by their solution into this earnings forecast, the company will likely pay millions of dollars in settlements or judgments to users who suffered permanent eye damage or blindness from Acanthamoeba keratitis.
Acanthamoeba Keratitis is a rare, but serious, eye infection caused by a microbial organism that is commonly found in water, soil, sewage and household water. This amoeba only rarely causes the infection without the aid of an outside agent. Prior to the problems associated with Complete Moisture Plus, Acanthamoeba keratitis was only found in about 1 or 2 of every 1 million contact lens wearers.
On May 25, 2007, the U.S. Centers for Disease Control and Prevention (CDC) announced that they had identified a direct link between a recent Acanthamoeba keratitis outbreak and AMO Complete MoisturePlus contact lens solutation. Usually the cornea (the thin protective layer of the eye) can fight off infections, but AMO’s MoisturePlus facilitates an environment where Acanthamoeba can breed and cause serious damage to the eye. The CDC found that using MoisturePlus increases risk of Acanthamoeba Keratitis by 7 times the normal rate.
COMPLETE MOISTURE PLUS LAWYERS
The lawyers at Saiontz & Kirk, P.A. are representing individuals who have been diagnosed with Acanthamoeba keratitis after using Complete Moisture Plus. Lawsuits are being reviewed nationwide. To determine if you, a friend or family member may be eligible for a claim, request a free claim evaluation.
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