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American Medical taps former Siemens exec
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Minnetonka medical-device company American Medical Systems Holdings Inc. on Tuesday named Anthony Bihl chief executive and president, effective today.
The company's previous chief executive, Martin Emerson, resigned in January after the troubled 2006 acquisition of Laserscope Inc. resulted in earnings shortfalls and a sharp decline in the company's stock.
Ross Longhini, who was interim chief executive, will remain with the company as executive vice president and chief operating officer.
Bihl, who also will join American Medical Systems' board, was most recently with Siemens Medical, where he was CEO of the diagnostics division. The company said Bihl led the successful integration of two acquisitions during his time at Siemens Medical.
Separately Tuesday, American Medical Systems said first-quarter net income rose to $8.21 million, or 11 cents a share, from $3.69 million, or 5 cents a share, a year earlier. Revenue rose 11 percent to $120.4 million.
Analysts polled by Thomson First Call, on average, projected earnings of 10 cents a share on revenue of $119.5 million.
The company reiterated its 2008 earnings forecast of 57 cents to 72 cents a share on revenue of $500 million to $520 million.
For the second quarter, American Medical Systems projects earnings of 13 to 15 cents a share with revenue of $123 million to $129 million.
The news was released after the markets closed. In trading before the announcement, American Medical Systems shares fell 13 cents, or 0.9 percent, to close at $14.55.
DOW JONES NEWS SERVICE
1st quarter FY2008, 3/29
2008 2007 % chg. Revenue $120.4 $108.4 +11.1 Cont. ops. 8.2 4.4 +87.3 Disc. ops -- -0.7 -- Income 8.2 3.7 +122.4 Earn/share 0.11 0.05 +120.0Figures in millions except for earnings per share.
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