Advanced Medical Optics Pre-Announces Year-End 2002 Operating Results; Reiterates 2003 Guidance.

Business Editors

SANTA ANA, Calif.--(BUSINESS WIRE)--Jan. 30, 2003

Advanced Medical Optics, Inc. (NYSE:AVO), a global leader in ophthalmic surgical devices and eye care products, announced today its preliminary review of year-end 2002 operating results. The Company expects to report total revenues for the year ending December 31, 2002 in the range of $537-$538 million and pro forma diluted earnings per share in the range of $0.57-$0.58. Previously, the company estimated 2002 year-end revenues of $530-$535 million and earnings per share of $0.56-$0.57.

In addition, the Company expects to report 2002 year-end cash and equivalents of approximately $80 million and long term debt principal balance of approximately $275 million.

Advanced Medical Optics' financial results for 2002 remain subject to a final audit by its outside independent auditors. The 2002 earnings per share estimates are on a pro forma basis. The pro forma amounts reflect the results adjusted to include the incremental costs of operating as an independent company and exclude the non-recurring costs of the spin-off transaction. More detailed information on these adjustments was provided in AMO's prior financial earnings press releases dated July 24, 2002, and November 6, 2002.

The Company's guidance for the full year 2003 remains unchanged: revenues in the range of $545-$555 million, earnings per share in the range of $0.65-$0.67, and EBITDA in the range of $75-$77 million.

The Company plans to report final 2002 fourth quarter and year-end operating results on Thursday, February 20, 2003. James V. Mazzo, AMO's President and Chief Executive Officer, and Richard A. Meier, Corporate Vice President and Chief Financial Officer, will host a live webcast to discuss the results on February 20, 2003, at 10:00 a.m. EST. To participate, please visit AMO's investor relations site at http://www.amo-inc.com.

About Advanced Medical Optics

Advanced Medical Optics, Inc. (AMO) is a global leader in the development, manufacturing and marketing of ophthalmic surgical and contact lens care products. The company focuses on developing a broad suite of innovative technologies and devices to address a wide range of eye disorders. Products in the ophthalmic surgical line include foldable intraocular lenses, phacoemulsification systems, viscoelastics and related products used in cataract surgery, and microkeratomes used in LASIK procedures for refractive error correction. Among the well-known ophthalmic surgical product brands the company owns or has the rights to are Phacoflex(R), Clariflex(R), Array(R) and Sensar(R) foldable intraocular lenses, the Sovereign(R) phacoemulsification system and the Amadeus(TM) microkeratome. Products in the contact lens care line include disinfecting solutions, daily cleaners, enzymatic cleaners and lens rewetting drops. Among the well-known contact lens care product brands the company possesses are COMPLETE(R), COMPLETE(R) Blink-N-Clean(R), Consept(R)F, Consept(R) 1 Step, Oxysept(R) 1 Step, UltraCare(R), Ultrazyme(R) and Total Care(R). Amadeus is a licensed product of, and a trademark of, SIS, Ltd.

Advanced Medical Optics, Inc. is based in Orange County, California, and employs approximately 2,000 worldwide. The Company has operations in about 20 countries and markets products in approximately 60 countries. For more information, visit the company's web site at www.amo-inc.com.

Forward-Looking Statements

This press release contains forward-looking statements and forecasts about AMO and its businesses. Because forecasts are inherently estimates that cannot be made with precision, the Company's performance at times differs from its estimates and targets, and the Company often does not know what the actual results will be until after a quarter's end. Therefore, the Company will not report or comment on its progress during the quarter. Any statement made by others with respect to progress mid-quarter cannot be attributed to the Company.

Our expected 2002 results, our guidance for 2003, and any other statements in this press release that refer to AMO's estimated or anticipated future results are forward-looking statements. All forward-looking statements in this press release reflect AMO's current analysis of existing trends and information and represent AMO's judgment only as of the date of this press release. Actual results may differ from current expectations based on a number of factors affecting AMO's businesses, including but not limited to competitive, regulatory and market conditions; the performance acceptance of new products and the continuing acceptance of current products; the execution of strategic initiatives and business development projects; AMO's ability to maintain a sufficient supply of products; and the uncertainties associated with intellectual property protection for these products. In addition, matters generally affecting the domestic and global economy, such as changes in interest and currency exchange rates, can affect AMO's results. Therefore, the reader is cautioned not to rely on these forward-looking statements. AMO disclaims any intent or obligation to update these forward-looking statements.

Additional information concerning these and other risk factors can be found in press releases issued by AMO as well as AMO's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Risk Factors" in the Information Statement filed as an exhibit to the amended Form 10 filed by AMO with the Securities and Exchange Commission on May 24, 2002. Copies of press releases and additional information about AMO are available on the World Wide Web at www.amo-inc.com, or you can contact the AMO Investor Relations Department by calling 714-247-8348.