Shares of Santa Ana- based Advanced Medical Optics Inc. fell as much as 14 percent on Monday, after the company posted its second-quarter earnings. Although, they recovered midday. The company’s shares closed at 5 percent per share. Advanced Medical Optics is a maker of eye surgery devices and contact lens solutions.

In the second quarter of 2008,  AMO swung to $14.6 million in profit from a  $166.8 million loss last year, though failed to meet the analysts’ expectations of making $16.4 million. The net income for the quarter was $22 million, which included gains related to restructuring and a cross licensing deal. The market value of Advanced Medical is $1 billion.

The total sales in the quarter rose almost 23 percent to 320.5 million, including 44 percent gain in international sales. The international revenues helped the company to bolster the top-line and offset domestic challenges.

However, AMO is reducing its full year forecast due to a weaker U.S. economic condition that hurt demand for laser vision correction procedures, forecasting a 25 percent drop from year-ago levels. It expects to make $61 million to $69. 9 million in 2008, down from previous forecast of $76 million to $88.2 million.

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