Abstract: An optical receiver is disclosed that exhibits an improved phase margin and substantially constant output in response to changes in operating conditions (e.g., temperature, process, etc.). In accordance with the illustrative embodiment, a common-mode feedback comparison is performed prior to conversion of the signal from single-ended to differential voltage. When the common-mode feedback comparison is performed in this way, there are fewer amplifiers in the signal path and the phase margin of the common-mode feedback loop is increased. In addition, as the common-mode feedback is performed at the first stage of the transimpedance amplifier, the gain response of the transimpedance amplifier remains substantially constant in response to changes in temperature, input current range, and for different integrated circuit fabrication processes.