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IRIDEX Reports First Quarter 2008 Financial Results
Date:5/13/2008

MOUNTAIN VIEW, Calif., May 13 /PRNewswire-FirstCall/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the first quarter of 2008 ended March 29, 2008.

Revenue for the first quarter of 2008 was $11.5 million, an 8.7% decrease from the $12.6 million reported for the first quarter of 2007. The Company's net loss was $0.9 million or $0.10 per diluted share for the first quarter of 2008 compared with a net loss of $4.9 million or $0.61 per diluted share in the first quarter of 2007. The prior year financial results do include the AMS/Laserscope aesthetics acquisition, which was completed on January 16, 2007.

Ophthalmology revenues were $7.5 million in the first quarter of 2008 compared with $7.2 million in 2007, an increase of 4.8%. Domestic ophthalmology revenues increased 10.6% to $4.4 million. International ophthalmology revenues decreased 2.4% to $3.1 million. Ophthalmology recurring revenues, consisting of disposable products and service, represented 55.2% of our total ophthalmology revenues for the first 3 months in 2008 and 55.5% for the comparable period in 2007.

Total aesthetics revenues were $3.9 million in the first quarter of 2008 compared with $5.4 million in the comparable period of 2007, a decrease of 26.8%. In the first quarter 2008 domestic aesthetics revenues decreased $1.2 million to $1.5 million and international aesthetics revenues decreased $0.3 million to $2.4 million.

Gross profit for the first quarter of 2008 was $4.8 million, compared with $5.2 million for the first quarter of 2007. Gross margins were 41.9% and 41.5%, respectively. Operating expenses for the first quarter 2008 were $5.5 million compared with $10.0 million for 2007.

Mr. Theodore A. Boutacoff, P
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SOURCE IRIDEX Corporation
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