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

resident and CEO stated, "Operationally we are progressing towards financial stability as demonstrated by the substantial reduction in our quarterly operating loss from $4.9 million to $0.9 million primarily due to reductions in operating expenses. During the first quarter we met our obligations with AMS by paying $1.7 million, leaving a balance related to the Settlement Agreement of $3.1 million which we plan to fully satisfy by the end of our third fiscal quarter. In addition, during the first quarter we successfully negotiated a new bank credit facility with Wells Fargo Bank that replaced our previously existing credit agreements. The new credit facility is an asset based revolving line that allows the Company to borrow up to $8 million.

"We continue to be encouraged by our improving ophthalmology revenues. The decrease in our aesthetics revenues is primarily due to the difficulties incurred in the U.S. distribution channel during 2007, which are still being experienced, coupled with the overall softening of the U.S. aesthetics market. A focus in 2008 is to establish a productive US aesthetics sales channel."

Cash and cash equivalents were $4.0 million as of March 29, 2008 down from $5.8 million in December 29, 2007 (this does not include $3.8 million in restricted cash). Inventories remained constant at $16.0 million as of March 29, 2008 as compared to December 29, 2007. Accounts receivable were $8.4 million as of March 29, 2008, compared to $8.9 million as of December 29, 2007.

Conference Call

IRIDEX management will conduct a conference call later today, Tuesday, May 13, 2008 at 5:00 p.m. Eastern Time. Interested parties may access the live conference call via telephone by dialing (800) 240-7305 (U.S.) or (303) 262-2130 (International), or by visiting the Company's website at http://www.iridex.com. A telephone replay will be available beginning on Tuesday, May 13, 2008 through Tuesday
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SOURCE IRIDEX Corporation
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