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IRIDEX Reports First Quarter 2009 Financial Results
Date:5/14/2009

MOUNTAIN VIEW, Calif., May 14 /PRNewswire-FirstCall/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the first quarter of 2009 ended April 4, 2009.

For the first quarter of 2009 the Company recorded a net profit of $0.2 million or $0.03 per diluted share compared to a net loss of $0.9 million or $0.10 per diluted share in the first quarter of 2008. Revenue for the first quarter of 2009 was $10.7 million, a 6.4% decrease from the $11.5 million reported for the first quarter of 2008.

Ophthalmology revenues were $7.5 million in the first quarter of 2009 consistent with $7.5 million for the comparable period in 2008. Ophthalmology recurring revenues, comprised of consumable products and service were $4.4 million for the first quarter of 2009, up 6.7% from $4.2 million for the first quarter 2008.

Total Aesthetics revenues were $3.2 million in the first quarter of 2009 compared with $3.9 million in the comparable period of 2008, a decrease of 18.9%.

Gross profit for the first quarter of 2009 was $5.0 million, compared with $4.8 million for the first quarter of 2008. Gross margins were 47.0% and 41.9% for the first quarter of 2009 and 2008, respectively, an improvement of 5.1% of revenues. Operating expenses for the first quarter 2009 were $4.7 million compared with $5.5 million for 2008, or 43.6% and 48.3% of revenues, respectively.

"Returning to profitability given the current distressed economic environment represents a major accomplishment for the company," stated Mr. Theodore A. Boutacoff, President and CEO. "This is the first quarter that we have been profitable on an operating income level since the fourth quarter of 2005. Keys to achieving profitability during the quarter were improvement in our gross margins to 47% of revenues and managing our operati
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SOURCE IRIDEX Corporation
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