IRIDEX Reports Fourth Quarter and Full Year 2007 Financi... ( MOUNTAIN VIEW Calif. April 10 /- ...)

IRIDEX Reports Fourth Quarter and Full Year 2007 Financial Results

Date:4/10/2008

MOUNTAIN VIEW, Calif., April 10 /PRNewswire-FirstCall/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported final financial results for the fourth quarter and full year ended December 29, 2007.

Revenue for the fourth quarter of 2007 was $14.1 million, a 56.5% increase from the $9.0 million reported for the fourth quarter of 2006. The Company's net loss was $15.8 million or $1.82 per diluted share for the fourth quarter of 2007 compared with a loss of $3.8 million or $0.48 per diluted share in the fourth quarter of 2006. The prior year financial results do not include the AMS/Laserscope aesthetics acquisition, which was completed on January 16, 2007. The fourth quarter results for 2007 include an impairment charge of $14.7 million for write down of goodwill and intangible assets acquired from the AMS/Laserscope aesthetics acquisition which represents $1.69 per diluted share.

Revenues for the fiscal year ended December 29, 2007 were $55.5 million, compared with $35.9 million reported for 2006, a 54.6% increase. The increase was primarily the result of the AMS/Laserscope aesthetics acquisition. The Company's net loss was $22.3 million or $2.69 per diluted share for the 2007 fiscal year compared with a loss of $5.8 million or a loss of $0.75 per diluted share in 2006.

Mr. Theodore A. Boutacoff, President and CEO stated, "The AMS/Laserscope aesthetics acquisition has been very challenging for the Company as indicated by our results for 2007. Our three primary objectives and strategy for 2008 are as follows:

(1) Establish financial stability in the Company. We have already taken actions that include refinancing our debt and executing an operating plan that generates sufficient cash to pay off the remaining obligation
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