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IRIDEX Reports Fourth Quarter and Full Year 2007 Financial Results
Date:4/10/2008

to AMS for the acquisition by the end of our fiscal Q3 2008.

(2) Focus on our Ophthalmology business. Exploit our recognized leadership in this market where we have many opportunities to grow systems and recurring revenues.

(3) Strengthen our Aesthetics business. Focus on building our sales and service channels to allow us to realize the market potential of the acquired products, and investigate opportunities to improve our competitive position in the market by enhancing the value of our existing platforms."

Gross margin for the fourth quarter of 2007 was 44.6%, compared with 55.5% for the fourth quarter of 2006. Gross margin for the full year 2007 was 43.7% of revenues, compared with 52.4% for 2006. The primary contribution to the gross margin reduction was the addition of lower margin Laserscope products and services into our product mix and $1.8 million of amortization expense charged to Cost of Goods Sold in 2007 for intangible assets acquired in the Laserscope aesthetics acquisition. These gross margin reductions were greater than the benefits gained from economies of scale realized in manufacturing during 2007.

Operating expenses for the fourth quarter 2007 were $22.0 million compared with $7.0 million for 2006. The fourth quarter results for 2007 include an impairment charge of $14.7 million for the write down of goodwill and intangible assets acquired from the AMS/Laserscope aesthetics acquisition. A similar comparison for full year 2007 reflects operating expenses of $48.4 million compared to $23.6 million for full year 2006.

Ophthalmology

Ophthalmology revenues were $8.9 million in the fourth quarter of 2007 compared with $7.7 million in 2006, an increase of 16.4%. Domestic ophthalmology revenues increased 12.4% to $5.3 million. International ophthalmology revenues increased 22.9% to $3.6 million.

For the 2007 fiscal year, total ophthalmology revenues grew to $32.3 million, compared with $30.8 million for 20
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SOURCE IRIDEX Corporation
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