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IRIDEX Reports Fourth Quarter and Full Year 2008 Financial Results
Date:3/10/2009

rtization of intangible assets; expensing of previously capitalized manufacturing overhead costs as a consequence of reducing inventory levels during 2008; and increases in inventory reserves, primarily relating to aesthetics inventory. The aggregate impact of these items for the fourth quarter of 2008 was to reduce gross margin by 11.6% and for the full year 2008 by 8.3%.

Excluding the impairment charge for the write down of goodwill and intangible assets, operating expenses for the fourth quarter 2008 were $5.5 million compared with $7.3 million for 2007. A similar comparison for full year 2008 reflects operating expenses of $21.9 million compared to $33.7 million for 2007. Including the impairment charge, operating expenses for the fourth quarter 2008 were $10.9 million compared with $22.0 million for 2007 and for the full year 2008 $27.2 million compared to $48.4 million for 2007.

Liquidity and Capital Resources

As of January 3, 2009, the company had fully repaid AMS and had cash and cash equivalents of $5.3 million, bank debt of $6.0 million and a working capital balance of $9.2 million. In comparison, as of December 29, 2007, the company had cash and cash equivalents of $5.8 million, not including restricted cash, bank debt of $6.1 million net of restricted cash, owed $6.3 million to AMS as a result of the AMS/Laserscope acquisition and had a working capital balance of $7.7 million.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with GAAP, this release contains non-GAAP financial measures that exclude the effects of costs associated with the write down of goodwill and intangible assets acquired in the AMS/Laserscope aesthetics acquisition in January 2007, in the fourth quarter 2008 and the fourth quarter 2007. The Company believes that the presentation of results excluding these write down charges provides meaningful supp
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