MOUNTAIN VIEW, Calif., Nov. 19 /PRNewswire-FirstCall/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the quarter ended September 29, 2007. Revenue for the period was $13.6 million, a 47% increase from the $9.2 million reported for the third quarter of 2006. The Company's net loss was $1.2 million or $0.15 per diluted share for the third quarter of 2007 compared with a loss of $1.1 million or a loss of $0.15 per diluted share in the third quarter of 2006. The prior year financial results do not include the AMS/Laserscope aesthetic acquisition completed on January 16, 2007.
Theodore A. Boutacoff, President and CEO stated, "While neither I nor the other members of the board of directors are satisfied with the Company's recent performance, IRIDEX has taken numerous actions that we believe have put the Company back on track. These actions include:
-- Strengthening the Company's cash position via a private placement with
net proceeds to the Company of $4.9 million. At the end of the third
quarter, IRIDEX' total cash position was $9.6 million (including
$3.8 million restricted to support our bank term loan).
-- Reducing operating expenses as a percentage of revenue to 53.3% during
the third quarter of 2007 from 59.9% in the second quarter.
-- Improving gross margins to 45.6% in the third quarter 2007 from 43.2%
in the second quarter 2007.
-- Reaching agreement with AMS on the major elements of the Laserscope
acquisition. This agreement included approximately a $2.7 million
reduction in the acquisition purchase price to be paid and decreased
the final inventory to be purchased from AMS to $4.1 mil
|SOURCE IRIDEX Corporation|
Copyright©2007 PR Newswire.
All rights reserved