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IRIDEX Reports 2012 First Quarter Results
Date:5/3/2012

MOUNTAIN VIEW, Calif., May 3, 2012 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the first quarter ended March 31, 2012. Due to the sale of the Company's aesthetics laser business in February 2012, the Company's financial statements reflect the results of its aesthetics laser business as discontinued operations and the following commentary relates to the results of its continuing ophthalmology business. 

  • Revenues from ophthalmology were $8.3 million in the first quarter of 2012, up from $8.2 million in the prior year period and down sequentially from $8.6 million in the fourth quarter of 2011.
  • For the first quarter of 2012, net loss from continuing operations was $0.3 million or $(0.03) per diluted share, compared with net income of $0.2 million or $0.02 per diluted share reported in the first quarter of 2011.
  • Gross margin for the first quarter 2012 was 48.0%, compared to 49.8% in the prior year period.  Operating expenses were $4.2 million compared to $3.8 million in the prior year period. As anticipated, margins and costs in the 2012 first quarter were impacted by the sale of the aesthetics business and related organizational changes in the period as well as increased spending on new marketing and product development initiatives.
  • Guidance for second quarter: revenue between $8.5 million and $8.8 million, gross margins between 49% and 51% and operating expenses between $4.2 million and $4.4 million.
  • President and CEO Dominik Beck said, "While commercial traction from our new initiatives will likely show increasingly positive results in the second half of the year, we had a solid first quarter especially in terms of our efforts in the glaucoma market.  We are repositioning our products – both equipment and disposables – in that segment with good results.  In
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