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IRIDEX Reports 2013 Second Quarter Results; $9.2 Million Record Q2 Revenue
Date:8/1/2013

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President and CEO Will Moore said, "Sales of both consumable products and systems continued to be strong in the second quarter, including solid contributions from our licensing and distribution partner and from the Peregrine distribution agreement announced in April. The repositioned IRIDEX is now thinking and executing like a commercial organization and the benefits of that orientation are becoming clear in the financial results."

Moore continued, "While we are not yet at the tipping point in the broad industry, the upside for our MicroPulse™ technology continues to grow for both Diabetic Macular Edema and more recently for Glaucoma. Literally dozens of clinical publications – most without any financial support from the Company – have been presented or printed in the past 6 months. Physicians are not only adopting the technology in growing numbers, they are anxious to drive the technology into new areas of therapy due to the safety and efficacy of MicroPulse. We couldn't be happier with the efforts of leading physicians in the field that are pushing the use of our technology forward to the benefit of patients and the healthcare system. The refrain we are hearing is that the system can simply no longer support the use of drug-only treatment regimens with the advent of MicroPulse tissue sparing laser options."

During the second quarter 2013, the Company continued to execute its share repurchase program. Approximately 17,000 shares have been repurchased at an average price of $4.50 under the plan approved in February 2013.

1H 2013 Business Highlights

  • The Company converted all outstanding shares of its Series A Preferred Stock into 1,000,000 shares of its common stock. The Series A Preferred shares were issued to BlueLine Capital Partners LP (BlueLine) as part of a private placement agreement that occurred in 2007. The Certificate of Designation provided that the Series A Preferred shares automatically converted into
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  • SOURCE IRIDEX Corporation
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