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IRIDEX Reports 2013 Third Quarter Results
Date:10/31/2013

MicroPulse enabled laser units this quarter compared to last year's third quarter and standing room only in a recent training seminar at a large trade show in Amsterdam. Our observation that physicians and healthcare policy makers in industrialized and developing nations are adopting value-based medicine practices and policies continues to be validated and ties in to the tremendous value our MicroPulse and continuous wavelength laser systems provide both to our customers and their healthcare systems for the treatment of sight threatening diseases.  This realization creates a growing tailwind for our business and bodes well for our future." 

Moore concluded, "These positive results underscore the cultural shift at the Company allowing us to better execute in the marketplace. We are looking forward to an active fourth quarter in which we will continue to accelerate our market-centric initiatives, introducing three new products at the AAO conference in November and targeting additional multi-unit tenders in countries across Europe, the Middle East and South America."

Revenues for the first nine months of 2013 were $27.7 million, up 12% from $24.6 million in last year's first nine months. Operating income for the first nine months of 2013 was $2.1 million, up $3.3 million from an operating loss of $1.2 million in last year's first nine months. Net income from continuing operations for the first nine months of 2013 was $1.8 million compared to a loss of $0.4 million for the first nine months of 2012, or earnings of $0.18 per share compared to a loss of $0.05 per share on a diluted basis.

During the third quarter 2013, the Company continued to execute its share repurchase program. In total, approximately 37,000 shares have been repurchased at an average price of $5.31 under the plan approved in February 2013.

Conference Call
IRIDEX management will conduct a conference call later today, Thursday, October 31, 2013 at 5:00 p.m. East
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SOURCE IRIDEX Corporation
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