MOUNTAIN VIEW, Calif., Nov. 19 IRIDEXCorporation (Nasdaq: IRIX) today reported financial results for the quarterended 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. TheCompany's net loss was $1.2 million or $0.15 per diluted share for the thirdquarter of 2007 compared with a loss of $1.1 million or a loss of $0.15 perdiluted share in the third quarter of 2006. The prior year financial resultsdo not include the AMS/Laserscope aesthetic acquisition completed onJanuary 16, 2007.
Theodore A. Boutacoff, President and CEO stated, "While neither I nor theother members of the board of directors are satisfied with the Company'srecent performance, IRIDEX has taken numerous actions that we believe have putthe Company back on track. These actions include:
Mr. Boutacoff continued, "This has been a difficult year for IRIDEX, ouremployees and our shareholders. We have and will continue to take decisiveactions to improve operations, to provide value to our customers and to createvalue for our shareholders. A key area of focus will be addressing remainingissues and challenges relating to our expanded aesthetics business followingthe Laserscope acquisition."
Revenue for the nine-month period ended September 29, 2007 was $41.4million compared with the $26.9 million reported for the same period of 2006.Net loss for the nine-month period ended September 29, 2007 was $6.5 millionor $0.80 per diluted share compared with a net loss of $2.0 million or a lossof $0.26 per diluted share during the comparable period of 2006.
Ophthalmology sales were $7.9 million for the third quarter of 2007compared to $8.0 million reported in the third quarter of 2006. Aestheticssales grew to $5.7 million for the third quarter of 2007, up from $1.3 millionfor the corresponding quarter in 2006.
During the third quarter of 2007 domestic sales increased 26% to $7.2million compared to $5.7 million for the third quarter of 2006; andinternational sales grew 80% to $6.4 million compared to $3.5 million for thethird quarter of 2006. International sales are denominated in US dollarsexcept for sales from the Company's subsidiaries in the UK and France, foreigncurrency fluctuations had no material impact.
IRIDEX management will conduct a conference call later today, Monday,November 19th at 5:00 p.m. EST. Interested parties may access the liveconference call via telephone by dialing (800) 218-0713 (US) or (303) 262-2140(International), or by visiting the Company's website athttp://www.iridex.com. A telephone replay will be available beginning onMonday, November 19 through Monday, November 26, 2007 by dialing(800) 405-2236 (US) or (303) 590-3000 (International) and entering Passcode11102345#. In addition, an archived version of the webcast will be availablebeginning November 19, 2007 on the Company's website at http://www.iridex.com.
IRIDEX Corporation is a leading worldwide provider of therapeutic basedlaser systems, disposable laser probes and delivery devices to treat eyediseases in ophthalmology and skin disorders in the aesthetics market. IRIDEXproducts are sold in the United States through a direct sales force andinternationally through a combination of a direct sales force and a network ofapproximately 97 independent distributors into 107 countries. For furtherinformation, visit the Company's website at http://www.iridex.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaningof Section 27A of the Securities Act of 1933, as amended and Section 21E ofthe Securities Act of 1934, as amended, relating to the Company's growthstrategy and prospects, revenues, gross margins, and earnings, expenses,integrating the aesthetics business acquired from Laserscope an