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Iridex posts fourth-quarter $6.5 million net loss, 14.1% decline in revenue

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MOUNTAIN VIEW, Calif. — Iridex reported a net loss $6.5 million, or $0.74 per diluted share, for the fourth quarter of 2008, compared with a loss of $15.8 million, or $1.82 per diluted share, during the fourth quarter of 2007, the company announced in a press release.

Excluding the impact of goodwill and intangibles, the company reported a full-year 2008 net loss of $2 million, or $0.23 per diluted share, compared with a net loss of $7.6 million, or $0.91 per diluted share, in 2007. Including the write-down of goodwill and intangibles, the company's full-year net loss totaled $7.4 million, or $0.84 per diluted share, compared with a net loss of $22.3 million, or $2.69 per diluted share, in 2007.

Revenues for the fourth quarter of 2008 totaled $12.1 million, representing a 14.1% decrease from $14.1 million reported during 2007's fourth quarter. However, the company's fourth-quarter results included an impairment charge of $5.4 million, or $0.61 per diluted share, for 2008 and $14.7 million, or $1.69 per diluted share, for 2007 for the write-down of goodwill and intangible assets obtained from the acquisition of AMS/Laserscope aesthetics.

Iridex's full-year 2008 revenues totaled $48.5 million, representing a 12.6% decline compared with $55.5 million reported for 2007. While ophthalmology sales remained stable, the company primarily attributed the decline in revenue to a reduction in aesthetics sales resulting from the global contraction of the aesthetics market, according to the release.

"Our dominant market focus [moving forward] will be our ophthalmology business, which we see as our core competency and where we believe we can achieve long-term sustainable growth," Theodore A. Boutacoff, president and chief executive officer of Iridex, said in the release.

"Furthermore, our ophthalmology business has historically been less impacted during recessionary times due to demand for ophthalmology treatments being non-elective and reimbursable by insurance and because a significant portion of our ophthalmology business comes from recurring revenues, consisting of disposable products and service. These recurring revenues for 2008 totaled 53% of our ophthalmology sales," he said.