Iridex reports $0.9 million net loss, 8.7% decline in revenue for first quarter

MOUNTAIN VIEW, Calif. — Iridex reported a net loss of $0.9 million, or $0.10 per diluted share, for the first quarter, compared with a net loss of $4.9 million, or $0.61 per diluted share, for the first quarter of 2007, the company announced in a press release.

Iridex posted $11.5 million in revenues for the quarter, an 8.7% decline from $12.6 million for the first quarter of 2007, according to the release.

First-quarter ophthalmology revenues totaled $7.5 million, a 4.8% increase compared with $7.2 million for the same period last year. Specifically, domestic ophthalmology revenues increased 10.6% to $4.4 million, and international ophthalmology revenues decreased 2.4% to $3.1 million.

Ophthalmology recurring revenues, consisting of disposable products and services, accounted for 55.2% of the company's total ophthalmology revenues for the first quarter, a slight decline from 55.5% for last year's first quarter.

Gross profit for the first quarter totaled $4.8 million, compared with $5.2 million for the first quarter of 2007, the release said.