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Iridex reports $22.3 million net loss, 4.9% increase in ophthalmology revenues in 2007

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MOUNTAIN VIEW, Calif. — Iridex reported a net loss of $15.8 million for the fourth quarter of 2007, compared with a loss of $3.8 million in the fourth quarter of 2006, the company announced in a press release.

For the full-year 2007, Iridex reported a net loss totaling $22.3 million, compared with a net loss of $5.8 million the year before, the release said.

The 2006 results do not include the company's acquisition of AMS/Laserscope aesthetics, which was finalized on Jan. 16, 2007. The fourth quarter results for 2007 include an impairment charge of $14.7 million for goodwill and intangible assets acquired from the AMS/Laserscope aesthetics acquisition, according to the release.

Iridex's revenues for the fourth quarter of 2007 totaled $14.1 million, a 56.5% increase from $9 million in the fourth quarter of 2006. For the full year, Iridex posted $55.5 million in revenues, a 54.6% rise over $35.9 million in 2006. Iridex attributed the increase to the AMS/Laserscope aesthetics acquisition, the release said.

Iridex's operating expenses for the fourth quarter totaled $22 million, compared with $7 million for 2006. Full-year operating expenses totaled $48.4 million, compared with $23.6 million the year before.

Iridex posted $8.9 million in total ophthalmology revenues for the fourth quarter, a 16.4% increase compared with $7.7 million in the fourth quarter 2006. Specifically, domestic ophthalmology revenues rose 12.4% to $5.3 million, and international ophthalmology revenues rose 22.9% to $3.6 million in the fourth quarter, according to the release.

For the full-year 2007, Iridex's total ophthalmology revenues rose 4.9% to $32.3 million, compared with $30.8 million for the full-year 2006. Specifically, domestic revenues rose 3.3% to $18.8 million, and international revenues rose 7.3% to $13.6 million in 2007.

Ophthalmology recurring revenues — consisting of disposable products and service — totaled $15.7 million for the full-year 2007, up 13.7% from $13.8 million in 2006, the release said.