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Iridex reports $300,000 decrease in third-quarter earnings

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MOUNTAIN VIEW, Calif. — Direct ophthalmology sales increased by 3% in the third quarter for Iridex over the same period last year, helping the company to $10.8 million in revenue, according to a press release.

Final earnings for the quarter were $300,000, down from $900,000 last year, the release said.

"Third-quarter results exceeded guidance for all categories: revenue, gross margin and operating expenses," Dominik Beck, PhD, the newly appointed president and CEO of Iridex, said in the release. "We were especially pleased to see our core ophthalmology business grow 3% in spite of the macroeconomic uncertainties in the U.S. and Europe and the impact these uncertainties typically have on capital expenditures."

In the third quarter, the release said, Iridex introduced a module that allows the company to provide a complete portfolio of infrared, yellow and green laser systems that can deliver micropulse laser treatments; began offering a high-powered, factory-installed option for its green-laser system; and exclusively licensed the rights to intellectual property of Ocunetics.

"The business is again growing, and I believe I can accelerate that growth in 2012," Dr. Beck said in the release.