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Iridex reports increased sales, net loss in third quarter

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MOUNTAIN VIEW, Calif. — Iridex achieved $9.2 million in sales in the third quarter, a 2% increase over the third quarter of 2005, the company announced in a press release. Total ophthalmology sales grew 1% to $8 million for the third quarter, largely driven by an 11% increase in direct U.S. product sales.

Overall, the company experienced a net loss of $1.1 million, or $0.15 per share, which company officials attributed primarily to "historically high" operating expenses, including litigation fees and due-diligence expenses, the release said.

Iridex also announced that it has lowered its first quarter 2006 sales projection by 2% after the completion of an independent review initiated by the company's audit committee.