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Iridex reports $745,000 third-quarter net loss

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Iridex reported a net loss of $745,000 for the third quarter, down from a net income of $349,000 in the same period last year, according to a company news release.

For the first 9 months of the year, the company had a net income of $1.2 million, down from $1.8 million in the same period in 2011, the release said.

The company saw a decrease in gross profits to $3.91 million from $3.99 million in the third quarter of 2011. Total operating expenses increased from $3.7 million to $4.5 million, led by one-time severance expenses totaling about $700,000, according to the release.

“Iridex implemented a number of important strategic and operational realignments during the third quarter,” William M. Moore, interim CEO of Iridex, said in the release. “This included a management change at the end of August and the subsequent elimination or reassignment of several senior executive positions. … The combination of changes was designed to improve performance and accountability at all levels of the organization.”

The company’s gross margin increased from 48.3% in the third quarter of 2011 to 48.7% in the second quarter of 2012 and 49.6% in the third quarter, the release said.