Iridex net income down in 2012

Iridex reported a net income of $1.44 million in 2012, down from $2.61 million in 2011, according to a news release.

Gross profit for the year was $16.35 million, up from $16.29 million the previous year, while total operating expenses increased to $17.21 million from $14.36 million.

The company’s fourth-quarter net income was $242,000, down from $786,000 in the same quarter of the previous year.

Fourth-quarter revenue was $9.23 million, up from $8.62 million. Quarterly gross margin decreased to 47% from 49.6% due to a shift toward laser system sales and a strong response to promotional pricing, the release said.

For the first quarter of 2013, Iridex predicted revenue of $8.7 million to $9 million and gross margin between 47% and 49%.