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Iridex posts first quarter net loss

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Iridex reported a net loss of $3.6 million in the first quarter of 2018 compared with a net loss of $1.9 million in 2017’s first quarter.

Operating expenses for the quarter rose from $6.3 million in 2017 to $7.5 million this year, which Iridex attributed to investments supporting its commercial infrastructure, including sales and marketing expense increases, according to a press release.

Revenue was down from $10.5 million in the first quarter of 2017 to $9.5 million. The decrease was attributed to lower retina product revenues due to the voluntary recall of the TruFocus LIO Premiere laser accessory.

Iridex had cash and cash equivalents of $18.5 million as of March 31.