IRIDEX to Design and Manufacture Laser Photocoagulator Module for Bausch & Lomb.

Business Editors/Health & Medical Writers

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Oct. 14, 2002

IRIDEX Corporation (Nasdaq:IRIX) announced today its collaboration with Bausch & Lomb to design and manufacture a green (532 nm) laser photocoagulator module, which will be incorporated into the Bausch & Lomb Millennium(TM) Microsurgical System. The Millennium is a fully integrated platform designed to offer vitreo-retinal surgeons all the tools they need for operating room procedures. The incorporation of the green module, to be called the Millennium EndoLase(TM), will increase IRIDEX's market share of laser photocoagulators and related delivery devices in the operating room setting.

Bausch & Lomb awaits U.S. Food and Drug Administration 510(K) clearance and CE marking before marketing the Millennium EndoLase module worldwide.

"IRIDEX is recognized as a market leader in providing portable, reliable laser photocoagulators to the ophthalmic market with excellent customer service. We needed a company that could custom develop a compact, reliable, green laser photocoagulator module for us in a timely manner and one whose name would be recognized as a quality product for our marketing efforts," said Kamal Sarbadhikari, Bausch & Lomb corporate vice president, Global Surgical. "With the addition of the laser module, the Millennium will be the most complete of all integrated surgical systems available to the market when the laser module receives regulatory approval."

Theodore A. Boutacoff, president and CEO of IRIDEX, said, "We are pleased to be a technology partner with Bausch & Lomb. Laser module shipments are anticipated to begin this quarter and should be well received since the product meets the growing market trend of fully integrated systems for the operating room environment. By collaborating with Bausch & Lomb in developing the laser module, in addition to selling our own portable IRIS Medical(R) OcuLight(R) GL/GLx green laser systems, we will increase the product selection for ophthalmologists and improve our product penetration into the operating room both in consoles and delivery devices."

The Millennium Microsurgical System offers vitreo-retinal surgeons the tools they need for both anterior and posterior procedures in the operating room such as the TSV(TM)25 system, electric high-speed vitrectomy cutting, dual-linear control of vacuum and cut rate, white light through dual-port mercury vapor illumination, posterior lensectomy through dual-linear frag, customized vitrectomy packs, and soon to be available with laser photocoagulation. The modular design of Millennium products increases versatility and functionality for ophthalmologists, allows easy service and support should the system ever require it, and offers the ability to adapt and upgrade to new technology as it becomes available. The Millennium solid-state green wavelength (532 nm) laser module is designed to be a component of the Millennium surgical suite. As such, it offers dual modality and is compatible with IRIS Medical EndoProbe(R) handpieces for endophotocoagulation procedures and the IRIS Medical TruFocus(TM) Laser Indirect Ophthalmoscope Plus, to satisfy the needs of the vitreoretinal specialists.

About IRIDEX

IRIDEX Corporation is a leading worldwide provider of semiconductor-based laser systems for the ophthalmology and aesthetics markets. IRIDEX products are sold in the United States through a direct sales force and internationally through 58 independent distributors into 96 countries. For further information, visit the Company's website at www.iridex.com.

About Bausch & Lomb

Bausch & Lomb Incorporated is the preeminent global technology-based healthcare company for the eye, dedicated to helping consumers see, look and feel better through innovative technology and design. Its core businesses include soft and rigid gas permeable contact lenses, lens care products, ophthalmic surgical and pharmaceutical products. The Company is advantaged with some of the most respected brands in the world starting with its name, Bausch & Lomb(R), and including SofLens(TM), PureVision(TM), Boston(R), ReNu(R), Storz(R) and Technolas(TM). Founded in 1853 in Rochester, N.Y., where it continues to have its headquarters, the Company has annual revenues of approximately $1.7 billion and employs approximately 12,000 people in more than 50 countries. Bausch & Lomb products are available in more than 100 countries around the world. More information about the Company can be found on Bausch & Lomb's Worldwide Web site at www.bausch.com. Copyright Bausch & Lomb Incorporated.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Act of 1934, as amended. Statements regarding anticipated increases in IRIDEX's market share of laser photocoagulators and related delivery devices in the operating room setting and growing market trends of fully integrated systems for the operating room environment, as well as statements relating to the future sales of the laser module and Millennium products and expectations of future sales growth are preliminary and forward looking. Actual results could differ materially based on, among other things, delays in shipments, the actual order and shipment rate during the remainder of the year, risks associated with bringing new products to market, the impact of the continuing economic downturn on sales of the laser module and Millennium products, and the difficulty forecasting anticipated revenues for these new products and competition. Please see a detailed description of these risks contained in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 29, 2002 and in our Annual Report on Form 10-K for the year ended December 30, 2001 filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and will not be updated.

Note to Editors: Millennium, Millennium EndoLase, and TSV25 are trademarks of Bausch & Lomb Incorporated.

IRIS Medical, OcuLight, EndoProbe and TruFocus are trademarks of IRIDEX Corporation.