It has been a mixed year for Ellex Medical Lasers , which manufactures opthalmic laser and ultrasound equipment. The company warned at the end of last week it is set for a small loss for the 2011 financial year, with group revenues down by about 10 per cent. That is primarily due to the strong dollar, with unfavourable currency movements accounting for 8 per cent of that 10 per cent. Investors have shied away from the stock recently, with the share price down nearly 51 per cent from a year-high reached in December last year. But underneath the cloud of the $A there is some good news for the company, with an ageing population driving longer-term demand for its products. In a cost-saving measure Ellex is consolidating its manufacturing processes, closing its Californian plant and bringing everything under one roof at its factory in Adelaide. It is also undertaking clinical trials for a new product to treat early-age macular degeneration, with positive early reports.