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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
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Report</font></div>
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15(d)&#160;of the Securities Exchange Act of 1934</font>&#160;</font></div>
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Report (Date of earliest event reported): <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; August 6,
2009</font>&#160;</font></div>
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Products,&#160;Inc.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></font></div>
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Kilroy Airport Way, Suite 500, Long Beach, CA 90806</font></div>
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628-1007</font></div>
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Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation
of the registrant under any of the following provisions (<font style="DISPLAY: inline; FONT-STYLE: italic">see </font>General Instruction A.2.
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      &#160;&#160;&#160;&#160;&#160;Pre-commencement communications pursuant to
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      &#160;&#160;&#160;&#160;&#160;Pre-commencement communications pursuant to
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="FIS_SECTION_2_FINANCIAL_INFORMATION" /><a name="FIS_RESULTS_OF_OPERATIONS">Item
2.02 Results of Operation and Financial Condition</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On August 6, 2009, Obagi Medical
Products,&#160;Inc. issued a press release announcing financial results for the
three and six months ended June&#160;30, 2009.&#160; A copy of the press release
is attached hereto as Exhibit&#160;99.1, which is incorporated herein by
reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>This press release contains non-GAAP
financial information. Management believes that the presentation of non-GAAP net
income, non-GAAP operating expenses, non-GAAP taxes and non-GAAP net income per
basic and diluted share provides important supplemental information to
management and investors about financial and business trends relating to the
Company&#8217;s financial condition and results of operations. Management believes
that the use of these non-GAAP financial measures provides a better measure of
comparability with our prior financial reports.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Management has used these non-GAAP
measures when evaluating operating performance because we believe that the
inclusion or exclusion of the items described below provides an additional
measure of our core operating results and facilitates comparisons of our core
operating performance against prior periods and our business model objectives.
We have chosen to provide this information to investors to enable them to
perform additional analyses of past, present and future operating performance
and as a supplemental means to evaluate our ongoing core operations. Externally,
we believe that these non-GAAP measures continue to be useful to investors in
their assessment of our operating performance and their valuation of the
Company. Internally, these non-GAAP measures are significant measures used by
management for purposes of:</font></div>
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    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Evaluating
      the core operating performance of the
Company;</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Establishing
      internal budgets;</font></div>
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      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Comparing
      performance with internal forecasts and targeted business
      models;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Strategic
      planning; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Benchmarking
      performance externally against our
competitors.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-GAAP
financial measures:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Non-GAAP
net income, non-GAAP operating expenses, and non-GAAP taxes are important to the
Company for the reasons noted above and exclude the following
items:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Exit of pharmacy
      channel.&#160;&#160;</font>This item represents charges and reserves
      recorded by the Company that relate to the exit of the pharmacy channel,
      as announced on April 13, 2009, and the operational results generated by
      the Company to operate within the pharmacy channel.&#160;&#160;The charges
      include the write-down of&#160;nonrefundable contractual
      deposits,&#160;primarily relating to the Company&#8217;s contract sales force
      that was dedicated to selling SoluCLENZ, obsolete selling materials and
      the termination of certain contractual obligations related to
      SoluCLENZ.&#160;Management excludes these charges and the pharmacy channel
      operational results from internal operating forecasts and models as the
      Company (i) operated within the pharmacy channel for only eight (8) months
      and (ii) is no longer operating within the pharmacy channel and it is,
      therefore,&#160;&#160;not considered normal to the Company&#8217;s core
      operations.&#160;&#160;Excluding these costs provides investors with a
      basis to compare our current performance against historical
      results.</font></div>
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    </div>
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    <div>
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            <td>
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      costs.&#160;&#160;</font> This item represents severance costs related to
      payments made to former sales, operations and administrative support
      personnel that are not being replaced.&#160;Management is currently
      excluding these costs from internal operating forecasts and models because
      expenses of this nature in these amounts are not considered a normal
      recurring expense of operations. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Excluding
      these costs provides investors with a basis to compare our&#160;current
      performance against historical
results.</font></font></div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;&#160;</font></div>
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            <td>
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      benefit</font>. This item represents the additional amount of tax benefit
      that the Company would accrue if it used non-GAAP results instead of GAAP
      results in the calculation of its tax liability.&#160;&#160;Taken together
      with the items outlined above, it provides investors with a more
      consistent&#160;&#160;means of comparing the Company&#8217;s
      performance.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-GAAP
net income per basic and diluted share:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The numerator used in the calculation
of non-GAAP net income per basic and diluted share is non-GAAP net income
computed as described above. In the denominator, the Company uses the GAAP basic
and diluted shares.&#160; Some of the limitations of relying on non-GAAP
financial measures include:</font></div>
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            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#167;</font>&#160;&#160;</font></div>
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      channel.&#160;&#160;</font>This item includes charges and reserves
      recorded by the Company that relate to the exit and winding down of the
      pharmacy channel. However, investors may view a decision such as exiting
      the pharmacy channel reflective of risks inherent in the nature of our
      business, particularly as we make future strategic decisions regarding our
      business, and therefore view it as relevant in analyzing the
      Company&#8217;s&#160;historical and future
results.</font></div>
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      costs.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">
      These costs relate to payments made to former sales, operations and
      administrative&#160;personnel. &#160;While this expense item may recur in
      the future, the Company does not currently anticipate any related expenses
      to be of a similar magnitude in any given period.&#160;&#160;However,
      given the continued recessionary&#160;&#160;economy, investors may view
      this expense item as indicative of near term costs that may be incurred as
      part of the Company&#8217;s ongoing business and are an important component to
      an evaluation of future
results.</font></font></div>
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      benefit.</font> This item represents the additional amount of tax benefit
      that the Company would accrue if it used non-GAAP results instead of GAAP
      results in the calculation of its tax liability. The inherent limitation
      in this calculation is that it does not include the effect of all the
      items excluded from the non-GAAP financial
  statements.</font></div>
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measures should be read in conjunction with the comparable information presented
in accordance with generally accepted accounting principles in the United States
of America and in our reports filed pursuant to the Securities Exchange Act of
1934, as amended.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
information furnished herewith pursuant to Item 2.02 of this Current Report and
in Exhibit&#160;99.1 hereto shall not be deemed to be &#8220;filed&#8221; for the purposes
of Section&#160;18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section. The information in this
Item 2.02 and in Exhibit&#160;99.1 hereto shall not be incorporated by reference
into any registration statement or other document pursuant to the Securities Act
of 1933, as amended, except as shall be expressly set forth by specific
reference in such filing.</font></div>
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Exhibits</a></font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.6pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
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      </font></td>
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      Release of Obagi Medical Products,&#160;Inc. dated August 6,
      2009</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div align="left">
        <div align="left">
          <div align="left">
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">
                  <tr>
                    <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      MEDICAL PRODUCTS, INC.</font></div>
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                    <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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                    <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:
      August 6, 2009</font></div>
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                    <td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0.8pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;PRESTON
      S. ROMM</font></div>
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                    <td align="left" valign="top" width="9%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                    <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      </font></td>
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      </font></td>
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      Financial Officer</font></div>
                    </td>
                    <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      </font></td>
                    <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left">3</div>
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form8k_2009q2.htm
UNITED
STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 8-K
Current
Report
Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
August 6,
2009
Obagi Medical
Products, Inc.
(Exact
name of registrant as specified in its charter)
001-33204
(Commission
File Number)
Delaware
22-3904668
(State
      or other jurisdiction of incorporation)
(I.R.S.
      Employer Identification No.)
3760
Kilroy Airport Way, Suite 500, Long Beach, CA 90806
(Address
of principal executive offices, with zip code)
(562)
628-1007
(Registrant's
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation
of the registrant under any of the following provisions (
see
General Instruction A.2.
below):
o
Written communications pursuant to
      Rule 425 under the Securities Act (17 CFR
  230.425)
o
Soliciting material pursuant to
      Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)
o
Pre-commencement communications pursuant to
      Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
o
Pre-commencement communications pursuant to
      Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
Item
2.02 Results of Operation and Financial Condition
On August 6, 2009, Obagi Medical
Products, Inc. issued a press release announcing financial results for the
three and six months ended June 30, 2009.  A copy of the press release
is attached hereto as Exhibit 99.1, which is incorporated herein by
reference.
This press release contains non-GAAP
financial information. Management believes that the presentation of non-GAAP net
income, non-GAAP operating expenses, non-GAAP taxes and non-GAAP net income per
basic and diluted share provides important supplemental information to
management and investors about financial and business trends relating to the
Company's financial condition and results of operations. Management believes
that the use of these non-GAAP financial measures provides a better measure of
comparability with our prior financial reports.
Management has used these non-GAAP
measures when evaluating operating performance because we believe that the
inclusion or exclusion of the items described below provides an additional
measure of our core operating results and facilitates comparisons of our core
operating performance against prior periods and our business model objectives.
We have chosen to provide this information to investors to enable them to
perform additional analyses of past, present and future operating performance
and as a supplemental means to evaluate our ongoing core operations. Externally,
we believe that these non-GAAP measures continue to be useful to investors in
their assessment of our operating performance and their valuation of the
Company. Internally, these non-GAAP measures are significant measures used by
management for purposes of:
§
Evaluating
      the core operating performance of the
Company;
§
Establishing
      internal budgets;
§
Comparing
      performance with internal forecasts and targeted business
      models;
§
Strategic
      planning; and
§
Benchmarking
      performance externally against our
competitors.
Non-GAAP
financial measures:
Non-GAAP
net income, non-GAAP operating expenses, and non-GAAP taxes are important to the
Company for the reasons noted above and exclude the following
items:
§
Exit of pharmacy
      channel.
This item represents charges and reserves
      recorded by the Company that relate to the exit of the pharmacy channel,
      as announced on April 13, 2009, and the operational results generated by
      the Company to operate within the pharmacy channel.  The charges
      include the write-down of nonrefundable contractual
      deposits, primarily relating to the Company's contract sales force
      that was dedicated to selling SoluCLENZ, obsolete selling materials and
      the termination of certain contractual obligations related to
      SoluCLENZ. Management excludes these charges and the pharmacy channel
      operational results from internal operating forecasts and models as the
      Company (i) operated within the pharmacy channel for only eight (8) months
      and (ii) is no longer operating within the pharmacy channel and it is,
      therefore,  not considered normal to the Company's core
      operations.  Excluding these costs provides investors with a
      basis to compare our current performance against historical
      results.
§
Severance
      costs.
This item represents severance costs related to
      payments made to former sales, operations and administrative support
      personnel that are not being replaced. Management is currently
      excluding these costs from internal operating forecasts and models because
      expenses of this nature in these amounts are not considered a normal
      recurring expense of operations.
Excluding
      these costs provides investors with a basis to compare our current
      performance against historical
results.
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§
Non-GAAP income tax
      benefit
. This item represents the additional amount of tax benefit
      that the Company would accrue if it used non-GAAP results instead of GAAP
      results in the calculation of its tax liability.  Taken together
      with the items outlined above, it provides investors with a more
      consistent  means of comparing the Company's
      performance.
Non-GAAP
net income per basic and diluted share:
The numerator used in the calculation
of non-GAAP net income per basic and diluted share is non-GAAP net income
computed as described above. In the denominator, the Company uses the GAAP basic
and diluted shares.  Some of the limitations of relying on non-GAAP
financial measures include:
§
Exit of pharmacy
      channel.
This item includes charges and reserves
      recorded by the Company that relate to the exit and winding down of the
      pharmacy channel. However, investors may view a decision such as exiting
      the pharmacy channel reflective of risks inherent in the nature of our
      business, particularly as we make future strategic decisions regarding our
      business, and therefore view it as relevant in analyzing the
      Company's historical and future
results.
§
Severance
      costs.
These costs relate to payments made to former sales, operations and
      administrative personnel.  While this expense item may recur in
      the future, the Company does not currently anticipate any related expenses
      to be of a similar magnitude in any given period.  However,
      given the continued recessionary  economy, investors may view
      this expense item as indicative of near term costs that may be incurred as
      part of the Company's ongoing business and are an important component to
      an evaluation of future
results.
§
Non-GAAP income tax
      benefit.
This item represents the additional amount of tax benefit
      that the Company would accrue if it used non-GAAP results instead of GAAP
      results in the calculation of its tax liability. The inherent limitation
      in this calculation is that it does not include the effect of all the
      items excluded from the non-GAAP financial
  statements.
All supplemental non-GAAP financial
measures should be read in conjunction with the comparable information presented
in accordance with generally accepted accounting principles in the United States
of America and in our reports filed pursuant to the Securities Exchange Act of
1934, as amended.
The
information furnished herewith pursuant to Item 2.02 of this Current Report and
in Exhibit 99.1 hereto shall not be deemed to be "filed" for the purposes
of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section. The information in this
Item 2.02 and in Exhibit 99.1 hereto shall not be incorporated by reference
into any registration statement or other document pursuant to the Securities Act
of 1933, as amended, except as shall be expressly set forth by specific
reference in such filing.
Item 9.01 Financial Statements and
Exhibits
(d)
Exhibits
Exhibit Number
Description
99.1
Press
      Release of Obagi Medical Products, Inc. dated August 6,
      2009
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
OBAGI
      MEDICAL PRODUCTS, INC.
Date:
      August 6, 2009
By:
/s/ PRESTON
      S. ROMM
Preston
      S. Romm
Chief
      Financial Officer
3