UPDATE 1-Obagi Medical Q1 profit meets estimates, sees weak Q2

* Q1 adj shr $0.08 in line with estimates

* Q1 rev miss estimates slightly

* Q2 forecast below estimates

* Shares down as much as 4.5 pct

May 7 (Reuters) - Obagi Medical Products Inc (OMPI.O) posted a quarterly profit that was in-line with estimates, but forecast second-quarter earnings below market expectations, sending its shares down as much as 4.5 percent after the bell.

For the first quarter, the company, which makes products for dermatology and plastic surgery, earned $645,000, or 3 cents a share, compared with a net income of $3.0 million, or 13 cents a share, a year ago.

Excluding charges from exiting its pharmacy channel and the SoluCLENZ product, the company earned 8 cents a share. Revenue fell 11 percent to $22.6 million.

Analysts on average were expecting a profit of 8 cents a share, before special items, on revenue of $23 million, according to Reuters Estimates.

For the second quarter, the company expects earnings of 10 cents to 13 cents a share, excluding items, below analysts' expectations of 15 cents a share.