First Quarter Highlights
- Total revenue of
$10.6 million , an 11% increase year-over-year - Cyclo G6® product revenue of
$3.1 million , a 9% increase year-over-year - Shipped a record 14,000 Cyclo G6 probes
- Shipped 114 Cyclo G6 Glaucoma Laser Systems
- Strong presence at the
American Glaucoma Society andWorld Glaucoma Congress including 22 poster and podium presentations, matching the company’s 2018 total in one quarter
“Our first quarter results were solid, representing strong growth in our Cyclo G6 business and stabilization in the retina business. Importantly, for the first time, we saw sequential Cyclo G6 probe shipment growth from a fourth quarter to first quarter. We believe this trend signals increased probe consumption by existing customers,” said
First Quarter 2019 Financial Results
Revenue for the three months ended
Gross profit for the first quarter of 2019 was
Operating expenses for the first quarter of 2019 were
Loss from operations for the first quarter of 2019 was
As of
Guidance for Full Year 2019
Webcast and Conference Call Information
IRIDEX’s management team will host a conference call today beginning at
About
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, including those statements concerning the future demand, utilization and order levels for the Company's products, plans to introduce new products, and the Company’s guidance for fiscal 2019 and future financial results. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Annual Report on Form 10-K for the fiscal year ended
Investor Relations Contact
(415) 937-5404
investors@iridex.com
Condensed Consolidated Statement of Operations
(In thousands, except per share data, unaudited)
| Three Months Ended | ||||||||
| March 30, | March 31, | |||||||
| 2019 | 2018 | |||||||
| Total revenues | $ | 10,595 | $ | 9,509 | ||||
| Cost of revenues | 6,338 | 5,587 | ||||||
| Gross profit | 4,257 | 3,922 | ||||||
| Operating expenses: | ||||||||
| Research and development | 958 | 1,104 | ||||||
| Sales and marketing | 4,091 | 4,050 | ||||||
| General and administrative | 2,244 | 2,385 | ||||||
| Total operating expenses | 7,293 | 7,539 | ||||||
| Loss from operations | (3,036 | ) | (3,617 | ) | ||||
| Other (expense) income, net | (6 | ) | 18 | |||||
| Loss from operations before provision for income taxes | (3,042 | ) | (3,599 | ) | ||||
| Provision for income taxes | 6 | 4 | ||||||
| Net loss | $ | (3,048 | ) | $ | (3,603 | ) | ||
| Net loss per share: | ||||||||
| Basic | $ | (0.22 | ) | $ | (0.31 | ) | ||
| Diluted | $ | (0.22 | ) | $ | (0.31 | ) | ||
| Weighted average shares used in computing net loss per share | ||||||||
| Basic | 13,630 | 11,628 | ||||||
| Diluted | 13,630 | 11,628 | ||||||
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
| March 30, | December 29, | |||||||
| 2019 | 2018 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 17,175 | $ | 21,194 | ||||
| Accounts receivable, net | 8,417 | 9,083 | ||||||
| Inventories | 8,701 | 8,794 | ||||||
| Prepaid expenses and other current assets | 766 | 547 | ||||||
| Total current assets | 35,059 | 39,618 | ||||||
| Property and equipment, net | 1,112 | 1,220 | ||||||
| Intangible assets, net | 96 | 100 | ||||||
| Goodwill | 533 | 533 | ||||||
| Operating lease right-of-use assets, net | 3,678 | - | ||||||
| Other long-term assets | 189 | 201 | ||||||
| Total assets | $ | 40,667 | $ | 41,672 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,400 | $ | 2,516 | ||||
| Accrued compensation | 1,544 | 2,962 | ||||||
| Accrued expenses | 2,086 | 2,763 | ||||||
| Accrued warranty | 541 | 622 | ||||||
| Deferred revenue | 1,742 | 1,639 | ||||||
| Operating lease liabilities | 1,334 | - | ||||||
| Total current liabilities | 9,647 | 10,502 | ||||||
| Long-term liabilities: | ||||||||
| Accrued warranty | 166 | 238 | ||||||
| Deferred revenue | 526 | 586 | ||||||
| Operating lease liabilities | 2,868 | - | ||||||
| Other long-term liabilities | 17 | 385 | ||||||
| Total liabilities | 13,224 | 11,711 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 145 | 145 | ||||||
| Additional paid-in capital | 72,070 | 71,548 | ||||||
| Accumulated other comprehensive income | 78 | 70 | ||||||
| Accumulated deficit | (44,850 | ) | (41,802 | ) | ||||
| Total stockholders' equity | 27,443 | 29,961 | ||||||
| Total liabilities and stockholders' equity | $ | 40,667 | $ | 41,672 | ||||
Source: IRIDEX Corporation
