First Quarter Highlights
- Cyclo G6™ product revenue increased approximately 50% year-over-year
- Shipped a record 11,600 G6 probes
- Shipped 99 G6 laser systems
- Presence at
American Society of Cataract andRefractive Surgery (ASCRS) and Association for Research in Vision and Ophthalmology (ARVO) meetings included presentation of 10 papers and posters reviewing the treatment of over 550 eyes with MicroPulse® technology for glaucoma - Total revenue of
$9.5 million - Appointed
Maria Sainz andDavid Bruce to Board of Directors, adding extensive and relevant expertise in medical device product development and commercialization to leadership team
“We’re off to a solid start in 2018 and are making progress in our shift towards a glaucoma, disposables-oriented business model. Revenues in the first quarter were driven by new G6 system placements and increased probe utilization worldwide,” said
First Quarter 2018 Financial Results
Revenue for the three months ended
Gross profit for the first quarter of 2018 was
Operating expenses for the first quarter of 2018 were
Loss from operations for the first quarter of 2018 was
Cash and cash equivalents were
Guidance for Full Year 2018
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 Company’s recall of its LIO product and its plans to return its LIO product to the market, future demand and order levels for the Company's products, future operating expenses, the adoption and effect of Company products on its results, the markets in which the Company operates, usage and efficacy of the Company's products, the Company’s guidance for fiscal 2018 and future financial results, and the Company's strategic and operational plans and objectives. 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
| IRIDEX Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited) |
|||||||||||
| Three Months Ended | |||||||||||
| March 31, | April 1, | ||||||||||
| 2018 | 2017 | ||||||||||
| Total revenues | $ | 9,509 | $ | 10,483 | |||||||
| Cost of revenues | 5,587 | 6,018 | |||||||||
| Gross profit | 3,922 | 4,465 | |||||||||
| Operating expenses: | |||||||||||
| Research and development | 1,104 | 1,339 | |||||||||
| Sales and marketing | 4,050 | 2,923 | |||||||||
| General and administrative | 2,385 | 2,061 | |||||||||
| Total operating expenses | 7,539 | 6,323 | |||||||||
| Loss from operations | (3,617 | ) | (1,858 | ) | |||||||
| Other income (expense), net | 18 | (2 | ) | ||||||||
| Loss from operations before provision for income taxes | (3,599 | ) | (1,860 | ) | |||||||
| Provision for income taxes | 4 | 6 | |||||||||
| Net loss | $ | (3,603 | ) | $ | (1,866 | ) | |||||
| Net loss per share: | |||||||||||
| Basic | $ | (0.31 | ) | $ | (0.16 | ) | |||||
| Diluted | $ | (0.31 | ) | $ | (0.16 | ) | |||||
| Weighted average shares used in computing net loss per share: | |||||||||||
| Basic | 11,628 | 11,518 | |||||||||
| Diluted | 11,628 | 11,518 | |||||||||
| IRIDEX Corporation Condensed Consolidated Balance Sheets (In thousands and unaudited) |
||||||
| March 31, | December 30, | |||||
| 2018 | 2017 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 18,522 | $ | 21,707 | ||
| Accounts receivable, net | 6,400 | 7,863 | ||||
| Inventories | 9,306 | 9,381 | ||||
| Prepaids and other current assets | 681 | 500 | ||||
| Total current assets | 34,909 | 39,451 | ||||
| Property and equipment, net | 1,488 | 1,403 | ||||
| Intangible assets, net | 112 | 116 | ||||
| Goodwill | 533 | 533 | ||||
| Other long-term assets | 170 | 143 | ||||
| Total assets | $ | 37,212 | $ | 41,646 | ||
| Liabilities and Stockholders' Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 1,976 | $ | 1,724 | ||
| Accrued compensation | 1,741 | 2,459 | ||||
| Accrued expenses | 2,358 | 2,153 | ||||
| Accrued warranty | 935 | 1,536 | ||||
| Deferred revenue | 2,245 | 2,520 | ||||
| Total current liabilities | 9,255 | 10,392 | ||||
| Long-term liabilities: | 180 | 199 | ||||
| Accrued warranty | ||||||
| Other long-term liabilities | 522 | 533 | ||||
| Total liabilities | 9,957 | 11,124 | ||||
| Stockholders' equity: | ||||||
| Common stock | 126 | 126 | ||||
| Additional paid-in capital | 59,698 | 59,385 | ||||
| Accumulated other comprehensive income | 23 | - | ||||
| Accumulated deficit | (32,592 | ) | (28,989 | ) | ||
| Total stockholders' equity | 27,255 | 30,522 | ||||
| Total liabilities and stockholders' equity | $ | 37,212 | $ | 41,646 | ||
Source: IRIDEX Corporation
