Third Quarter Highlights
- Cyclo G6™ product revenue increased approximately 23% year-over-year
- Shipped 10,400 G6 probes
- Shipped 117 G6 laser systems
- Total revenue of
$11.3 million - Received FDA Clearance to introduce updated TruFocus LIO Premiere™ Laser Accessory to the U.S. Market
- Completed public offering of common stock with gross proceeds of
$11.5 million
“Our solid performance in the third quarter includes year-over-year growth in shipments of G6 systems and probes,” said
Third Quarter 2018 Financial Results
Revenue for the three months ended
Gross profit for the third quarter of 2018 was
Operating expenses for the third quarter of 2018 were
Loss from operations for the third 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 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 | Nine Months Ended | ||||||||||||||||||||
| September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
| Total revenues | $ | 11,320 | $ | 10,865 | $ | 31,133 | $ | 31,350 | |||||||||||||
| Cost of revenues | 6,744 | 6,492 | 18,367 | 18,017 | |||||||||||||||||
| Gross profit | 4,576 | 4,373 | 12,766 | 13,333 | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| Research and development | 1,149 | 1,320 | 3,154 | 4,028 | |||||||||||||||||
| Sales and marketing | 4,144 | 3,769 | 12,362 | 10,346 | |||||||||||||||||
| General and administrative | 2,343 | 2,530 | 7,209 | 6,804 | |||||||||||||||||
| Gain on sale of intellectual property | - | (175 | ) | - | (175 | ) | |||||||||||||||
| Total operating expenses | 7,636 | 7,444 | 22,725 | 21,003 | |||||||||||||||||
| Loss from operations | (3,060 | ) | (3,071 | ) | (9,959 | ) | (7,670 | ) | |||||||||||||
| Other (expense) income, net | (8 | ) | (16 | ) | 16 | (19 | ) | ||||||||||||||
| Loss from operations before provision for income taxes | (3,068 | ) | (3,087 | ) | (9,943 | ) | (7,689 | ) | |||||||||||||
| Provision for income taxes | 6 | 9 | 14 | 23 | |||||||||||||||||
| Net loss | $ | (3,074 | ) | $ | (3,096 | ) | $ | (9,957 | ) | $ | (7,712 | ) | |||||||||
| Net loss per share: | |||||||||||||||||||||
| Basic | $ | (0.26 | ) | $ | (0.27 | ) | $ | (0.85 | ) | $ | (0.67 | ) | |||||||||
| Diluted | $ | (0.26 | ) | $ | (0.27 | ) | $ | (0.85 | ) | $ | (0.67 | ) | |||||||||
| Weighted average shares used in computing net loss per share | |||||||||||||||||||||
| Basic | 11,925 | 11,569 | 11,732 | 11,544 | |||||||||||||||||
| Diluted | 11,925 | 11,569 | 11,732 | 11,544 | |||||||||||||||||
| IRIDEX Corporation | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands and unaudited) | ||||||||
| September 29, | December 30, | |||||||
| 2018 | 2017 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 23,725 | $ | 21,707 | ||||
| Accounts receivable, net | 8,430 | 7,863 | ||||||
| Inventories | 8,725 | 9,381 | ||||||
| Prepaid expenses and other current assets | 492 | 500 | ||||||
| Total current assets | 41,372 | 39,451 | ||||||
| Property and equipment, net | 1,312 | 1,403 | ||||||
| Intangible assets, net | 104 | 116 | ||||||
| Goodwill | 533 | 533 | ||||||
| Other long-term assets | 216 | 143 | ||||||
| Total assets | $ | 43,537 | $ | 41,646 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,552 | $ | 1,724 | ||||
| Accrued compensation | 2,284 | 2,459 | ||||||
| Accrued expenses | 2,643 | 2,153 | ||||||
| Accrued warranty | 694 | 1,536 | ||||||
| Deferred revenue | 2,217 | 2,520 | ||||||
| Total current liabilities | 10,390 | 10,392 | ||||||
| Long-term liabilities: | ||||||||
| Accrued warranty | 138 | 199 | ||||||
| Other long-term liabilities | 400 | 533 | ||||||
| Total liabilities | 10,928 | 11,124 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 145 | 126 | ||||||
| Additional paid-in capital | 71,283 | 59,385 | ||||||
| Accumulated other comprehensive income | 127 | - | ||||||
| Accumulated deficit | (38,946 | ) | (28,989 | ) | ||||
| Total stockholders' equity | 32,609 | 30,522 | ||||||
| Total liabilities and stockholders' equity | $ | 43,537 | $ | 41,646 | ||||
