Second Quarter Highlights
- Total revenue of
$10.4 million
○ Cyclo G6 product family revenue of$3.4 million , an 11% increase year-over-year - Shipped a record 14,200 Cyclo G6 probes, a 23% year-over-year increase
- Shipped 85 Cyclo G6® Glaucoma Lasers, compared to 125 in the prior year
- Published results in the journal, Cornea, from the first study to confirm outcomes and safety profile of MicroPulse® glaucoma therapy for patients with prior keratoplasty
“I am pleased to join the
Second Quarter 2019 Financial Results
Revenue for the three months ended
Gross profit for the second quarter of 2019 was
Operating expenses for the second quarter of 2019 were
Loss from operations for the second quarter of 2019 was
As of
Guidance for Full Year 2019
- Lower than expected upside in its retina business following the re-introduction of its LIO delivery device last year
- The strategic shift in sales team focus toward driving adoption and probe utilization, resulting in lower revenue contribution from Cyclo G6 system sales
- Delay in regulatory approval in
China of its Cyclo G6 glaucoma platform
The Company also revised its expectation for Cyclo G6 system shipments to a range of 375 to 425 from 475 to 525, reflecting its shifting sales focus towards increased physician utilization.
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
| IRIDEX Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited) |
||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | |||||||||||||
| Total revenues | $ | 10,426 | $ | 10,304 | $ | 21,021 | $ | 19,813 | ||||||||
| Cost of revenues | 5,877 | 6,036 | 12,215 | 11,623 | ||||||||||||
| Gross profit | 4,549 | 4,268 | 8,806 | 8,190 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 929 | 901 | 1,887 | 2,005 | ||||||||||||
| Sales and marketing | 3,462 | 4,168 | 7,553 | 8,218 | ||||||||||||
| General and administrative | 2,626 | 2,481 | 4,870 | 4,866 | ||||||||||||
| Total operating expenses | 7,017 | 7,550 | 14,310 | 15,089 | ||||||||||||
| Loss from operations | (2,468 | ) | (3,282 | ) | (5,504 | ) | (6,899 | ) | ||||||||
| Other income, net | 58 | 6 | 52 | 24 | ||||||||||||
| Loss from operations before provision for income taxes | (2,410 | ) | (3,276 | ) | (5,452 | ) | (6,875 | ) | ||||||||
| Provision for income taxes | 9 | 4 | 15 | 8 | ||||||||||||
| Net loss | $ | (2,419 | ) | $ | (3,280 | ) | $ | (5,467 | ) | $ | (6,883 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic | $ | (0.18 | ) | $ | (0.28 | ) | $ | (0.40 | ) | $ | (0.59 | ) | ||||
| Diluted | $ | (0.18 | ) | $ | (0.28 | ) | $ | (0.40 | ) | $ | (0.59 | ) | ||||
| Weighted average shares used in computing net loss per share | ||||||||||||||||
| Basic | 13,648 | 11,644 | 13,639 | 11,636 | ||||||||||||
| Diluted | 13,648 | 11,644 | 13,639 | 11,636 | ||||||||||||
| IRIDEX Corporation Condensed Consolidated Balance Sheets (In thousands and unaudited) |
||||||||
| June 29, 2019 |
December 29, 2018 |
|||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 15,633 | $ | 21,194 | ||||
| Accounts receivable, net | 8,083 | 9,083 | ||||||
| Inventories | 8,974 | 8,794 | ||||||
| Prepaid expenses and other current assets | 593 | 547 | ||||||
| Total current assets | 33,283 | 39,618 | ||||||
| Property and equipment, net | 991 | 1,220 | ||||||
| Intangible assets, net | 92 | 100 | ||||||
| Goodwill | 533 | 533 | ||||||
| Operating lease right-of-use assets, net | 3,390 | - | ||||||
| Other long-term assets | 196 | 201 | ||||||
| Total assets | $ | 38,485 | $ | 41,672 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,196 | $ | 2,516 | ||||
| Accrued compensation | 2,150 | 2,962 | ||||||
| Accrued expenses | 2,055 | 2,763 | ||||||
| Accrued warranty | 490 | 622 | ||||||
| Deferred revenue | 1,514 | 1,639 | ||||||
| Operating lease liabilities | 1,363 | - | ||||||
| Total current liabilities | 9,768 | 10,502 | ||||||
| Long-term liabilities: | ||||||||
| Accrued warranty | 86 | 238 | ||||||
| Deferred revenue | 469 | 586 | ||||||
| Operating lease liabilities | 2,516 | - | ||||||
| Other long-term liabilities | 17 | 385 | ||||||
| Total liabilities | 12,856 | 11,711 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 147 | 145 | ||||||
| Additional paid-in capital | 72,685 | 71,548 | ||||||
| Accumulated other comprehensive income | 66 | 70 | ||||||
| Accumulated deficit | (47,269 | ) | (41,802 | ) | ||||
| Total stockholders' equity | 25,629 | 29,961 | ||||||
| Total liabilities and stockholders' equity | $ | 38,485 | $ | 41,672 | ||||
Source: IRIDEX Corporation
