Fourth Quarter Highlights
- Total revenue of
$15.3 million , a new quarterly record, representing an increase of 24% from the prior year period - Cyclo G6® product family revenue of
$3.9 million , an increase of 11% year-over-year- 15,200 Cyclo G6 probes sold, a 13% increase year-over-year
- 90 Cyclo G6 Glaucoma Laser Systems sold, compared to 57 in the prior year
- Retina product revenue increased 31% year-over-year to
$9.1 million - Pascal® products acquired from Topcon contributed 17% of retina revenue
- Cash use of
$1.7 million resulting in cash balance atJanuary 1, 2022 of$23.9 million - MicroPulse TLT Consensus recommendations released by independent panel of 10 leading worldwide glaucoma specialists guiding treatment protocols and broad patient selection advice
Full Year 2021
- Total revenue
$53.9 million , an increase of 48% compared to 2020 revenue - Sold 58,200 Cyclo G6® probes, compared to 45,800 in the prior year
- Cyclo G6® Glaucoma Laser Systems installed base expanded by 243 compared to 174 in the prior year, bringing the total global installed base to over 2,100 systems
- Retina product revenue increased 72% year-over-year to
$31.1 million - Pascal® products acquired from Topcon in
March 2021 contributed 22% of retina revenue
- Pascal® products acquired from Topcon in
“2021 was a significant year of advancement for
“As we enter 2022, our focus is on accelerating global adoption and awareness of the benefits of our MicroPulse TLT for unique non-incisional glaucoma treatment. We have an exciting opportunity to leverage our expanded clinical data, KOL support, a large installed base, and an energized commercial organization to continue the momentum,” concluded Bruce.
Fourth Quarter 2021 Financial Results
Revenue for the three months ended
Gross profit for the fourth quarter of 2021 increased to
Operating expenses for the fourth quarter of 2021 increased 43% to
Net loss for the fourth quarter of 2021 was
Full Year 2021 Financial Results
Revenue for the year ended
Gross profit for the full year 2021 was
Operating expenses for 2021 increased 37% to
Net loss for 2021 was reduced to
Cash and cash equivalents were
Guidance for Full Year 2022
Webcast and Conference Call Information
Iridex’s management team will host a conference call today beginning at
About Iridex
Iridex Corporation is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market. The Company’s proprietary MicroPulse® technology delivers a differentiated treatment that provides safe, effective, and proven treatment for targeted sight-threatening eye conditions. Iridex’s current product line is used for the treatment of glaucoma and diabetic macular edema (DME) and other retinal diseases. Iridex products are sold in the United States through a direct sales force and internationally primarily through a network of independent distributors into more than 100 countries. For further information, visit the Iridex website at www.iridex.com.
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 clinical and commercial momentum, demand for and utilization of the Company's products, financial guidance and results and expected sales volumes. 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 Quarterly Report on last Form 10-Q filed on
Investor Relations Contact
investors@iridex.com
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Total revenues | $ | 15,254 | $ | 12,304 | $ | 53,903 | $ | 36,347 | ||||||||
| Cost of revenues | 9,252 | 6,722 | 31,072 | 20,789 | ||||||||||||
| Gross profit | 6,002 | 5,582 | 22,831 | 15,558 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 2,243 | 887 | 6,868 | 3,282 | ||||||||||||
| Sales and marketing | 4,095 | 3,435 | 14,637 | 12,239 | ||||||||||||
| General and administrative | 2,061 | 1,560 | 8,859 | 6,620 | ||||||||||||
| Total operating expenses | 8,399 | 5,882 | 30,364 | 22,141 | ||||||||||||
| Loss from operations | (2,397 | ) | (300 | ) | (7,533 | ) | (6,583 | ) | ||||||||
| Other (expense) income, net | (30 | ) | 127 | 2,348 | 280 | |||||||||||
| Loss from operations before provision for income taxes | (2,427 | ) | (173 | ) | (5,185 | ) | (6,303 | ) | ||||||||
| Provision for income taxes | 16 | 6 | 40 | 26 | ||||||||||||
| Net loss | $ | (2,443 | ) | $ | (179 | ) | $ | (5,225 | ) | $ | (6,329 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic | $ | (0.15 | ) | $ | (0.01 | ) | $ | (0.34 | ) | $ | (0.46 | ) | ||||
| Diluted | $ | (0.15 | ) | $ | (0.01 | ) | $ | (0.34 | ) | $ | (0.46 | ) | ||||
| Weighted average shares used in computing net loss per share: | ||||||||||||||||
| Basic | 15,867 | 13,898 | 15,421 | 13,842 | ||||||||||||
| Diluted | 15,867 | 13,898 | 15,421 | 13,842 | ||||||||||||
Condensed Consolidated Balance Sheets
(In thousands and unaudited)
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 23,852 | $ | 11,626 | ||||
| Accounts receivable, net | 9,716 | 7,289 | ||||||
| Inventories | 7,614 | 5,714 | ||||||
| Prepaid expenses and other current assets | 1,071 | 730 | ||||||
| Total current assets | 42,253 | 25,359 | ||||||
| Property and equipment, net | 428 | 449 | ||||||
| Intangible assets, net | 2,205 | 68 | ||||||
| 965 | 533 | |||||||
| Operating lease right-of-use assets, net | 2,565 | 1,428 | ||||||
| Other long-term assets | 271 | 132 | ||||||
| Total assets | $ | 48,687 | $ | 27,969 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,399 | $ | 1,148 | ||||
| Accrued compensation | 3,192 | 1,965 | ||||||
| Accrued expenses | 1,575 | 990 | ||||||
| Other current expenses | 1,098 | 816 | ||||||
| Current portion of PPP loan | - | 1,249 | ||||||
| Accrued warranty | 100 | 166 | ||||||
| Deferred revenue | 2,355 | 938 | ||||||
| Operating lease liabilities | 927 | 1,409 | ||||||
| Total current liabilities | 12,646 | 8,681 | ||||||
| Long-term liabilities: | ||||||||
| PPP Loan | - | 1,248 | ||||||
| Accrued warranty | 58 | 81 | ||||||
| Deferred revenue | 10,930 | 289 | ||||||
| Operating lease liabilities | 1,729 | 282 | ||||||
| Other long-term liabilities | 25 | 22 | ||||||
| Total liabilities | 25,388 | 10,603 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 168 | 148 | ||||||
| Additional paid-in capital | 85,255 | 74,181 | ||||||
| Accumulated other comprehensive income (loss) | 45 | (19 | ) | |||||
| Accumulated deficit | (62,169 | ) | (56,944 | ) | ||||
| Total stockholders' equity | 23,299 | 17,366 | ||||||
| Total liabilities and stockholders' equity | $ | 48,687 | $ | 27,969 | ||||
Source: IRIDEX Corporation
