- Revenues were
$10.6 million in the fourth quarter of 2013, up 15% from$9.2 million in the prior year comparable period and up sequentially from$9.5 million in the third quarter of 2013. - Gross margin for the fourth quarter of 2013 was 48.6%, up from 47.0% in the prior year period and down from 49.6% reported in the 2013 third quarter.
- For the fourth quarter of 2013, operating income was
$0.6 million compared with an operating income of$0.3 million for the fourth quarter of 2012. - Net income from continuing operations was
$0.4 million , or$0.04 per diluted share, for the fourth quarter of 2013, compared to a net income from continuing operations of$0.3 million , or$0.03 per diluted share, in the fourth quarter of 2012. - Guidance for first quarter of 2014: The Company expects to achieve revenue between
$9.8 million and $10.1 million , representing growth of between 9% and 13% over the prior year period. Gross margin is anticipated to come in between 48% and 50%, operating expenses between$4.3 million and $4.5 million , and the Company anticipates generating operating income.
President and CEO
"After finishing 2013 on a very strong note, we think 2014 will show these trends continuing and you will see us focus on bringing our Glaucoma product offerings to the forefront. We see the glaucoma market as one that we can penetrate using both MicroPulse technology for MLT procedures to drive system sales and we are developing a family of consumable products that can further improve patient outcomes. These steps will further enhance the IRIDEX brand and business model and consequently increase shareholder value," continued Moore.
Revenues for 2013 were
During the fourth quarter 2013, the Company continued to execute its share repurchase program buying approximately 38,000 shares at an average price of
Conference Call
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, relating to the size and growth of markets in which the Company operates, US and international buying patterns, the success of the Company's marketing and sales efforts and operational execution, the adoption of MicroPulse laser therapy, TxCell pattern scanning and the Company's other products, anticipated new product releases and the Company's guidance concerning fiscal 2014 first quarter financial results, including anticipated ranges of revenue, revenue growth rates, operating expenses and gross margin rates, and operating income. 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
TABLES FOLLOW
IRIDEX Corporation Condensed Statements of Operations | |||||||
(In thousands, except per share data) | |||||||
(unaudited) | |||||||
Three Months Ended |
Year Ended | ||||||
December 28, |
December 29, |
December 28, |
December 29, | ||||
2013 |
2012 |
2013 |
2012 | ||||
Total revenues |
$10,598 |
$9,228 |
$38,273 |
$33,859 | |||
Cost of revenues |
5,448 |
4,890 |
19,686 |
17,513 | |||
Gross profit |
5,150 |
4,338 |
18,587 |
16,346 | |||
Operating expenses: |
|||||||
Research and development |
881 |
1,091 |
3,684 |
4,385 | |||
Sales and marketing |
2,380 |
2,034 |
7,720 |
7,895 | |||
General and administrative |
1,333 |
908 |
5,023 |
4,926 | |||
Proceeds from demutualization of insurance carrier |
0 |
0 |
(473) |
0 | |||
Total operating expenses |
4,594 |
4,033 |
15,954 |
17,206 | |||
Income (loss) from operations |
556 |
305 |
2,633 |
(860) | |||
Legal settlement |
0 |
0 |
0 |
800 | |||
Other expense, net |
(171) |
(18) |
(371) |
(210) | |||
Income (loss) from continuing operations before Provision for (benefit from) income taxes |
385 |
287 |
2,262 |
(270) | |||
Provision for (benefit from) income taxes |
(27) |
34 |
31 |
(100) | |||
Income (loss) from continuing operations, net of tax |
412 |
253 |
2,231 |
(170) | |||
Income (loss) from discontinued operations, net of tax |
0 |
149 |
0 |
(264) | |||
Gain (loss) on sale of discontinued operations, net of tax |
0 |
(160) |
0 |
1,872 | |||
Income (loss) from discontinued operations, net of tax |
0 |
(11) |
0 |
1,608 | |||
Net income |
$412 |
$242 |
$2,231 |
$1,438 | |||
Net income (loss) per share: |
|||||||
Basic |
|||||||
Continuing operations |
$0.04 |
$0.03 |
$0.24 |
$(0.02) | |||
Discontinued operations |
0.00 |
0.00 |
0.00 |
0.18 | |||
Net income |
$0.04 |
$0.03 |
$0.24 |
$0.16 | |||
Diluted |
|||||||
Continuing operations |
$0.04 |
$0.03 |
$0.22 |
$(0.02) | |||
Discontinued operations |
0.00 |
(0.01) |
0.00 |
0.18 | |||
Net income |
$0.04 |
$0.02 |
$0.22 |
$0.16 | |||
Weighted average shares used in computing net income (loss) per share Basic |
9,848 |
8,820 |
9,245 |
8,935 | |||
Diluted |
10,431 |
10,071 |
10,104 |
8,935 |
IRIDEX Corporation Condensed Balance Sheets (In thousands) (unaudited) | |||
December 28, |
December 29, | ||
2013 |
2012 | ||
Assets |
|||
Current Assets: |
|||
Cash and cash equivalents |
$ 13,444 |
$ 11,901 | |
Accounts receivable, net |
7,345 |
5,480 | |
Inventories |
10,605 |
8,035 | |
Prepaid and other current assets |
576 |
1,129 | |
Current assets of discontinued operations |
0 |
510 | |
Total current assets |
31,970 |
27,055 | |
Property and equipment, net |
543 |
483 | |
Intangible assets, net |
328 |
554 | |
Goodwill |
533 |
533 | |
Other long-term assets |
303 |
287 | |
Total assets |
$ 33,677 |
$ 28,912 | |
Liabilities and Stockholders' Equity |
|||
Current Liabilities: |
|||
Accounts payable |
$ 2,278 |
$ 2,105 | |
Accrued compensation |
1,891 |
1,563 | |
Accrued expenses |
1,592 |
1,242 | |
Accrued warranty |
468 |
453 | |
Deferred revenue |
1,133 |
1,004 | |
Total current liabilities |
7,362 |
6,367 | |
Long-Term Liabilities: |
|||
Other long-term liabilities |
461 |
640 | |
Total liabilities |
7,823 |
7,007 | |
Stockholders' Equity: |
|||
Convertible preferred stock |
0 |
5 | |
Common stock |
104 |
94 | |
Additional paid-in capital |
40,671 |
38,958 | |
Accumulated deficit |
(14,921) |
(17,152) | |
Total stockholders' equity |
25,854 |
21,905 | |
Total liabilities and stockholders' equity |
$ 33,677 |
$ 28,912 |
SOURCE
Company, Jim Mackaness, Chief Financial Officer & Chief Operating Officer, 650-940-4700; or Investor, Rene Caron, Allen & Caron, 949-474-4300, Rene@allencaron.com