First Quarter 2024 Financial Highlights
- Generated total revenue of
$11.8 million , compared to$13.7 million in the prior year period - Cyclo G6® product family revenue in the first quarter of
$3.0 million , compared to$3.7 million in the prior year period- Sold 13,300 Cyclo G6 probes, compared to 12,700 in the prior quarter and 13,800 in the prior year quarter
- Sold 22 Cyclo G6 Glaucoma Laser Systems, compared to 61 in the prior year quarter
- Retina product revenue was
$6.8 million , representing a decrease of 6% year-over-year - Cash and cash equivalents as of
March 30, 2024 was approximately$5.4 million , a reduction of$1.6 million in the quarter
“We saw some of the firming we expected during the first quarter, but longer sales cycles continued into the first quarter and we also experienced another round of end-of-quarter capital equipment purchase deferrals. Fortunately, we are seeing additional firming in the second quarter as well as indications that a good portion of the orders that have been queueing up are expected to ship during the second quarter,” said
“In the first quarter, solid growth from the sale of Pascal® scanning laser systems and G6 probes internationally was offset by the deferrals and resulting revenue declines of other products. While the period of capital equipment softness has extended longer than we anticipated, Iridex’s position in our markets remains strong based on the differentiated features and clinical evidence supporting
First Quarter 2024 Financial Results
Revenue for the three months ended
Gross profit for the first quarter of 2024 was
Operating expenses of
Net loss for the first quarter of 2024 was
Cash and cash equivalents totaled
Webcast and Conference Call Information
Iridex’s management team will host a conference call today beginning at
About
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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 expectations and commercial trends, market adoption and expansion, value-maximizing transactions, demand for and utilization of the Company's products and results and expected sales volumes. The Company can provide no assurance that it will complete any value-maximizing transactions on behalf of its stockholders. 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 filed with the
Investor Relations Contact
investors@iridex.com
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
| Three Months Ended | ||||||||
| Total revenues | $ | 11,761 | $ | 13,706 | ||||
| Cost of revenues | 7,303 | 7,768 | ||||||
| Gross profit | 4,458 | 5,938 | ||||||
| Operating expenses: | ||||||||
| Research and development | 1,536 | 1,749 | ||||||
| Sales and marketing | 3,747 | 4,283 | ||||||
| General and administrative | 2,468 | 2,250 | ||||||
| Total operating expenses | 7,751 | 8,282 | ||||||
| Loss from operations | (3,293 | ) | (2,344 | ) | ||||
| Other income (expense), net | (133 | ) | 266 | |||||
| Loss from operations before provision for income taxes | (3,426 | ) | (2,078 | ) | ||||
| Provision for income taxes | 38 | 12 | ||||||
| Net loss | $ | (3,464 | ) | $ | (2,090 | ) | ||
| Net loss per share: | ||||||||
| Basic | $ | (0.21 | ) | $ | (0.13 | ) | ||
| Diluted | $ | (0.21 | ) | $ | (0.13 | ) | ||
| Weighted average shares used in computing net loss per common share: | ||||||||
| Basic | 16,253 | 16,001 | ||||||
| Diluted | 16,253 | 16,001 | ||||||
Condensed Consolidated Balance Sheets
(In thousands)
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 5,419 | $ | 7,034 | ||||
| Accounts receivable, net | 9,146 | 9,654 | ||||||
| Inventories | 11,003 | 9,906 | ||||||
| Prepaid expenses and other current assets | 2,010 | 856 | ||||||
| Total current assets | 27,578 | 27,450 | ||||||
| Property and equipment, net | 265 | 351 | ||||||
| Intangible assets, net | 1,558 | 1,642 | ||||||
| 965 | 965 | |||||||
| Operating lease right-of-use assets, net | 2,402 | 2,632 | ||||||
| Other long-term assets | 1,324 | 1,396 | ||||||
| Total assets | $ | 34,092 | $ | 34,436 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 7,991 | $ | 4,727 | ||||
| Accrued compensation | 2,256 | 1,619 | ||||||
| Accrued expenses | 1,112 | 1,996 | ||||||
| Other current liabilities | 1,265 | 1,233 | ||||||
| Deferred revenue, current | 2,447 | 2,404 | ||||||
| Operating lease liabilities, current | 995 | 995 | ||||||
| Total current liabilities | 16,066 | 12,974 | ||||||
| Long-term liabilities: | ||||||||
| Deferred revenue | 9,708 | 10,025 | ||||||
| Operating lease liabilities | 1,526 | 1,751 | ||||||
| Other long-term liabilities | 304 | 164 | ||||||
| Total liabilities | 27,604 | 24,914 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock | 172 | 172 | ||||||
| Additional paid-in capital | 88,838 | 88,444 | ||||||
| Accumulated other comprehensive loss | (16 | ) | (52 | ) | ||||
| Accumulated deficit | (82,506 | ) | (79,042 | ) | ||||
| Total stockholders’ equity | 6,488 | 9,522 | ||||||
| Total liabilities and stockholders’ equity | $ | 34,092 | $ | 34,436 | ||||
Source: IRIDEX Corporation
