Fourth Quarter 2022 & Recent Highlights
- Generated total revenue of
$15.2 million , essentially unchanged from the prior year period - Cyclo G6® product family revenue of
$4.2 million , an increase of 9% year-over-year- 16,400 Cyclo G6 probes sold, a quarterly record and 8% increase year-over-year
- 79 Cyclo G6 Glaucoma Laser Systems sold, compared to 90 in the prior year period
- Retina product revenue decreased 11% year-over-year to
$8.1 million - Received FDA Clearance for the next-generation Iridex Pascal® scanning laser platform in
November 2022 and announces FDA clearance of its new single-spot laser platform for theIridex 532 and theIridex 577 systems inFebruary 2023 - Cash and cash equivalents totaled approximately
$13.9 million as ofDecember 31, 2022
Full Year 2022 Highlights
- Generated total revenue of
$57.0 million , an increase of 6% compared to 2021 - Cyclo G6 product family revenue of
$14.7 million , an increase of 5% year-over-year- Sold 59,800 Cyclo G6 probes, compared to 58,200 in the prior year
- Expanded Cyclo G6 Glaucoma Laser Systems installed base by 237 compared to 243 in the prior year, bringing the total global installed base to over 2,300 systems
- Retina product revenue increased 2% year-over-year to
$31.7 million
“The highlight of our fourth quarter results were record Cyclo G6 probe sales. We are pleased with our commercial and operational execution in the second half of the year resulting in improvements in gross margins and declining operating loss,” said
Fourth Quarter 2022 Financial Results
Revenue for the three months ended
Gross profit for the fourth quarter of 2022 increased to
Operating expenses for the fourth quarter of 2022 decreased 4% to
Net loss for the fourth quarter of 2022 was
Full Year 2022 Financial Results
Revenue for the year ended
Gross profit for the full year 2022 was
Operating expenses for 2022 increased 8% to
Net loss for 2022 increased to
Cash and cash equivalents as of
Guidance for Full Year 2023
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, market adoption and expansion, 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 Form 10-Q filed with the
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 | 2022 | 2022 | 2022 | |||||||||||||
| Total revenues | $ | 15,195 | $ | 15,254 | $ | 56,972 | $ | 53,903 | ||||||||
| Cost of revenues | 8,531 | 9,252 | 31,604 | 31,072 | ||||||||||||
| Gross profit | 6,664 | 6,002 | 25,368 | 22,831 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 1,450 | 2,243 | 7,175 | 6,868 | ||||||||||||
| Sales and marketing | 4,826 | 4,095 | 18,178 | 14,637 | ||||||||||||
| General and administrative | 1,798 | 2,061 | 7,557 | 8,859 | ||||||||||||
| Total operating expenses | 8,074 | 8,399 | 32,910 | 30,364 | ||||||||||||
| Loss from operations | (1,410 | ) | (2,397 | ) | (7,542 | ) | (7,533 | ) | ||||||||
| Other income (expense), net | 276 | (30 | ) | 60 | 2,348 | |||||||||||
| Loss from operations before provision for income taxes | (1,134 | ) | (2,427 | ) | (7,482 | ) | (5,185 | ) | ||||||||
| Provision for income taxes | 14 | 16 | 65 | 40 | ||||||||||||
| Net loss | $ | (1,148 | ) | $ | (2,443 | ) | $ | (7,547 | ) | $ | (5,225 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic | $ | (0.07 | ) | $ | (0.15 | ) | $ | (0.47 | ) | $ | (0.34 | ) | ||||
| Diluted | $ | (0.07 | ) | $ | (0.15 | ) | $ | (0.47 | ) | $ | (0.34 | ) | ||||
| Weighted average shares used in computing net loss per share: | ||||||||||||||||
| Basic | 15,990 | 15,867 | 15,938 | 15,421 | ||||||||||||
| Diluted | 15,990 | 15,867 | 15,938 | 15,421 | ||||||||||||
Condensed Consolidated Balance Sheets
(In thousands and unaudited)
| 2022 | 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 13,922 | $ | 23,852 | ||||
| Accounts receivable, net | 9,768 | 9,716 | ||||||
| Inventories | 10,608 | 7,614 | ||||||
| Prepaid expenses and other current assets | 1,468 | 1,071 | ||||||
| Total current assets | 35,766 | 42,253 | ||||||
| Property and equipment, net | 462 | 428 | ||||||
| Intangible assets, net | 1,977 | 2,205 | ||||||
| 965 | 965 | |||||||
| Operating lease right-of-use assets, net | 1,665 | 2,565 | ||||||
| Other long-term assets | 1,455 | 271 | ||||||
| Total assets | $ | 42,290 | $ | 48,687 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,873 | $ | 3,399 | ||||
| Accrued compensation | 2,448 | 3,192 | ||||||
| Accrued expenses | 1,548 | 1,575 | ||||||
| Other current liabilities | 968 | 1,098 | ||||||
| Accrued warranty | 168 | 100 | ||||||
| Deferred revenue | 2,411 | 2,355 | ||||||
| Operating lease liabilities | 1,037 | 927 | ||||||
| Total current liabilities | 12,453 | 12,646 | ||||||
| Long-term liabilities: | ||||||||
| Accrued warranty | 106 | 58 | ||||||
| Deferred revenue | 11,742 | 10,930 | ||||||
| Operating lease liabilities | 732 | 1,729 | ||||||
| Other long-term liabilities | 26 | 25 | ||||||
| Total liabilities | 25,059 | 25,388 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 169 | 168 | ||||||
| Additional paid-in capital | 86,802 | 85,255 | ||||||
| Accumulated other comprehensive (loss) income | (24 | ) | 45 | |||||
| Accumulated deficit | (69,716 | ) | (62,169 | ) | ||||
| Total stockholders' equity | 17,231 | 23,299 | ||||||
| Total liabilities and stockholders' equity | $ | 42,290 | $ | 48,687 | ||||
Source: IRIDEX Corporation
