Second Quarter 2024 Financial and Recent Highlights
- Generated total revenue of
$12.6 million , representing sequential growth of 7% from the first quarter of 2024 - Cyclo G6® product family revenue was
$3.3 million , representing sequential growth of 13% from the first quarter of 2024- Sold 15,100 Cyclo G6 probes, compared to 13,300 in the first quarter of 2024 and 15,500 in the prior year period
- Sold 28 Cyclo G6 Glaucoma Laser Systems, compared to 22 in the first quarter of 2024 and 41 in the prior year period
- Retina product revenue was
$7.3 million , representing sequential growth of 8% from the first quarter of 2024 and growth of 6% from the prior year period - Cash and cash equivalents as of
June 29, 2024 was approximately$4.1 million , a reduction of$1.3 million in the quarter - Strengthened balance sheet with net proceeds of
$3.4 million through convertible note offering fundedAugust 7, 2024
“Our second quarter results demonstrate stabilization of the business. We drove solid year-over-year growth in our Retina business while growing glaucoma probe units 14% over the first quarter. We have observed a firmer capital environment as we closed on more extended-cycle equipment sales but in general cycles still remain elongated. In glaucoma, stabilized procedure reimbursement in the
“I want to reiterate we are prioritizing pursuit of our strategic review process and seek to reach a transaction this fiscal year. The recent convertible note funding provides discounted prepayment options that can be utilized in the event of transaction completion, and when combined with further prudent expense reductions, maintains solid liquidity runway to continue growth recovery and reach completion of our strategic process.”
Second Quarter 2024 Financial Results
Revenue for the three months ended
Gross profit for the second quarter of 2024 was
Operating expenses of
Net loss for the second 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
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 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 | Six Months Ended | ||||||||||||||
| Total revenues | $ | 12,631 | $ | 12,855 | $ | 24,392 | $ | 26,561 | |||||||
| Cost of revenues | 7,496 | 7,492 | 14,799 | 15,260 | |||||||||||
| Gross profit | 5,135 | 5,363 | 9,593 | 11,301 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 1,501 | 1,845 | 3,037 | 3,594 | |||||||||||
| Sales and marketing | 3,487 | 4,264 | 7,233 | 8,547 | |||||||||||
| General and administrative | 2,785 | 2,148 | 5,253 | 4,398 | |||||||||||
| Total operating expenses | 7,773 | 8,257 | 15,523 | 16,539 | |||||||||||
| Loss from operations | (2,638 | ) | (2,894 | ) | (5,930 | ) | (5,238 | ) | |||||||
| Other income (expense), net | (22 | ) | 138 | (156 | ) | 404 | |||||||||
| Loss from operations before provision for income taxes | (2,660 | ) | (2,756 | ) | (6,086 | ) | (4,834 | ) | |||||||
| Provision for income taxes | 19 | 10 | 57 | 22 | |||||||||||
| Net loss | $ | (2,679 | ) | $ | (2,766 | ) | $ | (6,143 | ) | $ | (4,856 | ) | |||
| Net loss per share: | |||||||||||||||
| Basic | $ | (0.16 | ) | $ | (0.17 | ) | $ | (0.38 | ) | $ | (0.30 | ) | |||
| Diluted | $ | (0.16 | ) | $ | (0.17 | ) | $ | (0.38 | ) | $ | (0.30 | ) | |||
| Weighted average shares used in computing net loss per common share: | |||||||||||||||
| Basic | 16,287 | 16,036 | 16,270 | 16,018 | |||||||||||
| Diluted | 16,287 | 16,036 | 16,270 | 16,018 | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands) | |||||||
2023 |
|||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 4,111 | $ | 7,034 | |||
| Accounts receivable, net | 8,042 | 9,654 | |||||
| Inventories | 11,124 | 9,906 | |||||
| Prepaid expenses and other current assets | 1,730 | 856 | |||||
| Total current assets | 25,007 | 27,450 | |||||
| Property and equipment, net | 209 | 351 | |||||
| Intangible assets, net | 1,475 | 1,642 | |||||
| 965 | 965 | ||||||
| Operating lease right-of-use assets, net | 2,172 | 2,632 | |||||
| Other long-term assets | 1,421 | 1,396 | |||||
| Total assets | $ | 31,249 | $ | 34,436 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 8,386 | $ | 4,727 | |||
| Accrued compensation | 2,139 | 1,619 | |||||
| Accrued expenses | 868 | 1,996 | |||||
| Other current liabilities | 1,467 | 1,233 | |||||
| Deferred revenue, current | 2,290 | 2,404 | |||||
| Operating lease liabilities, current | 995 | 995 | |||||
| Total current liabilities | 16,145 | 12,974 | |||||
| Long-term liabilities: | |||||||
| Deferred revenue | 9,261 | 10,025 | |||||
| Operating lease liabilities | 1,294 | 1,751 | |||||
| Other long-term liabilities | 303 | 164 | |||||
| Total liabilities | 27,003 | 24,914 | |||||
| Stockholders’ equity: | |||||||
| Common stock | 172 | 172 | |||||
| Additional paid-in capital | 89,257 | 88,444 | |||||
| Accumulated other comprehensive income (loss) | 2 | (52 | ) | ||||
| Accumulated deficit | (85,185 | ) | (79,042 | ) | |||
| Total stockholders’ equity | 4,246 | 9,522 | |||||
| Total liabilities and stockholders’ equity | $ | 31,249 | $ | 34,436 | |||
Source: IRIDEX Corporation
