Fourth Quarter Highlights
- Cyclo G6® product revenue increased approximately 16% year-over-year
- Shipped a record 12,300 Cyclo G6 probes
- Shipped 122 Cyclo G6 Glaucoma Laser Systems
- Revenue of
$11.5 million , a 12% increase year-over-year
“I am pleased with the accomplishments of our team in 2018. We took significant steps to grow our market share and future opportunity in glaucoma. The efforts we have made on the commercial front combined with the substantial clinical data supporting our G6 and MicroPulse® technology are increasing the awareness and acceptance of our G6 platform, as evidenced by the growth in sales of both G6 systems and probes,” said
Fourth Quarter 2018 Financial Results
Revenue for the three months ended
Gross profit for the fourth quarter of 2018 was
Operating expenses for the fourth quarter of 2018 were
Loss from operations for the fourth quarter of 2018 was
Full Year 2018 Financial Results
Revenue for the year ended
Gross profit for the full year 2018 was
Operating expenses for 2018 were
Loss from operations for 2018 was
Cash and cash equivalents were
Guidance for Full Year 2019
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 the future demand, utilization and order levels for the Company's products, plans to introduce new products, and the Company’s guidance for fiscal 2019 and future financial results. 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
Investor Relations Contact
(415) 937-5404
investors@iridex.com
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 29, | December 30, | December 29, | December 30, | |||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
| Total revenues | $ | 11,467 | $ | 10,243 | $ | 42,600 | $ | 41,593 | ||||||||||||
| Cost of revenues | 6,762 | 8,073 | 25,129 | 26,090 | ||||||||||||||||
| Gross profit | 4,705 | 2,170 | 17,471 | 15,503 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | 852 | 1,180 | 4,006 | 5,208 | ||||||||||||||||
| Sales and marketing | 4,420 | 4,195 | 16,782 | 14,541 | ||||||||||||||||
| General and administrative | 2,342 | 1,978 | 9,551 | 8,782 | ||||||||||||||||
| Gain on sale of intellectual property | - | - | - | (175 | ) | |||||||||||||||
| Impairment of long-lived assets | - | 35 | - | 35 | ||||||||||||||||
| Total operating expenses | 7,614 | 7,388 | 30,339 | 28,391 | ||||||||||||||||
| Loss from operations | (2,909 | ) | (5,218 | ) | (12,868 | ) | (12,888 | ) | ||||||||||||
| Other income (expense), net | 76 | (88 | ) | 92 | (107 | ) | ||||||||||||||
| Loss from operations before provision for (benefit from) income taxes | (2,833 | ) | (5,306 | ) | (12,776 | ) | (12,995 | ) | ||||||||||||
| Provision for (benefit from) income taxes | 23 | (151 | ) | 37 | (128 | ) | ||||||||||||||
| Net loss | $ | (2,856 | ) | $ | (5,155 | ) | $ | (12,813 | ) | $ | (12,867 | ) | ||||||||
| Net loss per share: | ||||||||||||||||||||
| Basic | $ | (0.21 | ) | $ | (0.44 | ) | $ | (1.05 | ) | $ | (1.11 | ) | ||||||||
| Diluted | $ | (0.21 | ) | $ | (0.44 | ) | $ | (1.05 | ) | $ | (1.11 | ) | ||||||||
| Weighted average shares used in computing net loss per share | ||||||||||||||||||||
| Basic | 13,599 | 11,586 | 12,199 | 11,555 | ||||||||||||||||
| Diluted | 13,599 | 11,586 | 12,199 | 11,555 | ||||||||||||||||
Condensed Consolidated Balance Sheets
(In thousands and unaudited)
| December 29, | December 30 | |||||||
| 2018 | 2017 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 21,194 | $ | 21,707 | ||||
| Accounts receivable, net | 9,083 | 7,863 | ||||||
| Inventories | 8,794 | 9,381 | ||||||
| Prepaid expenses and other current assets | 547 | 500 | ||||||
| Total current assets | 39,618 | 39,451 | ||||||
| Property and equipment, net | 1,220 | 1,403 | ||||||
| Intangible assets, net | 100 | 116 | ||||||
| Goodwill | 533 | 533 | ||||||
| Other long-term assets | 201 | 143 | ||||||
| Total assets | $ | 41,672 | $ | 41,646 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,516 | $ | 1,724 | ||||
| Accrued compensation | 2,962 | 2,459 | ||||||
| Accrued expenses | 2,763 | 2,153 | ||||||
| Accrued warranty | 622 | 1,536 | ||||||
| Deferred revenue | 2,225 | 2,520 | ||||||
| Total current liabilities | 11,088 | 10,392 | ||||||
| Long-term liabilities: | ||||||||
| Accrued warranty | 238 | 199 | ||||||
| Other long-term liabilities | 385 | 533 | ||||||
| Total liabilities | 11,711 | 11,124 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 145 | 126 | ||||||
| Additional paid-in capital | 71,548 | 59,385 | ||||||
| Accumulated other comprehensive income | 70 | - | ||||||
| Accumulated deficit | (41,802 | ) | (28,989 | ) | ||||
| Total stockholders' equity | 29,961 | 30,522 | ||||||
| Total liabilities and stockholders' equity | $ | 41,672 | $ | 41,646 | ||||
