Third Quarter Highlights
- Total revenue of
$10.7 million - Cyclo G6® product family revenue of
$3.0 million , a 3.6% year-over-year increase- Shipped 11,600 Cyclo G6 probes, a 12% year-over-year increase
- Shipped 82 Cyclo G6 Glaucoma Laser Systems, compared to 117 the prior year
- Achieved
$1.5 million reduction in operating expenses versus the third quarter of 2018 - Ergonomically improved MicroPulse P3® glaucoma probe ready for commercial roll-out, following favorable initial clinical experience
- Additional clinical evidence of MicroPulse® transscleral laser therapy’s strong efficacy, durability and safety profile, including the first peer-reviewed publication on the use of the technology on patients with good vision and mild to severe glaucoma, concluding that MicroPulse transscleral therapy is an effective alternative and could be offered to patients prior to incisional glaucoma procedures (published in the
Journal of Glaucoma )
“Following my first full quarter as CEO, I was pleased with both the stability of our retina business and growth in our glaucoma business, particularly as we execute the transition from a prior emphasis on customer site placements to a new emphasis on physician adoption and procedure growth,” said
Third Quarter 2019 Financial Results
Total revenue for the three months ended
Revenue from IRIDEX’s Cyclo G6 glaucoma products was
Revenue from retina products in the quarter was
Gross profit for the third quarter of 2019 was
Operating expenses for the third quarter of 2019 decreased to
The loss from operations for the third quarter of 2019 decreased to
Net cash used in the quarter was
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, and the Company’s guidance for fiscal year 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 | Nine Months Ended | |||||||||||||||
| September 28, | September 29, | September 28, | September 29, | |||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Total revenues | $ | 10,664 | $ | 11,320 | $ | 31,685 | $ | 31,133 | ||||||||
| Cost of revenues | 6,381 | 6,744 | 18,596 | 18,367 | ||||||||||||
| Gross profit | 4,283 | 4,576 | 13,089 | 12,766 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 1,007 | 1,149 | 2,894 | 3,154 | ||||||||||||
| Sales and marketing | 3,508 | 4,144 | 11,061 | 12,362 | ||||||||||||
| General and administrative | 1,621 | 2,343 | 6,491 | 7,209 | ||||||||||||
| Total operating expenses | 6,136 | 7,636 | 20,446 | 22,725 | ||||||||||||
| Loss from operations | (1,853 | ) | (3,060 | ) | (7,357 | ) | (9,959 | ) | ||||||||
| Other income (expense), net | 75 | (8 | ) | 127 | 16 | |||||||||||
| Loss from operations before provision for income taxes | (1,778 | ) | (3,068 | ) | (7,230 | ) | (9,943 | ) | ||||||||
| Provision for income taxes | 7 | 6 | 22 | 14 | ||||||||||||
| Net loss | $ | (1,785 | ) | $ | (3,074 | ) | $ | (7,252 | ) | $ | (9,957 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic | $ | (0.13 | ) | $ | (0.26 | ) | $ | (0.53 | ) | $ | (0.85 | ) | ||||
| Diluted | $ | (0.13 | ) | $ | (0.26 | ) | $ | (0.53 | ) | $ | (0.85 | ) | ||||
| Weighted average shares used in computing net loss per share | ||||||||||||||||
| Basic | 13,768 | 11,925 | 13,682 | 11,732 | ||||||||||||
| Diluted | 13,768 | 11,925 | 13,682 | 11,732 | ||||||||||||
Condensed Consolidated Balance Sheets
(In thousands and unaudited)
| September 28, | December 29, | |||||||
| 2019 | 2018 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 12,948 | $ | 21,194 | ||||
| Accounts receivable, net | 8,784 | 9,083 | ||||||
| Inventories | 8,896 | 8,794 | ||||||
| Prepaid expenses and other current assets | 590 | 547 | ||||||
| Total current assets | 31,218 | 39,618 | ||||||
| Property and equipment, net | 876 | 1,220 | ||||||
| Intangible assets, net | 88 | 100 | ||||||
| Goodwill | 533 | 533 | ||||||
| Operating lease right-of-use assets, net | 3,056 | - | ||||||
| Other long-term assets | 187 | 201 | ||||||
| Total assets | $ | 35,958 | $ | 41,672 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,429 | $ | 2,516 | ||||
| Accrued compensation | 1,944 | 2,962 | ||||||
| Accrued expenses | 1,634 | 2,763 | ||||||
| Accrued warranty | 376 | 622 | ||||||
| Deferred revenue | 1,528 | 1,639 | ||||||
| Operating lease liabilities | 1,388 | - | ||||||
| Total current liabilities | 9,299 | 10,502 | ||||||
| Long-term liabilities: | ||||||||
| Accrued warranty | 137 | 238 | ||||||
| Deferred revenue | 366 | 586 | ||||||
| Operating lease liabilities | 2,151 | - | ||||||
| Other long-term liabilities | 17 | 385 | ||||||
| Total liabilities | 11,970 | 11,711 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 147 | 145 | ||||||
| Additional paid-in capital | 72,793 | 71,548 | ||||||
| Accumulated other comprehensive income | 102 | 70 | ||||||
| Accumulated deficit | (49,054 | ) | (41,802 | ) | ||||
| Total stockholders' equity | 23,988 | 29,961 | ||||||
| Total liabilities and stockholders' equity | $ | 35,958 | $ | 41,672 | ||||
Source: IRIDEX Corporation
