Fourth Quarter Highlights
- Cyclo G6® product family revenue grew 18% year-over-year to
$3.7 million , or 31% of total revenue- Shipped 13,700 Cyclo G6 probes, a 11% year-over-year increase
- Shipped 107 Cyclo G6 Glaucoma Laser Systems, compared to 122 the prior year
- Total revenue of
$11.8 million - Achieved 15% reduction in operating expenses versus the comparable quarter of 2018
- Launched revised MicroPulse P3® Device, which has been redesigned to deliver greater stability, visualization, coupling and fit
“IRIDEX has made significant progress in our strategic shift to an emphasis on physician adoption of MicroPulse® transscleral laser therapy as a key element of their glaucoma practice,” said
“We entered 2020 with great momentum, generating confidence in our long-term growth opportunity. That has not changed despite the turbulence caused by the COVID-19 virus in number of business environments where we operate and sell today. Importantly, we have a stable supply chain to meet anticipated demand, and the operational efficiencies and capital resources to support our business during this period,” concluded Bruce.
Fourth Quarter 2019 Financial Results
Revenue for the three months ended
Gross profit for the fourth quarter of 2019 was
Operating expenses for the fourth quarter of 2019 decreased 15% to
Loss from operations for the fourth quarter of 2019 was reduced to
Full Year 2019 Financial Results
Revenue for the year ended
Gross profit for the full year 2019 was
Operating expenses for 2019 were
This decrease is primarily from reduction in costs associated with lower headcount and efficiencies, along with adjustments to our sales and marketing programs.
Loss from operations for 2019 was
Cash and cash equivalents were
Guidance for Full Year 2020
The COVID-19 outbreak has created a broadly variable business environment for
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 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 | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Total revenues | $ | 11,762 | $ | 11,467 | $ | 43,447 | $ | 42,600 | ||||||||
| Cost of revenues | 6,912 | 6,762 | 25,508 | 25,129 | ||||||||||||
| Gross profit | 4,850 | 4,705 | 17,939 | 17,471 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 788 | 852 | 3,682 | 4,006 | ||||||||||||
| Sales and marketing | 3,791 | 4,420 | 14,852 | 16,782 | ||||||||||||
| General and administrative | 1,888 | 2,342 | 8,379 | 9,551 | ||||||||||||
| Total operating expenses | 6,467 | 7,614 | 26,913 | 30,339 | ||||||||||||
| Loss from operations | (1,617 | ) | (2,909 | ) | (8,974 | ) | (12,868 | ) | ||||||||
| Other income, net | 82 | 76 | 209 | 92 | ||||||||||||
| Loss from operations before provision for income taxes | (1,535 | ) | (2,833 | ) | (8,765 | ) | (12,776 | ) | ||||||||
| Provision for income taxes | 26 | 23 | 48 | 37 | ||||||||||||
| Net loss | $ | (1,561 | ) | $ | (2,856 | ) | $ | (8,813 | ) | $ | (12,813 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic | $ | (0.11 | ) | $ | (0.21 | ) | $ | (0.64 | ) | $ | (1.05 | ) | ||||
| Diluted | $ | (0.11 | ) | $ | (0.21 | ) | $ | (0.64 | ) | $ | (1.05 | ) | ||||
| Weighted average shares used in computing net loss per share | ||||||||||||||||
| Basic | 13,783 | 13,599 | 13,707 | 12,199 | ||||||||||||
| Diluted | 13,783 | 13,599 | 13,707 | 12,199 | ||||||||||||
Condensed Consolidated Balance Sheets
(In thousands and unaudited)
| 2019 | 2018 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 12,653 | $ | 21,194 | ||||
| Accounts receivable, net | 9,323 | 9,083 | ||||||
| Inventories | 8,174 | 8,794 | ||||||
| Prepaid expenses and other current assets | 401 | 547 | ||||||
| Total current assets | 30,551 | 39,618 | ||||||
| Property and equipment, net | 730 | 1,220 | ||||||
| Intangible assets, net | 84 | 100 | ||||||
| 533 | 533 | |||||||
| Operating lease right-of-use assets, net | 2,764 | - | ||||||
| Other long-term assets | 151 | 201 | ||||||
| Total assets | $ | 34,813 | $ | 41,672 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,592 | $ | 2,516 | ||||
| Accrued compensation | 2,398 | 2,962 | ||||||
| Accrued expenses | 1,544 | 2,763 | ||||||
| Accrued warranty | 380 | 622 | ||||||
| Deferred revenue | 1,450 | 1,639 | ||||||
| Operating lease liabilities | 1,414 | - | ||||||
| Total current liabilities | 9,778 | 10,502 | ||||||
| Long-term liabilities: | ||||||||
| Accrued warranty | 156 | 238 | ||||||
| Deferred revenue | 360 | 586 | ||||||
| Operating lease liabilities | 1,795 | - | ||||||
| Other long-term liabilities | 19 | 385 | ||||||
| Total liabilities | 12,108 | 11,711 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 147 | 145 | ||||||
| Additional paid-in capital | 73,093 | 71,548 | ||||||
| Accumulated other comprehensive income | 80 | 70 | ||||||
| Accumulated deficit | (50,615 | ) | (41,802 | ) | ||||
| Total stockholders' equity | 22,705 | 29,961 | ||||||
| Total liabilities and stockholders' equity | $ | 34,813 | $ | 41,672 | ||||
Source: IRIDEX Corporation
