First Quarter 2023 Highlights
- Generated total revenue of
$13.7 million , an increase of 2% year-over-year - Cyclo G6® product family revenue of
$3.7 million increased 4% year-over-year- 61 Cyclo G6 Glaucoma Laser Systems sold, compared to 56 in the prior year period
- Cyclo G6 probe revenue increased 6% year-over-year on decreased unit sales of 13,800 probes
- Retina product revenue of
$7.2 million was essentially flat year-over-year - Received FDA clearance in February for the new single-spot laser platform for the
Iridex 532 andIridex 577 systems - Cash and cash equivalents totaled approximately
$11.0 million as ofApril 1, 2023
“In addition to receiving FDA clearance in February for our second key laser platform, we were pleased to achieve 19% year-over-year growth in
First Quarter 2023 Financial Results
Revenue for the three months ended
Gross profit for the first quarter of 2023 remained essentially unchanged at
Operating expenses for the first quarter of 2023 were flat at
Net loss for the first quarter of 2023 was
Cash and cash equivalents totaled
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 Annual Report on Form 10-K filed with the
Investor Relations Contact
investors@iridex.com
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
| Three Months Ended | ||||||||
| 2023 | 2022 | |||||||
| Total revenues | $ | 13,706 | $ | 13,387 | ||||
| Cost of revenues | 7,768 | 7,410 | ||||||
| Gross profit | 5,938 | 5,977 | ||||||
| Operating expenses: | ||||||||
| Research and development | 1,749 | 2,116 | ||||||
| Sales and marketing | 4,283 | 4,300 | ||||||
| General and administrative | 2,250 | 1,838 | ||||||
| Total operating expenses | 8,282 | 8,254 | ||||||
| Loss from operations | (2,344 | ) | (2,277 | ) | ||||
| Other income (expense), net | 266 | (94 | ) | |||||
| Loss from operations before provision for income taxes | (2,078 | ) | (2,371 | ) | ||||
| Provision for income taxes | 12 | 20 | ||||||
| Net loss | $ | (2,090 | ) | $ | (2,391 | ) | ||
| Net loss per share: | ||||||||
| Basic | $ | (0.13 | ) | $ | (0.15 | ) | ||
| Diluted | $ | (0.13 | ) | $ | (0.15 | ) | ||
| Weighted average shares used in computing net loss per share | ||||||||
| Basic | 16,001 | 15,881 | ||||||
| Diluted | 16,001 | 15,881 | ||||||
Condensed Consolidated Balance Sheets
(In thousands and unaudited)
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 11,048 | $ | 13,922 | ||||
| Accounts receivable, net | 10,759 | 9,768 | ||||||
| Inventories | 11,241 | 10,608 | ||||||
| Prepaid expenses and other current assets | 1,650 | 1,468 | ||||||
| Total current assets | 34,698 | 35,766 | ||||||
| Property and equipment, net | 449 | 462 | ||||||
| Intangible assets, net | 1,894 | 1,977 | ||||||
| 965 | 965 | |||||||
| Operating lease right-of-use assets, net | 1,423 | 1,665 | ||||||
| Other long-term assets | 1,551 | 1,455 | ||||||
| Total assets | $ | 40,980 | $ | 42,290 | ||||
Liabilities and Stockholders’ Equity |
||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,669 | $ | 3,873 | ||||
| Accrued compensation | 2,813 | 2,448 | ||||||
| Accrued expenses | 2,132 | 1,548 | ||||||
| Other current liabilities | 882 | 968 | ||||||
| Accrued warranty | 196 | 168 | ||||||
| Deferred revenue | 2,424 | 2,411 | ||||||
| Operating lease liabilities | 1,046 | 1,037 | ||||||
| Total current liabilities | 13,162 | 12,453 | ||||||
| Long-term liabilities: | ||||||||
| Accrued warranty | 124 | 106 | ||||||
| Deferred revenue | 11,312 | 11,742 | ||||||
| Operating lease liabilities | 472 | 732 | ||||||
| Other long-term liabilities | 26 | 26 | ||||||
| Total liabilities | 25,096 | 25,059 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 169 | 169 | ||||||
| Additional paid-in capital | 87,312 | 86,802 | ||||||
| Accumulated other comprehensive loss | (35 | ) | (24 | ) | ||||
| Accumulated deficit | (71,562 | ) | (69,716 | ) | ||||
| Total stockholders' equity | 15,884 | 17,231 | ||||||
| Total liabilities and stockholders' equity | $ | 40,980 | $ | 42,290 | ||||
Source: IRIDEX Corporation
