- Revenues were
$9.5 million in the third quarter of 2013, up 21% from$7.9 million in the prior year comparable period and up sequentially from$9.2 million in the second quarter of 2013. - Gross margin for the third quarter of 2013 was 49.6%, comparable to 49.6% in the prior year period and up from 48.7% in the 2013 second quarter.
- For the third quarter of 2013, operating income was
$0.7 million compared with an operating loss of$0.6 million for the third quarter of 2012. - Net income from continuing operations was
$0.5 million , or$0.05 per diluted share, for the third quarter of 2013, compared to a net loss of$0.6 million , or a loss of$0.06 per diluted share, in the third quarter of 2012. - Guidance for fourth quarter: The Company expects to achieve revenue between
$10.2 million and $10.5 million , representing growth of between 11% and 14% over the prior year period. Gross margin is anticipated to come in between 49% and 51%, operating expenses between$4.4 million and $4.6 million , and the Company anticipates generating operating income.
President and CEO
"The market acceptance of our MicroPulse™ tissue sparing treatments for diabetes related vision loss and glaucoma continues to gain ground." Continued Moore, "We saw increased sales of MicroPulse enabled laser units this quarter compared to last year's third quarter and standing room only in a recent training seminar at a large trade show in
Moore concluded, "These positive results underscore the cultural shift at the Company allowing us to better execute in the marketplace. We are looking forward to an active fourth quarter in which we will continue to accelerate our market-centric initiatives, introducing three new products at the AAO conference in November and targeting additional multi-unit tenders in countries across
Revenues for the first nine months of 2013 were
During the third quarter 2013, the Company continued to execute its share repurchase program. In total, approximately 37,000 shares have been repurchased at an average price of
Conference Call
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, relating to the size and growth of markets in which the Company operates, the success of the Company's marketing and sales efforts and operational execution, the adoption of MicroPulse laser therapy and the Company's other products, anticipated new product releases and the Company's projected fiscal 2013 fourth quarter 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
TABLES FOLLOW
IRIDEX Corporation 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, |
||||
2013 |
2012 |
2013 |
2012 |
||||
Total revenues |
$9,526 |
$7,881 |
$27,675 |
$24,631 |
|||
Cost of revenues |
4,802 |
3,970 |
14,238 |
12,623 |
|||
Gross profit |
4,724 |
3,911 |
13,437 |
12,008 |
|||
Operating expenses: |
|||||||
Research and development |
923 |
1,006 |
2,803 |
3,294 |
|||
Sales and marketing |
1,869 |
1,875 |
5,340 |
5,861 |
|||
General and administrative |
1,267 |
1,609 |
3,690 |
4,018 |
|||
Proceeds from demutualization of insurance carrier |
0 |
0 |
(473) |
0 |
|||
Total operating expenses |
4,059 |
4,490 |
11,360 |
13,173 |
|||
Income (loss) from operations |
665 |
(579) |
2,077 |
(1,165) |
|||
Legal settlement |
0 |
0 |
0 |
800 |
|||
Other (expense) income, net |
(85) |
(117) |
(200) |
(192) |
|||
Income (loss) from continuing operations before provision for (benefits from) income taxes |
580 |
(696) |
1,877 |
(557) |
|||
Provision for (benefits from) income taxes |
50 |
(141) |
58 |
(134) |
|||
Income (loss) from continuing operations, net of tax |
530 |
(555) |
1,819 |
(423) |
|||
Income (loss) from discontinued operations, net of tax |
0 |
(190) |
0 |
(413) |
|||
Gain on sale of discontinued operations, net of tax |
0 |
0 |
0 |
2,032 |
|||
Income (loss) from discontinued operations, net of tax |
0 |
(190) |
0 |
1,619 |
|||
Net income (loss) |
$530 |
$(745) |
$1,819 |
$1,196 |
|||
Net income (loss) per share: |
|||||||
Basic |
|||||||
Continuing operations |
$0.05 |
$(0.06) |
$0.20 |
$(0.05) |
|||
Discontinued operations |
0.00 |
(0.02) |
0.00 |
0.18 |
|||
Net income (loss) |
$0.05 |
$(0.08) |
$0.20 |
$0.13 |
|||
Diluted |
|||||||
Continuing operations |
$0.05 |
$(0.06) |
$0.18 |
$(0.05) |
|||
Discontinued operations |
0.00 |
(0.02) |
0.00 |
0.18 |
|||
Net income (loss) |
$0.05 |
$(0.08) |
$0.18 |
$0.13 |
|||
Weighted average shares used in computing net income (loss) per share |
|||||||
Basic |
9,796 |
9,005 |
9,044 |
8,974 |
|||
Diluted |
10,177 |
9,005 |
9,995 |
8,974 |
IRIDEX Corporation Condensed Consolidated Balance Sheets (In thousands) (unaudited) |
|||
September 28, |
December 29, |
||
2013 |
2012 |
||
Assets |
|||
Current Assets: |
|||
Cash and cash equivalents |
$ 14,089 |
$ 11,901 |
|
Accounts receivable, net |
5,743 |
5,480 |
|
Inventories |
9,998 |
8,035 |
|
Prepaid and other current assets |
534 |
1,129 |
|
Current assets of discontinued operations |
0 |
510 |
|
Total current assets |
30,364 |
27,055 |
|
Property and equipment, net |
526 |
483 |
|
Intangible assets, net |
382 |
554 |
|
Goodwill |
533 |
533 |
|
Other long-term assets |
233 |
287 |
|
Total assets |
$ 32,038 |
$ 28,912 |
|
Liabilities and Stockholders' Equity |
|||
Current Liabilities: |
|||
Accounts payable |
$ 2,077 |
$ 2,105 |
|
Accrued compensation |
1,538 |
1,563 |
|
Accrued expenses |
1,370 |
1,242 |
|
Accrued warranty |
472 |
453 |
|
Deferred revenue |
1,062 |
1,004 |
|
Total current liabilities |
6,519 |
6,367 |
|
Long-Term Liabilities: |
|||
Other long-term liabilities |
441 |
640 |
|
Total liabilities |
6,960 |
7,007 |
|
Stockholders' Equity: |
|||
Convertible preferred stock |
0 |
5 |
|
Common stock |
103 |
94 |
|
Additional paid-in capital |
40,308 |
38,958 |
|
Accumulated deficit |
(15,333) |
(17,152) |
|
Total stockholders' equity |
25,078 |
21,905 |
|
Total liabilities and stockholders' equity |
$ 32,038 |
$ 28,912 |
SOURCE
Company, Jim Mackaness, Chief Financial Officer & Chief Operating Officer, 650-940-4700; or Investor Relations, Matt Clawson, Allen & Caron, 949-474-4300, matt@allencaron.com