Iridex Announces First Quarter 2022 Financial Results
Iridex Corporation (Nasdaq: IRIX) reported record first quarter revenue of $13.4 million, a 12% increase year-over-year. Key highlights include $3.5 million from Cyclo G6 products and $7.3 million from Retina products, boosted by the PASCAL acquisition. Operating expenses rose by 22% to $8.3 million, contributing to a net loss of $2.4 million or $0.15 per share. The company reiterated its full-year guidance, expecting $57 million to $59 million in total revenue and Cyclo G6 probe sales growth of 15% to 20%.
- Record first quarter revenue of $13.4 million, up 12% year-over-year.
- Gross profit increased by 21% to $6.0 million, achieving a 44.6% gross margin.
- Increased sales of Cyclo G6 probes and systems expected, with guidance for revenue of $57 million to $59 million.
- Operating expenses rose 22% to $8.3 million, impacting profitability.
- Net loss increased to $2.4 million or $0.15 per share, compared to a loss of $2.0 million or $0.14 per share in the prior year.
Achieved Record First Quarter Revenue
MOUNTAIN VIEW, Calif., May 12, 2022 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX) today reported financial results for the first quarter ended April 2, 2022.
First Quarter 2022 Highlights
- Record first quarter revenue of
$13.4 million , an increase of12% from the prior year period - Cyclo G6® product family revenue of
$3.5 million , an increase of6% year-over-year- 14,700 Cyclo G6 probes sold, an
8% increase year-over-year - 56 Cyclo G6 Glaucoma Laser Systems sold, compared to 64 in the prior year
- 14,700 Cyclo G6 probes sold, an
- Retina product revenue increased
10% year-over-year to$7.3 million - PASCAL® products acquired from Topcon contributed
29% of retina revenue
- PASCAL® products acquired from Topcon contributed
- Net Cash use of
$3.2 million resulting in cash balance on April 2, 2022 of$20.6 million
“Record first quarter results demonstrate the continued traction our strengthened U.S. and international commercial network are achieving in the global ophthalmology market. We continue to make steady progress building physician adoption of our non-incisional approach to treating glaucoma and retinal disease,” said David Bruce, President and CEO of Iridex. “Volatility in procedure volumes from COVID surges began to subside mid-quarter, leading to a stronger second half of the quarter as many of our customers’ practices returned to more normal activity.”
“We also mitigated our exposure to potential supply chain risks by increasing inventory of long-lead parts and making pre-payments to suppliers to ensure delivery commitments in the quarters to come, resulting in increases of inventory and prepaid expenses by about
“We plan to continue our focused investment in clinical evidence, KOL support, and expanding physician-to-physician messaging on the benefits of our MicroPulse TLT treatment to drive worldwide adoption and remain confident in our plan to deliver strong results throughout 2022,” concluded Bruce.
First Quarter 2022 Financial Results
Revenue for the three months ended April 2, 2022 increased
Total product revenue from the Cyclo G6 glaucoma product family was
Gross profit for the first quarter of 2022 increased
Operating expenses for the first quarter of 2022 increased
Net loss for the first quarter of 2022 was
Guidance for Full Year 2022
Iridex reiterates its guidance for Cyclo G6 probe sales of 67,000 to 70,000 representing
Webcast and Conference Call Information
Iridex’s management team will host a conference call today beginning at 2:00 p.m. PT / 5:00 p.m. ET. Investors interested in listening to the conference call may do so by dialing (844) 707-0665 for domestic callers or (703) 326-3030 for international callers, using conference ID: 3366993. A live and archived webcast of the event will be available on the “Investors” section of the Company’s website at: www.iridex.com.
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, 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 Securities and Exchange Commission for the fiscal year ended January 1, 2022.
Investor Relations Contact
Hunter Cabi
investors@iridex.com
IRIDEX Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
Three Months Ended | ||||||||
April 2, | April 3, | |||||||
2022 | 2021 | |||||||
Total revenues | $ | 13,387 | $ | 11,959 | ||||
Cost of revenues | 7,410 | 7,020 | ||||||
Gross profit | 5,977 | 4,939 | ||||||
Operating expenses: | ||||||||
Research and development | 2,116 | 1,165 | ||||||
Sales and marketing | 4,300 | 2,982 | ||||||
General and administrative | 1,838 | 2,633 | ||||||
Total operating expenses | 8,254 | 6,780 | ||||||
Loss from operations | (2,277 | ) | (1,841 | ) | ||||
Other expense, net | (94 | ) | (161 | ) | ||||
Loss from operations before provision for income taxes | (2,371 | ) | (2,002 | ) | ||||
Provision for income taxes | 20 | 8 | ||||||
Net loss | $ | (2,391 | ) | $ | (2,010 | ) | ||
Net loss per share: | ||||||||
Basic | $ | (0.15 | ) | $ | (0.14 | ) | ||
Diluted | $ | (0.15 | ) | $ | (0.14 | ) | ||
Weighted average shares used in computing net loss per share | ||||||||
Basic | 15,881 | 14,346 | ||||||
Diluted | 15,881 | 14,346 |
IRIDEX Corporation
Condensed Consolidated Balance Sheets
(In thousands and unaudited)
April 2, | January 1, | |||||||
2022 | 2022 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 20,621 | $ | 23,852 | ||||
Accounts receivable, net | 10,451 | 9,716 | ||||||
Inventories | 9,091 | 7,614 | ||||||
Prepaid expenses and other current assets | 1,766 | 1,071 | ||||||
Total current assets | 41,929 | 42,253 | ||||||
Property and equipment, net | 363 | 428 | ||||||
Intangible assets, net | 2,157 | 2,205 | ||||||
Goodwill | 965 | 965 | ||||||
Operating lease right-of-use assets, net | 2,332 | 2,565 | ||||||
Other long-term assets | 278 | 271 | ||||||
Total assets | $ | 48,024 | $ | 48,687 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 4,353 | $ | 3,399 | ||||
Accrued compensation | 2,325 | 3,192 | ||||||
Accrued expenses | 1,646 | 1,575 | ||||||
Other current expenses | 853 | 1,098 | ||||||
Accrued warranty | 117 | 100 | ||||||
Deferred revenue | 2,356 | 2,355 | ||||||
Operating lease liabilities | 938 | 927 | ||||||
Total current liabilities | 12,588 | 12,646 | ||||||
Long-term liabilities: | ||||||||
Accrued warranty | 76 | 58 | ||||||
Deferred revenue | 12,531 | 10,930 | ||||||
Operating lease liabilities | 1,479 | 1,729 | ||||||
Other long-term liabilities | 24 | 25 | ||||||
Total liabilities | 26,698 | 25,388 | ||||||
Stockholders' equity: | ||||||||
Common stock | 168 | 168 | ||||||
Additional paid-in capital | 85,645 | 85,255 | ||||||
Accumulated other comprehensive income (loss) | 73 | 45 | ||||||
Accumulated deficit | (64,560 | ) | (62,169 | ) | ||||
Total stockholders' equity | 21,326 | 23,299 | ||||||
Total liabilities and stockholders' equity | $ | 48,024 | $ | 48,687 |
FAQ
What were Iridex's first quarter 2022 revenue and growth?
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