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IRIDEX Corporation (IRIX) Reports 2014 Second Quarter, Six-Month Results



8/1/2014 6:56:27 AM

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MOUNTAIN VIEW, Calif., July 31, 2014 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the second quarter and six months ended June 28, 2014. 

  • Revenues were $10.6 million in the second quarter of 2014, up 15% from $9.2 million in the 2013 second quarter and up sequentially from $10.3 million in the first quarter of 2014. Revenues for the first six months of 2014 were $20.9 million, up 15% from $18.1 million in the first six months of last year.
  • Gross margin for the quarter was 50.0%, up from 48.7% in the second quarter of last year and up from 48.9% in the 2014 first quarter.
  • Operating income in the 2014 second quarter was $0.4 million compared with operating income of $0.5 million in last year's second quarter. 
  • Net income was $0.3 million, or $0.03 per diluted share, for the second quarter of 2014, compared to net income in last year's second quarter of $0.4 million, or $0.04 per diluted share.  Net income for the first half of 2014 was $0.8 million, or $0.07 per diluted share, compared to net income for the first half of 2013, which included a one-time insurance gain of $0.5 million in the 2013 first quarter, of $1.3 million, or $0.13 per diluted share.
  • Guidance for third quarter of 2014: The company expects to achieve revenue of $10.0 million to $10.3 million, representing growth of 5% to 8% over last year's third quarter. Gross margin is anticipated to come in between 48% and 50%, and operating expenses are expected to be $4.6 million to $4.8 million.

President and CEO Will Moore said, "The second quarter was the fifth straight quarter of double digit percentage revenue growth and, clearly, was the strongest quarter of domestic system sales in the company's history.  Sales of these systems grew by more than 80% over the prior year quarter, which we see as continued evidence that MicroPulse® is becoming more accepted as a leading treatment for diabetes-related retinal disease. The therapeutic benefits to patients are well documented and the advantageous economic benefits of MicroPulse as compared to drugs and other treatment modalities to health care systems are becoming more obvious."

2Q 2014 Business Highlights

  • Data from a one-year, multi-center study demonstrating the safety and durability of MicroPulse technology as a treatment for glaucoma was presented at the American Society of Cataract and Refractive Surgeons (ASCRS) conference in April.
  • More than 300 ophthalmologists attended a symposium led by Drs. Ike Ahmed, David Gossage and Elias Reichel on the versatility of MicroPulse as a treatment option for various retinal diseases and as a treatment option for glaucoma at ASCRS.

Share Repurchase Program
As of last week, the company has satisfied its share repurchase program established in February, 2013, buying approximately 377,000 shares at an average price of $7.97.  Effective today, the IRIDEX Board of Directors established a new share repurchase program, allowing the purchase of up to $3.0 million worth of the company's common stock over the next 12 months.

Conference Call
IRIDEX management will conduct a conference call later today, Thursday, July 31, 2014, at 5:00 pm Eastern Time.  Interested parties may access the live conference call by dialing (877) 407-0784 (US) or (201) 689-8560 (International) and requesting the IRIDEX Second Quarter 2014 Earnings Conference Call, or by visiting the company's website at www.iridex.com.  A telephone replay will be available beginning on Thursday, July 31, 2014 through Thursday, August 7, 2014 by dialing (877) 870-5176 (US) or (858) 384-5517 (International) and entering Replay Pin # 13586659.  In addition, later today an archived version of the webcast will be available on the company's website at www.iridex.com.

About IRIDEX
IRIDEX Corporation was founded in 1989 and 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.

To read full press release, please click here.

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