MOUNTAIN VIEW, Calif., Oct. 30, 2014 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the third quarter and nine months ended September 27, 2014.
- Revenues were $10.1 million in the third quarter of 2014, a record for the company’s third quarter and up 6% from $9.5 million in the 2013 third quarter. Revenues for the first nine months of 2014 were $31.0 million, up 12% from $27.7 million in the first nine months of last year.
- Gross margin for the quarter was 50.9%, up from 49.6% in the third quarter of last year and up from 50.0% in the 2014 second quarter.
- Operating income in the 2014 third quarter was $0.6 million compared with operating income of $0.7 million in last year’s third quarter.
- Net income was $0.5 million, or $0.05 per diluted share, for the third quarter of 2014, compared to net income in last year’s third quarter of $0.5 million, or $0.05 per diluted share. Net income for the first nine months of 2014 was $1.3 million, or $0.12 per diluted share, compared to net income for the first nine months of 2013 of $1.8 million (including a one-time insurance gain of $0.5 million), or $0.18 per diluted share.
- Guidance for fourth quarter of 2014: The company expects to achieve revenue of $10.9 million to $11.2 million, which compares to revenues of $10.6 million for the 2013 fourth quarter. Gross margin is anticipated to come in between 49% and 51%, and operating expenses are expected to be $4.7 million to $4.9 million.
President and CEO Will Moore said, “We posted a solid quarter and continue to track against our goals for the year both on the top and bottom lines. Our double-digit top-line revenue growth has, to date, been driven by the growing adoption of MicroPulse® for treatment of retinal diseases. For the first nine months of 2014, revenues from our system sales are up 26% over last year.”
Mr. Moore continued, “Looking to 2015, glaucoma is expected to be a major focus for the company. We are preparing to add to our offerings with an innovative family of glaucoma products based on our Cyclo G6 glaucoma laser system. Data being generated by leading physicians who have been working with IRIDEX on this new system indicate that MicroPulse treatment can be an important new alternative for the millions of non-compliant glaucoma patients for whom drug-based treatments are failing, prior to invasive surgical procedures. We anticipate successful adoption of the Cyclo G6 glaucoma laser system will lead to significant growth in our procedure based revenues.”
Recent Business Highlights
- At the Annual Meeting of the American Academy of Ophthalmology held earlier this month, the company hosted a MicroPulse worldwide 3-day forum which was well attended by physicians, and introduced a new family of patented Adjustable & Intuitive Extended Reach laser probes.
- The United States Patent and Trademark Office granted IRIDEX a patent for a new proprietary disposable delivery device which forms part of the Cyclo G6 laser system.
- More than 150 physicians attended a workshop on MicroPulse Laser Therapy at the joint congress of the European Society of Retina Specialists (EURETINA) and European Society of Cataract and Refractive Surgeons (ESCRS) meeting in London. In addition, the EURETINA society independently hosted an official instructional course on MicroPulse technology as part of its society curriculum.
Share Repurchase Program
During the 2014 third quarter, the company continued to execute its share repurchase program. Approximately 146,000 shares were repurchased at an average price of $7.98 during the 2014 third quarter.
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