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IRIDEX Reports 2011 Third Quarter and Nine-Month Results
Date:11/3/2011

MOUNTAIN VIEW, Calif., Nov. 3, 2011 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the third quarter ended October 1, 2011.

  • Revenues were $10.8 million, gross margins were 45.4% and operating expenses were $4.4 million for the third quarter of 2011 compared to guidance of $10 million, 45%, and $4.5 million, respectively.
  • Direct ophthalmology sales grew 3% in the third quarter of 2011 and 7% in the nine months of 2011. In Q3 2010, the Company benefited from an unusually large US Army order for $0.5 million. Excluding this item, direct ophthalmology sales grew 11% for the third quarter and 9% for the nine months of 2011.
  • For the third quarter of 2011, earnings were $0.3 million or $0.03 per diluted share, compared to $0.9 million or $0.09 per diluted share reported in the third quarter of 2010.
  • For the first nine months of 2011, earnings were $1.8 million or $0.18 per diluted share, compared to $2.2 million or $0.22 per diluted share reported in the first nine months of 2010. Total sales increased to $32.8 million, up 4% from $31.5 million.

  • "Third quarter results exceeded guidance for all categories: revenue, gross margin and operating expenses. We were especially pleased to see our core ophthalmology business grow 3% in spite of the macroeconomic uncertainties in the US and Europe and the impact these uncertainties typically have on capital expenditures," said newly appointed President and CEO Dominik Beck. "Our largest trade show, the Annual Meeting of the American Academy of Ophthalmology, was in October and we were pleased with the business activity at the Academy."

    "Since taking the CEO role several weeks ago, I have been encouraged and impressed with the many areas of opportunity that exist for the Company, and I strongly believe I have joined IRIDEX at the right time. Having successfully
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    SOURCE IRIDEX Corporation
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