MOUNTAIN VIEW, Calif., May 3, 2012 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the first quarter ended March 31, 2012. Due to the sale of the Company's aesthetics laser business in February 2012, the Company's financial statements reflect the results of its aesthetics laser business as discontinued operations and the following commentary relates to the results of its continuing ophthalmology business.
President and CEO Dominik Beck said, "While commercial traction from our new initiatives will likely show increasingly positive results in the second half of the year, we had a solid first quarter especially in terms of our efforts in the glaucoma market. We are repositioning our products – both equipment and disposables – in that segment with good results. In fact, demand for our G-Probe™ stepped up considerably in the period, outstripping supply and resulting in a modest backlog for the period."
Beck continued, "We are increasing our investment in people and programs to make the necessary product and organizational changes that will drive sales growth. We intend to balance our investments in line with our revenue growth to maintain profitability for the year."
"I believe there are a number of very promising trends in the ophthalmic space and that these trends can be turned into substantial growth opportunities for IRIDEX and allow us to grow faster than our historical rates. We are uniquely positioned as the only US public company with an exclusive focus on the large and growing retinal disease and glaucoma markets to capitalize on those opportunities."
During the first quarter 2012, the Company continued to execute its share repurchase program. Since the beginning of 2011, approximately 157,000 shares have been repurchased at an average price of $3.90. The Board of Directors has approved an extension of the Company's share repurchase program through March 2013 and an increase in the amount of cash available for the program to a total of $4 million.
Recent Business Highlights
Conference Call IRIDEX management will conduct a conference call later today, Thursday, May 3, 2012 at 5:00 p.m. Eastern Time. Interested parties may access the live conference call via telephone by dialing (877) 941-2332 (U.S.) or (480) 629-9773 (International) and quoting Conference ID 4533749, or by visiting the Company's website at www.iridex.com. A telephone replay will be available beginning on Thursday, May 3, 2012 through Thursday, May 10, 2012 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (International) and entering Access Code 4533749. 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 and otolaryngology market. We maintain a deep commitment to the success of our customers, with comprehensive technical, clinical, and service support programs. IRIDEX is dedicated to a standard of excellence, offering superior technology for superior results. IRIDEX products are sold in the United States through a direct sales force and internationally through a combination of a direct sales force and a network of approximately 70 independent distributors into over 100 countries. For further information, visit the Company's website at http://www.iridex.com/.
Safe Harbor StatementThis 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 Company's growth strategy, MicroPulse laser therapy, sales revenue growth, operational plans and the Company's projected fiscal 2012 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 December 31, 2011 which was filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and will not be updated.
IRIDEX CorporationCondensed Consolidated Statements of Operations(In thousands, except per share data)(unaudited)Three Months EndedMarch 31,April 2,20122011Total revenues
$8,305$8,196Cost of revenues
3,9864,084Operating expenses:Research and development
1,182963Sales and marketing
1,8641,778General and administrative
1,1761,083Total operating expenses
4,2223,824(Loss) income from operations
(236)260Other (expense) income, net
(27)4(Loss) income from continuing operations before income taxes
(263)264Provision for income tax
279(Loss) income from continuing operations, net of tax
(265)185(Loss) income from discontinued operations, net of tax
(162)381Gain on sale of discontinued operations, net of tax
2,032Income from discontinued operations, net of tax
$1,605$566Net (loss) income per share:BasicContinuing operations
$0.18$0.06Weighted average shares used in computing net income per share Basic
IRIDEX CorporationCondensed Consolidated Balance Sheets(In thousands)(unaudited)March 31,December 31,20122011AssetsCurrent Assets:Cash and cash equivalents
,789Accounts receivable, net
7,0386,659Prepaids and other current assets
1,172464Current assets of discontinued operations
1,3986,043Total current assets
28,60629,506Property and equipment, net
378325Other long-term assets
183199Other intangible assets, net
533533Restricted cash related to discontinued operations
510Non-current assets of discontinued operations
32,149Liabilities and Stockholders' EquityCurrent Liabilities:Accounts payable
9071,014Current liabilities of discontinued operations
2592,663Total current liabilities
5,9398,913Long-Term Liabilities:Other long-term liabilities
6,6589,723Stockholders' Equity:Convertible preferred stock
9392Additional paid-in capital
42,41442,032Accumulated other comprehensive loss(35)Treasury stock, at cost
(16,985)(18,590)Total stockholders' equity
24,26122,426Total liabilities and stockholders' equity
|SOURCE IRIDEX Corporation|
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