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IRIDEX Reports 2012 First Quarter Results
Date:5/3/2012

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

  • The Company closed the sale of its aesthetics business to Cutera, Inc. for approximately $5.1 million. The sale allows the resources of the entire organization to now focus on the substantial and growing opportunity in the worldwide retina and glaucoma markets.
  • The Company announced the results of a clinical study evaluating the use of IRIDEX' MicroPulse laser therapy to treat central serous chorioretinopathy (CSC), an eye disease which results in vision problems. The study concluded tissue-sparing MicroPulse laser is superior to anti-VEGF injections for CSC, also known as CSR.
  • The Company hired Ron Steckel as VP of Operations. Prior to joining IRIDEX, Mr. Steckel had exp
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  • SOURCE IRIDEX Corporation
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