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IRIDEX Reports 2012 Third Quarter Results
Date:11/1/2012

MOUNTAIN VIEW, Calif., Nov. 1, 2012 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the third quarter ended September 29, 2012.  

  • Ophthalmology revenues in the third quarter were $7.9 million, compared to $8.3 million in the prior year period.
  • Gross margin for the third quarter improved to 49.6%, compared to 48.3% in the prior year period and up from 48.7% in the second quarter.
  • Operating expenses, excluding one-time severance expenses of $0.7 million were $3.8 million in the third quarter compared to $3.7 million in the prior year period and $4.5 million in the second quarter.
  • Loss from continuing operations for the third quarter was $0.6 million or $0.06 per diluted share, compared with income from continuing operations of $0.3 million, or $0.02 per diluted share, in the prior year period.  
  • Guidance for fourth quarter: The Company expects to achieve revenues between $8.4 million and $8.7 million, gross margins between 49% and 51% and operating expenses between $4.0 million and $4.2 million.  The Company anticipates generating operating income in the fourth quarter.
  • Interim CEO William M. Moore said, "IRIDEX implemented a number of important strategic and operational realignments during the third quarter.  This included a management change at the end of August and the subsequent elimination or reassignment of several senior executive positions.  These personnel changes have been accompanied by an assessment of the Company's revenue and spending plans in order to give priority to investments that have the potential to deliver significant near term shareholder return via either new revenues or improved efficiencies.  The combination of changes was designed to improve performance and accountability at all levels of the organization."

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