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IRIDEX Reports 2013 First Quarter Results
Date:5/2/2013

MOUNTAIN VIEW, Calif., May 2, 2013 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the first quarter ended March 30, 2013.

  • Ophthalmology revenues in the first quarter were $8.9 million, a first quarter record, compared to $8.3 million in the prior year period.
  • Gross margin for the first quarter was 47.3%, compared to 48.0% in the prior year period. Margins were impacted in the quarter by strong international sales through our distributor network with a product mix favoring laser systems, which have lower margins than the Company's consumable products.
  • Operating expenses were $3.8 million in the first quarter which were reduced to $3.3 million as a result of the Company receiving $0.5 million in the form of a cash distribution from an insurance carrier. This compares to $4.2 million in the prior year period.
  • Income from continuing operations for the first quarter was $0.9 million, or $0.10 per basic share ($0.09 per diluted share), compared with a loss from continuing operations of $0.3 million, or $0.03 loss per basic and diluted share, in the prior year period.  
  • Guidance for second quarter 2013: The Company expects to achieve revenues between $8.9 million and $9.2 million and gross margins between 47% and 49%. Operating expenses are expected to be between $4.0 million and $4.2 million.
  • CEO William M. Moore said, "We demonstrated good execution in the first quarter as the Company increased revenues and profits.  In addition to these commercial and operational gains, we completed the successful product launch of TxCell™, our high speed scanning laser delivery system, and concluded negotiation of a beneficial selling and supply chain agreement with Peregrine Surgical. Of particulate note, the percentage of customers ordering new lasers with MicroPulse™ in the first
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    SOURCE IRIDEX Corporation
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