MOUNTAIN VIEW, Calif., May 2, 2013 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the first quarter ended March 30, 2013.
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 quarter was approximately double that seen in last year's period, giving us one more indication that we are edging towards a technology-driven tipping point in the market."
Moore continued, "We will look to grow and increase profitability, invest in products that our customers want and that can be delivered to the market rapidly, and be opportunistic in acquiring or partnering with ophthalmic companies that have developed excellent technologies. Peregrine is a great example of such a partnership, as it allows us to market additional consumable products at different price points. The relationship should lower our supply chain costs and we are already, jointly, working on new product initiatives in the high-margin consumable product category."
The preceding commentary relates to the results of the Company's continuing ophthalmology business. In February 2012, the Company sold its aesthetics laser business and the financial statements reflect the results of its aesthetics laser business as discontinued operations.
Recent Business Highlights
Conference Call IRIDEX management will conduct a conference call later today, Thursday, May 2 at 5:00 p.m. Eastern Time. Interested parties may access the live conference call via telephone by dialing (877) 941-2927 (U.S.) or (480) 629-9725 (International) and quoting Conference ID 4615855, or by visiting the Company's website at www.iridex.com. A telephone replay will be available beginning on Thursday, May 2, 2013 through Thursday, May 9, 2013 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (International) and entering Access Code 4615855. In addition, later today an archived version of the webcast will be available on the Company's website at www.iridex.com.
About IRIDEXIRIDEX 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 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 and trends in the markets in which the Company operates, including market adoption of new technologies; the success of the Company's development, marketing and sales efforts, including the adoption of MicroPulse laser therapy devices; the Company's growth strategy; the Company's acquisition strategy; the Company's sales revenue growth, operational plans, and profitability expectations; the Company's projected fiscal 2013 financial results; and the Company's share repurchase program. 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 29, 2012 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.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)(unaudited)Three Months EndedMarch 30,March 31, 20132012Total revenues
8,305Cost of revenues
4,2313,986Operating expenses:Research and development
9961,182Sales and marketing
1,6251,864General and administrative
1,1861,176Proceeds from demutualization of insurance carrier
(473)-Total operating expenses
3,3344,222Income (loss) from continuing operations
897(236) Other expense, net
(18)(27)Income (loss) from continuing operations before provision for income taxes
879(263)Provision for income taxes
52 Income (loss) from continuing operations, net of tax
874(265) Loss from discontinued operations, net of tax
-(162) Gain on sale of discontinued operations, net of tax
-2,032 Income from discontinued operations, net of tax
,605Net income (loss) per share: Basic - Continuing operations
$0.10($0.03) Discontinued operations
0.000.21 Net income
$0.10$0.18 Diluted - Continuing operations
$0.09($0.03) Discontinued operations
0.000.21 Net income
$0.09$0.18Weighted average shares used in computing net income (loss) per share - basic
8,5118,933Weighted average shares used in computing net income (loss) per share - diluted
Condensed Consolidated Balance Sheets
(unaudited)March 30, December 29,20132012AssetsCurrent assets:Cash and cash equivalents
,901Accounts receivable, net
8,1478,035Prepaid expenses and other current assets
1,1231,129Current assets of discontinued operations
510510Total current assets
27,39227,055Property and equipment, net
440483Other intangible assets, net
533533Other long-term assets
28,912Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable
9431,004Total current liabilities
5,4836,367Long-term liabilities:Other long-term liabilities
6,0257,007Stockholders' equity:Convertible preferred stock
9594Additional paid-in capital
(16,278)(17,152)Total stockholders' equity
23,12721,905Total liabilities and stockholders' equity
|SOURCE IRIDEX Corporation|
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