MOUNTAIN VIEW, Calif., Aug. 1, 2013 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the second quarter ended June 29, 2013.
President and CEO Will Moore said, "Sales of both consumable products and systems continued to be strong in the second quarter, including solid contributions from our licensing and distribution partner and from the Peregrine distribution agreement announced in April. The repositioned IRIDEX is now thinking and executing like a commercial organization and the benefits of that orientation are becoming clear in the financial results."
Moore continued, "While we are not yet at the tipping point in the broad industry, the upside for our MicroPulse™ technology continues to grow for both Diabetic Macular Edema and more recently for Glaucoma. Literally dozens of clinical publications – most without any financial support from the Company – have been presented or printed in the past 6 months. Physicians are not only adopting the technology in growing numbers, they are anxious to drive the technology into new areas of therapy due to the safety and efficacy of MicroPulse. We couldn't be happier with the efforts of leading physicians in the field that are pushing the use of our technology forward to the benefit of patients and the healthcare system. The refrain we are hearing is that the system can simply no longer support the use of drug-only treatment regimens with the advent of MicroPulse tissue sparing laser options."
During the second quarter 2013, the Company continued to execute its share repurchase program. Approximately 17,000 shares have been repurchased at an average price of $4.50 under the plan approved in February 2013.
1H 2013 Business Highlights
IRIDEX management will conduct a conference call later today, Thursday, August 1, 2013 at 5:00 p.m. Eastern Time. Interested parties may access the live conference call via telephone by dialing (877) 941-8631 (U.S.) or (480) 629-9772 (International) and quoting Conference ID 4631102, or by visiting the Company's website at www.iridex.com. A telephone replay will be available beginning on Thursday, August 1, 2013 through Thursday, August 8, 2013 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (International) and entering Access Code 4631102. In addition, later today an archived version of the webcast will be available on the Company's website at www.iridex.com.
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 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 both direct and independent sales forces 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 Statement
This 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 success of the Company's marketing and sales efforts and operational execution, MicroPulse laser therapy, sales revenue growth, operational plans and the Company's projected fiscal 2013 third quarter 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 29, 2012 and Quarterly Report on Form 10-Q for the fiscal quarter ended March 30, 2013 which were 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 EndedSix Months EndedJune 29,June 30,June 29,June 30,2013201220132012Total revenues
$9,210$8,445$18,149$16,750Cost of revenues
4,4824,1118,7138,097Operating expenses:Research and development
8841,1061,8802,288Sales and marketing
1,8462,1223,4713,986General and administrative
1,2371,2332,4232,409Proceeds from demutualization of insurance carrier
--(473)-Total operating expenses
3,9674,4617,3018,683Income (loss) from operations
515(350)1,412(586)Other (expense) income, net
(97)752(115)725Income from continuing operations before provision for income taxes
4184021,297139Provision for income taxes
3587Income from continuing operations, net of tax
4153971,289132Income (loss) from discontinued operations, net of tax
-(61)-(223)Gain on sale of discontinued operations, net of tax
---2,032Income (loss) from discontinued operations, net of tax
$415$336$1,289$1,941Net income (loss) per share:BasicContinuing operations
$0.04$0.03$0.13$0.19Weighted average shares used in computing net income per share Basic
Condensed Consolidated Balance Sheets
(unaudited)June 29,December 29,20132012AssetsCurrent Assets:Cash and cash equivalents
,901Accounts receivable, net
8,9408,035Prepaid and other current assets
1,0951,129Current assets of discontinued operations
-510Total current assets
29,68827,055Property and equipment, net
432483Intangible assets, net
533533Other long-term assets
28,912Liabilities and Stockholders' EquityCurrent Liabilities:Accounts payable
1,0181,004Total current liabilities
6,6836,367Long-Term Liabilities:Other long-term liabilities
7,1447,007Stockholders' Equity:Convertible preferred stock
10294Additional paid-in capital
(15,863)(17,152)Total stockholders' equity
24,22621,905Total liabilities and stockholders' equity
|SOURCE IRIDEX Corporation|
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