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IRIDEX Reports 2013 Third Quarter Results
Date:10/31/2013

MOUNTAIN VIEW, Calif., Oct. 31, 2013 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the third quarter ended September 28, 2013. 

  • Revenues were $9.5 million in the third quarter of 2013, up 21% from $7.9 million in the prior year comparable period and up sequentially from $9.2 million in the second quarter of 2013.
  • Gross margin for the third quarter of 2013 was 49.6%, comparable to 49.6% in the prior year period and up from 48.7% in the 2013 second quarter.
  • For the third quarter of 2013, operating income was $0.7 million compared with an operating loss of $0.6 million for the third quarter of 2012.
  • Net income from continuing operations was $0.5 million, or $0.05 per diluted share, for the third quarter of 2013, compared to a net loss of $0.6 million, or a loss of $0.06 per diluted share, in the third quarter of 2012.
  • Guidance for fourth quarter: The Company expects to achieve revenue between $10.2 million and $10.5 million, representing growth of between 11% and 14% over the prior year period. Gross margin is anticipated to come in between 49% and 51%, operating expenses between $4.4 million and $4.6 million, and the Company anticipates generating operating income.
  • President and CEO Will Moore said, "We saw strong sales of both consumable products and laser systems in the third quarter, exceeding our revenue guidance. We are particularly pleased because historically our third quarter is a lighter sales quarter. The integration of the independent sales force, inherited in the US with the Peregrine deal announced last quarter, has had an immediate positive impact on consumable sales.

    "The market acceptance of our MicroPulse™ tissue sparing treatments for diabetes related vision loss and glaucoma continues to gain ground." Continued Moore, "We saw increased sales of
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    SOURCE IRIDEX Corporation
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