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IRIDEX Reports Growing Revenue and Profits in 2011 First Quarter
Date:5/5/2011

MOUNTAIN VIEW, Calif., May 5, 2011 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported that growing demand for new products and consumables drove sales and improved financial results for the first quarter ended April 2, 2011.

  • Earnings increased 17% to $0.6 million or $0.06 per diluted share, up from $0.5 million or $0.05 per diluted share reported in the first quarter 2010.
  • Direct ophthalmology sales grew 10%.
  • Total sales increased to $11.2 million in the first quarter 2011, up 4% from $10.8 million in the prior year period.  
  • Management reaffirmed its goal of growth from existing ophthalmology business lines being at least 10% for 2011, with any growth from acquisitions additive to that rate.

    • "The first quarter results marked a great start to the year as we met or exceeded our internal goals in almost all commercial categories. Our direct ophthalmology business grew 10% in the first quarter as we saw an uptick in both capital equipment and growth in consumable sales," stated Theodore A. Boutacoff, President and CEO. "We also continue to see growing academic and clinical interest in our MicroPulse™ technology, which customers are using to perform tissue sparing laser photocoagulation procedures."

    "Furthermore, today we announced that the board approved a $2 million share repurchase program. We see this as an additional tactic in our overall goal of increasing shareholder value and follows on from our recent purchase of the remaining 76,000 shares held by American Medical Systems Holding, Inc."

    Guidance for second quarter of fiscal year 2011: revenue between $10.7 million and $11.0 million representing an 8% to 11% increase over Q2 2010, gross margins between 46% and 49% and operating expenses between $4.5 million and $4.7 million.  

    2011 First Quarter Business Highlights

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