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.
"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
Conference Call IRIDEX management will conduct a conference call later today, Thursday, May 5, 2011 at 5:00 p.m. Eastern Time. Interested parties may access the live conference call via telephone by dialing (877) 941-1466 (U.S.) or (480) 629-9868 (International) and quoting Conference ID 4435858, or by visiting the Company's website at www.iridex.com. A telephone replay will be available beginning on Thursday, May 5, 2011 through Thursday, May 12, 2011 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (International) and entering Access Code 4435858. In addition, later today an archived version of the webcast will be available on the Company's website at www.iridex.com.
About IRIDEX IRIDEX Corporation was founded in 1989 and is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems and delivery devices. We provide solutions for multiple specialties, including ophthalmology, dermatology and otolaryngology. 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 100 independent distributors into 107 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 Company's strategic plans, growth initiatives, new products and projected 2011 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 January 1, 2011 which was 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.
TABLES FOLLOWIRIDEX CorporationCondensed Consolidated Statements of Operations(Unaudited, in thousands except per share data)Three Months EndedApril 2,April 3,20112010Revenues
$11,212$10,758Cost of revenues
5,2385,225Operating expenses:Research and development
9641,027Sales and marketing
2,4572,338General and administrative
1,2051,257Total operating expenses
4,6264,622Income from operations
612603Interest and other income (expense), net
52(62)Income before provision for income taxes
664541Provision for income taxes
$566$485Net income per share - basic
$0.06$0.05Net income per share - diluted
$0.06$0.05Shares used in computing net income per share - basic
8,9648,850Shares used in computing net income per share - diluted
10,2159,991IRIDEX CorporationCondensed Consolidated Balance Sheets(In thousands, except for share data)April 2,January 1,20112011Assets(unaudited)Current Assets:Cash and cash equivalents
$8,569$ 9,014Accounts receivable, net
9,1979,212Prepaid expenses and other current assets
601620Total current assets
26,48626,372Property and equipment, net
325360Other intangible assets, net
473473Other long-term assets
$29,304$ 29,220Liabilities and Stockholders' EquityCurrent Liabilities:Accounts payable
$ 2,007$ 1,981Accrued compensation
2,2222,134Total current liabilities
8,7909,197Long Term Liabilities:Other long-term liabilities
9,3959,793Stockholders' Equity:Convertible preferred stock
9189Additional paid-in capital
41,40841,168Accumulated other comprehensive loss
(228)(205)Treasury stock, at cost
(20,634)(21,200)Total stockholders' equity
19,90919,427Total liabilities and stockholders' equity
$ 29,304$ 29,220
|SOURCE IRIDEX Corporation|
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