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IRIDEX Reports Improved Third Quarter 2010 Financial Results
Date:11/4/2010

MOUNTAIN VIEW, Calif., Nov. 4, 2010 /PRNewswire-FirstCall/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the third quarter ended October 2, 2010.

  • Earnings of $0.9 million or $0.09 per diluted share, up from $0.6 million or $0.07 per diluted share reported in the third quarter 2009.
  • Total sales increased 4.0% to $10.8 million, exceeding the range of $10.0 million to $10.2 million provided in prior guidance. Sequentially, revenues grew 9.4% from $9.9 million in the 2010 second quarter.
  • Gross margin was 48.5%, exceeding guidance range of 45% to 48%, operating expenses were $4.4 million within the guidance range of $4.3 million to $4.5 million.
  • Guidance for fourth quarter: revenue between $11.0 million and $11.2 million, gross margins between 45% and 48% and operating expenses between $4.6 million and $4.8 million.

  • "Our performance improved in the third quarter. Excluding OEM revenue, our Ophthalmology business grew 5.8% from $7.4 million in the third quarter of 2009 to $7.9 million this quarter, and it was most rewarding to see our ophthalmology consumable revenues return to growth.  Consumables are an important part of our overall growth strategy as are strategic acquisitions," stated Mr. Theodore A. Boutacoff, President and CEO. "Gross margin was above our guidance range due to favorable product mix and volume efficiencies and we continue to manage our operating expenses well."

    "Our largest trade show, the Annual Meeting of the American Academy of Ophthalmology, was in October and we were extremely pleased with the improved business activity at the Academy with sales and leads generated at this meeting increasing significantly over the prior year, which we believe is indicative of a turnaround in the worldwide economies and an increasing interest in our wider product offering," continued Mr. Boutacof
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    SOURCE IRIDEX Corporation
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