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IRIDEX Reports Record 2012 Fourth Quarter Results
Date:2/28/2013

riven with an eye to profitability. We are now investing in products that our customers want, that can be delivered to the market in a reasonable amount of time and that are aligned with growing clinical trends in ophthalmology.  And we are making these changes in the framework of fiscal controls and a focus on generating cash and enhancing shareholder value."

Moore continued, "Going forward, we will look to grow and increase profitability, we will be opportunistic in acquiring or partnering with ophthalmic companies that have developed excellent technologies and we will continue to deploy cash from our strong balance sheet and profitable operations to directly benefit our shareholders through our share buyback program. For the last two years we had committed up to $4.0 million to our stock repurchase program which ended this February. Today, the Board approved a new one year $3.0 million stock repurchase program that replaces our prior two year $4.0 million program."

The preceding commentary relates to the results of the Company's continuing ophthalmology business. In February 2012, the Company sold its aesthetics laser business and the financial statements reflect the results of its aesthetics laser business as discontinued operations.

Fourth Quarter Business Highlights

  • The Company completed a tender offer that resulted in the repurchase of an aggregate of 487,500 shares of its common stock at a purchase price of $4.10 per share, for a total cost of approximately $2.0 million.  Those shares represented approximately 5.5 percent of IRIDEX's then issued and outstanding shares of common stock. 
  • The Company announced FDA 510(k) and CE clearance of the TxCell™ Scanning Laser Delivery System.
    This new product saves significant time in a variety of laser photocoagulation procedures by allowing physicians to deliver the laser in a multi-spot scanning mode, a more efficient method for these procedures than th
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  • SOURCE IRIDEX Corporation
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    1. IRIDEX Announces Fourth Quarter and Full Year 2012
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    3. IRIDEX Corporation Announces Preliminary Results of its Tender Offer
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