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IRIDEX Reports Strong Growth and Profits in 2010 Fourth Quarter
Date:3/3/2011

MOUNTAIN VIEW, Calif., March 3, 2011 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported that growing demand for new products and consumables drove sales and improved financial results for the fourth quarter ended January 1, 2011.

  • Diluted earnings increased 62% to $0.8 million or $0.08 per share, up from $0.5 million or $0.05 per diluted share reported in the fourth quarter 2009.
  • Total sales increased to $12.2 million in the 2010 fourth quarter, up 6% from the $11.6 million in the prior year period.  
  • Gross margin was 48.2%, up from 45.6% in the prior year period.
  • Operating expenses were $4.7 million comparing favorably on a percentage basis from both prior year and prior quarter periods as expenses remained well controlled.
  • $1.9 million in cash generated for the quarter.
  • Management reaffirmed its goal of growth from existing ophthalmology business lines being at least 10 percent for 2011, with any growth from acquisitions additive to that rate.
  • Guidance for first quarter of fiscal year 2011: normal Q1 seasonality should result in revenue between $10.6 million and $10.9 million, gross margins between 46% and 49% and operating expenses between $4.5 million and $4.7 million.  

  • "We had an excellent fourth quarter. Excluding OEM revenue, our ophthalmology business grew 14% from $7.8 million in the fourth quarter 2009 to $8.9 million in the 2010 period driven by both increased equipment and consumable sales," stated Theodore A. Boutacoff, President and CEO. "We had our best quarter to date for sales of our recently introduced IQ577 and have seen increased and broader interest in our MicroPulse™ technology, which customers are using to perform tissue sparing laser photocoagulation."

    Diluted earnings for fiscal 2010 increased 18% to $3.0 million, or $0.30 per diluted share, from $2.6 million, or $0.26 per diluted share, for fiscal 2009.  For fiscal 2010, total sales were $43.7 million, up modestly from the $43.2 million in fiscal 2009.  Gross profits and operating expenses were also slightly higher in 2010 over the prior year.  

    "We achieved a record $2.8 million operating income for the year and maintained excellent cash generation. We started the year with $3.5 million in debt and $9.4 million in cash and closed the year with no debt and $9 million in cash. Having executed a difficult financial and operational turnaround over the past 2 years, we enter 2011 with increased financial strength and important new technologies available to market.  That improved operating platform positions us well to now accelerate growth through executing our strategy of organic initiatives supplemented by smart acquisitions," continued Mr. Boutacoff.

    2010 Business Highlights

  • Acquired ophthalmology products from RetinaLabs – first acquisition as part of strategy to broaden consumable product portfolio.
  • First commercial shipment of IQ532 laser system – second new laser based on common platform introduced within one year of launch of IQ577 laser system.
  • Publication of study demonstrating IRIDEX MicroPulse laser effectively treats eyes with diabetic macular edema with results showing improved retinal sensitivity to standard laser treatment – growing body of evidence in support of clinical benefits of performing tissue sparing laser photocoagulation.
  • Granted U.S. Patent for MicroPulse Technology – MicroPulse Technology provides the ophthalmologist with fine dose control of laser energy during eye surgery, giving IRIDEX a competitive advantage in developing tissue sparing laser systems.
  • IRIDEX began shipment of extended EndoProbe device family to Japan - another step in our global strategy of growing our consumable instrumentation product revenues.
  • First commercial shipment of adjustable and intuitive EndoProbe® - the Adjustable Laser Probe speeds up treatments by allowing continuous adjustment of the optical fiber over a wide range of angles for full coverage of the peripheral retina without requiring removal and reinsertion of the probe from the eye.
  • Granted U.S. Patent for adjustable laser probe for eye surgery - demonstrates our continued focus on ways to increase the value of our consumable instrumentation line by offering novel and creative product solutions to our ophthalmology customers.
  • Received CE approval for consumable products – products acquired as part of the RetinaLabs acquisition completed earlier in the year can now be sold in a number of overseas markets through IRIDEX's distribution channels.

  • Conference Call IRIDEX management will conduct a conference call later today, Thursday, March 3, 2011 at 5:00 p.m. Eastern Time.  Interested parties may access the live conference call via telephone by dialing (877) 941-0844 (U.S.) or (480) 629-9645 (International) and quoting Conference ID 4414639, or by visiting the Company's website at www.iridex.com. A telephone replay will be available beginning on Thursday, March 3, 2011 through Wednesday, March 9, 2011 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (International) and entering Access Code 4414639. 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 2, 2010 and our Quarterly Report on Form 10-Q for the third quarter ended October 2, 2010, each of 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(In thousands, except per share data)(unaudited)Three Months EndedYear EndedJanuary 1,January 2,January 1,January 2,2011201020112010Revenues

    $ 12,228$ 11,563$ 43,694$ 43,212Cost of revenues

    6,3356,28922,79122,939Gross profit

    5,8935,27420,90320,273Operating expenses:Research and development

    9019743,8143,609Sales and marketing

    2,8202,5079,8049,273General and administrative

    9981,0064,4884,873Total operating expenses

    4,7194,48718,10617,755Income from operations

    1,1747872,7972,518Legal settlement

    --800800Interest and other expense, net

    (29)(40)(78)(237)Income before income taxes

    1,1457473,5193,081Provision for income taxes

    308230473496Net income

    $
    837$ 517$ 3,046$ 2,585Net income per share - basic

    $ 0.09$ 0.06$ 0.34$ 0.29Net income per share - diluted

    $ 0.08$ 0.05$ 0.30$ 0.26Shares used in computing net income per share - basic

    8,9828,8478,9438,840Shares used in computing net income per share - diluted

    10,2009,92810,1349,940IRIDEX CorporationCondensed Consolidated Balance Sheets(In thousands)

    (unaudited)January 1,January 2,20112010Assets(unaudited)Current Assets:Cash and cash equivalents

    $ 9,014$ 9,378Accounts receivable, net

    7,5267,482Inventories, net

    9,2128,999Prepaids and other current assets

    620470Total current assets

    26,37226,329Property and equipment, net

    360486Other long-term assets

    218323Other intangible assets, net

    1,7971,153Goodwill

    4730Total assets

    $ 29,220$ 28,291Liabilities and Stockholders' EquityCurrent Liabilities:Accounts payable

    $ 1,981$ 1,872Bank line of credit

    03,520Accrued compensation

    2,3042,171Accrued expenses

    1,8221,983Accrued warranty

    9561,165Deferred revenue

    2,1342,405Total current liabilities

    9,19713,116Long Term Liabilities:Other long-term liabilities

    596149Total liabilities

    9,79313,265Stockholders' Equity:Convertible preferred stock

    55Common Stock

    8989Additional paid-in capital

    41,16839,820Accumulated other comprehensive loss

    (205)(212)Treasury stock, at cost

    (430)(430)Accumulated deficit

    (21,200)(24,246)Total stockholders' equity

    19,42715,026Total liabilities and stockholders' equity

    $  29,220$ 28,291
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    SOURCE IRIDEX Corporation
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