IRIDEX Announces Preliminary Operational and Financial Results for Fourth Quarter and Full Year 2019
January 13 2020 - 4:05PM
IRIDEX Corporation (Nasdaq: IRIX) today provided preliminary
operational and financial results for the fourth quarter and full
year ended December 28, 2019.
Highlights
- Total revenue for the fourth quarter of 2019 expected to be
$11.6 - $11.8 million, compared to $11.5 million in the fourth
quarter of 2018.
- Total revenue for 2019 expected to be $43.3 - $43.5 million,
compared to $42.6 million in 2018.
- Shipped 13,500 - 13,900 G6 probes in the fourth quarter and
53,300 - 53,700 G6 probes in the full year 2019, delivering
approximately 17% growth over fiscal year 2018.
- Shipped 104 - 109 Cyclo G6® Glaucoma Laser Systems in the
fourth quarter 2019, and 385 - 390 systems for fiscal year
2019.
- Net cash and cash equivalents of approximately $12.6 million as
of December 28, 2019, representing net cash burn of $0.3 million in
the fourth quarter of 2019.
“We are pleased with our solid results for the fourth quarter
and look to build on those in 2020,” said David I. Bruce, President
and CEO of IRIDEX. “Our execution has achieved strong
glaucoma probe growth, even as we are early in the shift of our
sales processes to drive broader physician adoption and probe
utilization. We also launched our revised glaucoma probe this
quarter and converted over 100 physicians with positive response to
its improvements. Our focus on operating efficiencies
combined with strong collection of receivables continues to deliver
reduction in our use of cash and allows extended runway to execute
our market growth plans using cash on hand and working
capital. With this commercial and operational structure in
place, we believe that we are positioned to achieve long-term,
sustainable growth and increased value for IRIDEX.”
These preliminary results are based on management's initial
analysis of operations for the quarter and year ended December 28,
2019 and are subject to further internal review and audit by the
Company's external auditors. IRIDEX expects to issue fourth quarter
and full year 2019 financial results in March 2020, at which time
the Company plans to provide guidance for full year 2020.
About IRIDEXIRIDEX Corporation is a worldwide
leader in developing, manufacturing, and marketing innovative and
versatile laser-based medical systems, delivery devices and
consumable instrumentation for the ophthalmology market. The
Company’s proprietary MicroPulse® technology delivers a
differentiated treatment that provides safe, effective, and proven
treatment for targeted sight-threatening eye conditions. IRIDEX’s
current product line is used for the treatment of glaucoma and
diabetic macular edema (DME) and other retinal diseases. IRIDEX
products are sold in the United States through a direct sales force
and internationally primarily through a network of independent
distributors into more than 100 countries. For further information,
visit the IRIDEX website at 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, including those statements
concerning the demand for and utilization of the Company's
products, expectations for growth, and the Company’s unaudited
results for the fourth quarter and fiscal year 2019. 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 December 29, 2018, and Quarterly Reports on Form 10-Q for
subsequent fiscal quarters, 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.
Investor Relations ContactLeigh Salvo(415)
937-5404investors@iridex.com
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