IRIDEX Announces Preliminary Operational and Financial Results for Fourth Quarter and Full Year 2020
January 11 2021 - 4:05PM
IRIDEX Corporation (Nasdaq: IRIX) today provided preliminary
unaudited operational and financial results for the fourth quarter
and full year ended January 2, 2021.
Fourth Quarter 2020
- Total revenue expected to be $12.2 million to $12.4 million,
versus $11.8 million in the fourth quarter of 2019
- Cash and cash equivalents of approximately $11.6 million as of
January 2, 2021, representing a net cash burn of $0.3 million in
the fourth quarter, and $1.0 million for the full year 2020
- Sold 13,500 Cyclo G6® probes in the fourth quarter of 2020,
slightly above the prior year quarter
- U.S. sales of Cyclo G6 probes increased by 8% compared to prior
year fourth quarter, and set a new quarterly record, despite the
continuing impacts of COVID-19 restrictions
- Sold 56 Cyclo G6 Glaucoma Laser Systems in the fourth quarter,
compared to 105 in the prior year quarter, reflecting COVID-19
impact on capital equipment purchases outside the US, and the
Company’s shift to focusing on glaucoma procedure volumes rather
than systems placements
Full Year 2020
- Total revenue expected to be $36.2 million to $36.4 million,
approximately 16% below fiscal year 2019 revenue of $43.4
million.
- Sold 45,800 Cyclo G6 probes, compared to 51,500 in the prior
year, reflecting the significant midyear impact of COVID 19 on
ophthalmic procedure volume
- Sold 173 Cyclo G6 Glaucoma Laser Systems compared to 350 in the
prior year reflecting a shift in sales focus towards probe adoption
and the impacts of COVID-19 on capital purchase volumes
worldwide.
“As with many other companies, our business was impacted by
COVID-19 during 2020, but our strong recovery and improving
momentum is evident from the fourth quarter results,”
said David I. Bruce, President and CEO of IRIDEX. “Total
revenue and Cyclo G6 probe sales exceeded the pre-pandemic levels
from the prior year quarter. This was achieved simultaneously with
highly focused expense management, resulting in net cash burn of
only $1.0 million for the entire year.”
Bruce continued, “Product improvements contributed to the
strength of our business in both Glaucoma and Retina segments.
Release of an improved MicroPulse P3 probe in late 2019 helped
drive increased adoption in 2020, leading to quarterly records for
Cyclo G6 probes sales in both the third and fourth quarters.
Strength in Retina product sales reflected our improved competitive
position thanks to several product enhancements released in 2020,
including the introduction of the LIO Plus, a Laser Indirect
Ophthalmoscope (LIO). Our momentum is expected to continue in the
new year, including the launch of a new 810 wavelength laser, the
first in a family of new lasers offering substantial savings in
manufacturing costs and gross margin improvement,” concluded
Bruce.
These preliminary results are based on management's initial
analysis of operations for the quarter and year ended January
2, 2021 and are subject to completion of the Company’s
year-end financial reporting processes, further internal review and
audit by the Company's external auditors.
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 2020. 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 28, 2019, 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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