Full Press Release Details
IRIDEX Reports 2015 Third Quarter, Nine-Month Results
Mountain View, CA. - November 5, 2015 - IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the third quarter and nine months ended October 3, 2015.
President and CEO Will Moore said, "The third quarter performance showed strong execution both in operations and commercial efforts. We have been successful in working our way through the supply-chain issue that began impacting us during the second quarter and are now coming out of that challenge with even higher quality standards. In addition, our glaucoma platform launch continues to be very well received, with placements ahead of schedule. This includes our patented disposable MP3 probes and new, related disposable products and services that are approaching launch in the coming months."
Moore continued, "We are very excited about our activity level during the third quarter, and we look forward to reporting additional progress through the close of the year. This should include news related to the ophthalmic industry's largest annual trade show, which will occur in November. We have a dynamic line-up which we believe will highlight the progress we are making with our glaucoma initiative."
Share Repurchase Program
During the 2015 third quarter, the Company continued to execute its share repurchase program. Approximately 120,000 shares were repurchased at an average price of $7.25 per share.
IRIDEX management will conduct a conference call later today, Thursday, November 5, 2015, at 5:00 pm Eastern Time. Interested parties may access the live conference call by dialing (877) 407-0784 (US) or (201) 689-8560 (International) and requesting the IRIDEX 2015 Third Quarter Results Conference Call, or by visiting the Company's website at www.iridex.com. A telephone replay will be available beginning on Thursday, November 5, 2015 through Thursday, November 12, 2015 by dialing (877) 870-5176 (US) or (858) 384-5517 (International) and entering Replay Pin # 13622762. In addition, later today an archived version of the webcast will be available on the Company's website at www.iridex.com.
IRIDEX Corporation was founded in 1989 and 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. 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 70 independent distributors into over 100 countries. For further information, visit the IRIDEX website at http://www.iridex.com/.
Safe Harbor Statement
This 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 its anticipated bookings and revenues, future demand and order levels for the Company's products, the timing and outcome of any steps that the Company may take to address supply chain issues, the adoption and effect of Company products, including MP3 probes and related disposable products and services, on our results, the markets in which the Company operates, trends in treatment and product adoption and usage, product plans and future product releases, the Company's guidance concerning fiscal 2015 fourth quarter results, including anticipated ranges of revenue, gross margin, operating expenses and gross margin rates, the Company's share repurchase program, future marketing activities, and the Company's strategic plans and objectives. 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 3, 2015, 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.
| Company Contact: | Investor Relations Contact: | |
| Will Moore | Matt Clawson | |
| President & Chief Executive Officer | Pure Communications | |
| 650-940-4700 | 949-370-8500 | |
| matt@purecommunicationsinc.com |
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| October 3, | September 27, | October 3, | September 27, | ||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Total revenues | $ | 9,815 | $ | 10,118 | $ | 29,644 | $ | 31,036 | |||||||
| Cost of revenues | 4,974 | 4,969 | 15,176 | 15,532 | |||||||||||
| Gross profit | 4,841 | 5,149 | 14,468 | 15,504 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 1,237 | 1,096 | 4,000 | 3,596 | |||||||||||
| Sales and marketing | 2,234 | 1,980 | 6,463 | 5,784 | |||||||||||
| General and administrative | 1,227 | 1,467 | 4,206 | 4,521 | |||||||||||
| Total operating expenses | 4,698 | 4,543 | 14,669 | 13,901 | |||||||||||
| Income (loss) from operations | 143 | 606 | (201 | ) | 1,603 | ||||||||||
| Other income (expense), net | 164 | (112 | ) | 134 | (300 | ) | |||||||||
| Income (loss) from operations before (benefit from) provision for income taxes | 307 | 494 | (67 | ) | 1,303 | ||||||||||
| (Benefit from) provision for income taxes | (135 | ) | 4 | (103 | ) | 29 | |||||||||
| Net income | 442 | 490 | 36 | 1,274 | |||||||||||
| Net income per share: | |||||||||||||||
| Basic | $ | 0.04 | $ | 0.05 | $ | 0.00 | $ | 0.13 | |||||||
| Diluted | $ | 0.04 | $ | 0.05 | $ | 0.00 | $ | 0.12 | |||||||
| Weighted average shares used in computing net income per share: | |||||||||||||||
| Basic | 9,972 | 9,869 | 9,956 | 9,918 | |||||||||||
| Diluted | 10,094 | 10,255 | 10,142 | 10,397 |
Condensed Consolidated Balance Sheets
| October 3, | January 3, | ||||||
| 2015 | 2015 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 10,213 | $ | 13,303 | |||
| Accounts receivable, net | 7,736 | 8,337 | |||||
| Inventories | 11,184 | 9,119 | |||||
| Prepaid expenses and other current assets | 666 | 510 | |||||
| Deferred income taxes - current | 1,625 | 1,625 | |||||
| Total current assets | 31,424 | 32,894 | |||||
| Property and equipment, net | 1,089 | 735 | |||||
| Intangible assets, net | 272 | 284 | |||||
| Goodwill | 533 | 533 | |||||
| Deferred income taxes - long term | 7,149 | 7,151 | |||||
| Other long-term assets | 184 | 221 | |||||
| Total assets | $ | 40,651 | $ | 41,818 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,559 | $ | 1,758 | |||
| Accrued compensation | 1,311 | 1,863 | |||||
| Accrued expenses | 1,536 | 1,770 | |||||
| Accrued warranty | 528 | 469 | |||||
| Deferred revenue | 1,211 | 1,179 | |||||
| Total current liabilities | 7,145 | 7,039 | |||||
| Long-term liabilities: | |||||||
| Other long-term liabilities | 686 | 1,043 | |||||
| Total liabilities | 7,831 | 8,082 | |||||
| Stockholders' equity: | |||||||
| Common stock | 110 | 108 | |||||
| Additional paid-in capital | 37,557 | 38,511 | |||||
| Accumulated deficit | (4,847 | ) | (4,883 | ) | |||
| Total stockholders' equity | 32,820 | 33,736 | |||||
| Total liabilities and stockholders' equity | $ | 40,651 | $ | 41,818 |