IRIDEX Announces First Quarter 2020 Financial Results

About this update from Iridex Corporation

[{"type":"text","content":"MOUNTAIN VIEW, Calif., May 11, 2020 (GLOBE NEWSWIRE) -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the first quarter ended March 28, 2020.\n Commenting on the recently completed quarter and the business environment created by the COVID-19 pandemic, David I. Bruce, President and CEO of IRIDEX, said, “We saw good momentum in the first couple months of 2020, as the rollout of our revised MP3 probe for the non-incisional treatment of glaucoma attracted the interest of glaucoma physicians to the potential of our MicroPulse laser therapy.” Mr. Bruce continued, “Its combination of strong clinical efficacy, benign safety profile and minimal follow up requirements is particularly relevant as hospitals and clinics worldwide adjust to reduced patient access. We continue to receive positive feedback that physicians and patients find our laser therapy compelling as they approach the backlog of deferred glaucoma treatment procedures.” “Notwithstanding this significant potential, like many capital equipment and procedure-based medical device companies, we began to see an impact to our business starting in March as we and our customers became subject to mandated COVID-19 sheltering restrictions,” said Mr. Bruce. Recent Highlights Total revenue of $9.0 million versus $10.6 million in the prior year periodCyclo G6® product family revenue of $2.9 million, down 6% year-over-year Shipped 13,050 Cyclo G6 probes, down 7% year-over-year, however overall G6 probe revenues were up slightly as growing physician adoption offset discontinued bulk discounted placements offered last yearShipped 38 Cyclo G6 Glaucoma Laser Systems, compared to 114 in the prior year period, attributed partially to refocus toward probe utilization and partially to COVID-induced capital purchase deferral Reduced Operating Loss to $1.7 million, down 46% year-over-yearEnacted measures designed to ensure business continuity, reduce operating expense, and preserve cash as the ongoing COVID-19 pandemic impacts revenueSubsequent to quarter end, secured approximately $2.5 million in loan proceeds under the Payroll Protection Program of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) “With the reality of restricted clinical access and mandated surgical procedure deferrals, our team is working hard to create unique ways to respond in this new ...

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