Iridex Announces First Quarter 2021 Financial Results

About this update from Iridex Corporation

[{"type":"text","content":"MOUNTAIN VIEW, Calif., May 11, 2021 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX) today reported financial results for the first quarter ended April 3, 2021. First Quarter Highlights Closed strategic collaboration with Topcon Corporation netting $19.5 million in new fundsRecord first quarter revenue of $12.0 million, an increase of 33% from the $9.0 million in the prior year period 10% from new products acquired from Topcon Cyclo G6® product family revenue of $3.3 million, an increase of 15% year-over-year13,600 Cyclo G6 probes sold, a 4% year-over-year increase despite continued COVID-19 impacts International sales of Cyclo G6 probes increased by 18%, setting a new quarterly record 64 Cyclo G6 Glaucoma Laser Systems sold, compared to 38 in the prior year periodRetina product revenue grew 61% year-over-year to $6.7 million 16% from sales of PASCAL® products acquired from Topcon Cash at quarter-end of $28 millionFirst new 810 Laser sold in March Showcased 810 Laser and PASCAL Synthesis™ at the 2021 Hawaiian Eye Meeting in May “We enjoyed a strong start to 2021 and our positive momentum continued with revenue that exceeded pre-COVID levels, setting a record for first quarter revenue. During the quarter, we saw international adoption of our Cyclo G6 probes rebound strongly, leading to a new first quarter high in Cyclo G6 probe sales. Additionally, we saw strong performance in our retina business, which was further bolstered by the initial sales of PASCAL products acquired from Topcon,” said David I. Bruce, President and CEO of Iridex. “The investments we made in our product portfolio over the past year and a half are really starting to pay off for the company, particularly with respect to our enhanced retina products. Our focus is now shifting to expand our sales and marketing programs, where we are broadening efforts to demonstrate the many benefits of our non-incisional glaucoma therapy. We intend to leverage our strengthened balance sheet following the Topcon transaction, and pursue the expanding global opportunities we see in both our glaucoma and retina product portfolios,” concluded Bruce. First Quarter 2021 Financial ResultsRevenue for the three months ending April 3, 2021 increased 33% to $12.0 million from $9.0 million during the same period of the prior year. Excluding newly acquired PASCAL products, revenue incre...

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