Iridex Announces First Quarter 2022 Financial Results

About this update from Iridex Corporation

[{"type":"text","content":"Achieved Record First Quarter Revenue\nMOUNTAIN VIEW, Calif., May 12, 2022 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX) today reported financial results for the first quarter ended April 2, 2022. First Quarter 2022 Highlights Record first quarter revenue of $13.4 million, an increase of 12% from the prior year periodCyclo G6® product family revenue of $3.5 million, an increase of 6% year-over-year 14,700 Cyclo G6 probes sold, an 8% increase year-over-year56 Cyclo G6 Glaucoma Laser Systems sold, compared to 64 in the prior year Retina product revenue increased 10% year-over-year to $7.3 million PASCAL® products acquired from Topcon contributed 29% of retina revenue Net Cash use of $3.2 million resulting in cash balance on April 2, 2022 of $20.6 million “Record first quarter results demonstrate the continued traction our strengthened U.S. and international commercial network are achieving in the global ophthalmology market. We continue to make steady progress building physician adoption of our non-incisional approach to treating glaucoma and retinal disease,” said David Bruce, President and CEO of Iridex. “Volatility in procedure volumes from COVID surges began to subside mid-quarter, leading to a stronger second half of the quarter as many of our customers’ practices returned to more normal activity.” “We also mitigated our exposure to potential supply chain risks by increasing inventory of long-lead parts and making pre-payments to suppliers to ensure delivery commitments in the quarters to come, resulting in increases of inventory and prepaid expenses by about $2 million.” “We plan to continue our focused investment in clinical evidence, KOL support, and expanding physician-to-physician messaging on the benefits of our MicroPulse TLT treatment to drive worldwide adoption and remain confident in our plan to deliver strong results throughout 2022,” concluded Bruce. First Quarter 2022 Financial ResultsRevenue for the three months ended April 2, 2022 increased 12% to $13.4 million from $12.0 million during the same period of the prior year. The increase in revenue was driven by higher Glaucoma product revenue and continued strength of the Retina product line in both domestic and international markets, including full quarter sales of the PASCAL product line acquired from Topcon. Total product revenue from the Cyclo G6 glauc...

More updates from Iridex Corporation