IRIDEX Announces Fourth Quarter and Full Year 2019 Financial Results

About this update from Iridex Corporation

[{"type":"text","content":"MOUNTAIN VIEW, Calif., March 12, 2020 (GLOBE NEWSWIRE) -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the fourth quarter ended December 28, 2019.\n Fourth Quarter Highlights Cyclo G6® product family revenue grew 18% year-over-year to $3.7 million, or 31% of total revenue Shipped 13,700 Cyclo G6 probes, a 11% year-over-year increaseShipped 107 Cyclo G6 Glaucoma Laser Systems, compared to 122 the prior year Total revenue of $11.8 millionAchieved 15% reduction in operating expenses versus the comparable quarter of 2018Launched revised MicroPulse P3® Device, which has been redesigned to deliver greater stability, visualization, coupling and fit “IRIDEX has made significant progress in our strategic shift to an emphasis on physician adoption of MicroPulse® transscleral laser therapy as a key element of their glaucoma practice,” said David I. Bruce, President and CEO of IRIDEX. “In the second half of the year, we realigned our sales processes, launched our revised MicroPulse P3® Device, and made operational improvements to achieve cost efficiencies. I am confident that we will continue to build on these achievements in working with physicians to grow adoption of our unique non-incisional glaucoma therapy, proven in over 140,000 procedures to date and in over 20 peer-reviewed publications,” said David I. Bruce, President and CEO of IRIDEX. “We entered 2020 with great momentum, generating confidence in our long-term growth opportunity. That has not changed despite the turbulence caused by the COVID-19 virus in number of business environments where we operate and sell today. Importantly, we have a stable supply chain to meet anticipated demand, and the operational efficiencies and capital resources to support our business during this period,” concluded Bruce. Fourth Quarter 2019 Financial ResultsRevenue for the three months ended December 28, 2019 increased 3% to $11.8 million from $11.5 million during the same period of the prior year. The increase in revenue was driven primarily by an increase from G6 revenues and offset by a decrease from retina product sales. Gross profit for the fourth quarter of 2019 was $4.9 million, or 41.2% gross margin, compared to $4.7 million, or 41.0% gross margin, in the same period of the prior year. Positive margin gains from increased probe sales and decreased manufacturing ove...

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