Business
Iridex Announces Fourth Quarter and Full Year 2021 Financial Results
Exceeds Prior Guidance with Record Fourth Quarter Revenue and 48% Full Year Revenue Growth MOUNTAIN VIEW, Calif., March 10, 2022 (GLOBE NEWSWIRE) -- Iridex
About this update from Iridex Corporation
[{"type":"text","content":"Exceeds Prior Guidance with Record Fourth Quarter Revenue and 48% Full Year Revenue Growth\nMOUNTAIN VIEW, Calif., March 10, 2022 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX) today reported financial results for the fourth quarter and year ended January 1, 2022. Fourth Quarter Highlights Total revenue of $15.3 million, a new quarterly record, representing an increase of 24% from the prior year periodCyclo G6® product family revenue of $3.9 million, an increase of 11% year-over-year 15,200 Cyclo G6 probes sold, a 13% increase year-over-year90 Cyclo G6 Glaucoma Laser Systems sold, compared to 57 in the prior year Retina product revenue increased 31% year-over-year to $9.1 million Pascal® products acquired from Topcon contributed 17% of retina revenue Cash use of $1.7 million resulting in cash balance at January 1, 2022 of $23.9 millionMicroPulse TLT Consensus recommendations released by independent panel of 10 leading worldwide glaucoma specialists guiding treatment protocols and broad patient selection advice Full Year 2021 Total revenue $53.9 million, an increase of 48% compared to 2020 revenueSold 58,200 Cyclo G6® probes, compared to 45,800 in the prior yearCyclo G6® Glaucoma Laser Systems installed base expanded by 243 compared to 174 in the prior year, bringing the total global installed base to over 2,100 systemsRetina product revenue increased 72% year-over-year to $31.1 million Pascal® products acquired from Topcon in March 2021 contributed 22% of retina revenue “2021 was a significant year of advancement for Iridex, positioning the company for continued growth and value creation by expanding our product line from the acquisition of the Pascal laser platform, distribution partnering with Topcon, increased clinical evidence, clinician endorsement and funding to drive growth in our novel glaucoma treatments. We were pleased to end the year with record quarterly revenue, demonstrating increased glaucoma product adoption and strong worldwide demand for our leading retina laser platforms,” said David Bruce, President and CEO of Iridex. “As we enter 2022, our focus is on accelerating global adoption and awareness of the benefits of our MicroPulse TLT for unique non-incisional glaucoma treatment. We have an exciting opportunity to leverage our expanded clinical data, KOL support, a large installed base, and an energized ...