Business
IRIDEX Announces Preliminary Operational and Financial Results for Fourth Quarter and Full Year 2020
MOUNTAIN VIEW, Calif., Jan. 11, 2021 (GLOBE NEWSWIRE) -- IRIDEX Corporation (Nasdaq: IRIX) today provided preliminary unaudited operational and financial
About this update from Iridex Corporation
[{"type":"text","content":"MOUNTAIN VIEW, Calif., Jan. 11, 2021 (GLOBE NEWSWIRE) -- IRIDEX Corporation (Nasdaq: IRIX) today provided preliminary unaudited operational and financial results for the fourth quarter and full year ended January 2, 2021. Fourth Quarter 2020 Total revenue expected to be $12.2 million to $12.4 million, versus $11.8 million in the fourth quarter of 2019Cash and cash equivalents of approximately $11.6 million as of January 2, 2021, representing a net cash burn of $0.3 million in the fourth quarter, and $1.0 million for the full year 2020Sold 13,500 Cyclo G6® probes in the fourth quarter of 2020, slightly above the prior year quarter U.S. sales of Cyclo G6 probes increased by 8% compared to prior year fourth quarter, and set a new quarterly record, despite the continuing impacts of COVID-19 restrictions Sold 56 Cyclo G6 Glaucoma Laser Systems in the fourth quarter, compared to 105 in the prior year quarter, reflecting COVID-19 impact on capital equipment purchases outside the US, and the Company’s shift to focusing on glaucoma procedure volumes rather than systems placements Full Year 2020 Total revenue expected to be $36.2 million to $36.4 million, approximately 16% below fiscal year 2019 revenue of $43.4 million.Sold 45,800 Cyclo G6 probes, compared to 51,500 in the prior year, reflecting the significant midyear impact of COVID 19 on ophthalmic procedure volumeSold 173 Cyclo G6 Glaucoma Laser Systems compared to 350 in the prior year reflecting a shift in sales focus towards probe adoption and the impacts of COVID-19 on capital purchase volumes worldwide. “As with many other companies, our business was impacted by COVID-19 during 2020, but our strong recovery and improving momentum is evident from the fourth quarter results,” said David I. Bruce, President and CEO of IRIDEX. “Total revenue and Cyclo G6 probe sales exceeded the pre-pandemic levels from the prior year quarter. This was achieved simultaneously with highly focused expense management, resulting in net cash burn of only $1.0 million for the entire year.” Bruce continued, “Product improvements contributed to the strength of our business in both Glaucoma and Retina segments. Release of an improved MicroPulse P3 probe in late 2019 helped drive increased adoption in 2020, leading to quarterly records for Cyclo G6 probes sales in both the third and fourth quarters. Strength ...