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Iridex Announces Record Third Quarter 2022 Financial Results
Company Announces FDA Clearance of new Iridex Pascal® Scanning Laser Platform MOUNTAIN VIEW, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- Iridex Corporation
About this update from Iridex Corporation
[{"type":"text","content":"Company Announces FDA Clearance of new Iridex Pascal® Scanning Laser Platform\nMOUNTAIN VIEW, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX), a provider of innovative ophthalmic laser-based medical products for the treatment of glaucoma and retinal diseases, today reported financial results for the third quarter ended October 1, 2022. Third Quarter 2022 Highlights Total revenue of $14.6 million, a record third quarter revenue, and an increase of 10% over the prior year periodGross Margin was 44.1% compared to 43.6% in the prior year periodCyclo G6® product family revenue of $3.5 million, an increase of 10% year-over-year 13,680 Cyclo G6 probes sold, a 2% increase year-over-year54 Cyclo G6 Glaucoma Laser Systems sold, compared to 42 in the prior year quarter Retina product revenue increased to $8.8 million or 13% year-over-yearNet Cash use of $2.1 million resulting in cash balance on October 1, 2022 of $15.9 millionIntroduced Sweep Management software for Cyclo G6, privately previewed new suite of laser systems for the treatment of retinal disease and hosted eight physician presentations highlighting the benefits of IRIDEX’s product portfolio at the American Academy of Ophthalmology annual meetingReceived FDA Clearance of next -generation Iridex Pascal Scanning Laser System “Our third quarter results were driven by continued gains in our retina laser portfolio plus a rebound in glaucoma systems placements, demonstrating increased clinical appetite for adoption of our non-incisional laser procedures,” said David Bruce, President and CEO. “We are especially pleased with our retina results, which clearly demonstrate that the investments we have made over the last two years in product and sales improvements are clearly bearing fruit by creating value in the retina business segment. Now, with FDA clearance of our new Pascal platform, we have strengthened our competitive and clinical position even further. We look forward to our first shipments this fourth quarter, and sharing more information in the weeks ahead. In glaucoma, we are encouraged that the U.S. growth rate increased to 6% and are working to improve our international glaucoma probe utilization, which has lagged our expectations for a second half rebound. We continue to focus on key initiatives to drive utilization globally including increasing a...