IRIDEX Announces Second Quarter 2020 Financial Results

About this update from Iridex Corporation

[{"type":"text","content":"MOUNTAIN VIEW, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the second quarter ended June 27, 2020.\n Second Quarter Summary Total revenue declined 40% to $6.2 million versus $10.4 million in the prior year period Cost control measures limited net loss to $2.8m, a 15% increase compared to $2.4 million during the same period in the prior yearApril experienced the low point for revenue, with a steady increase during the rest of the quarter Cyclo G6® product family revenue was $2.1 million versus $3.4 million in the prior year period Shipped 7,866 Cyclo G6 probes and 42 Cyclo G6 Glaucoma Laser SystemsCyclo G6 probe shipments in June exceeded 80% of pre-COVID levels Ending cash balance was $11.6 million, an increase of approximately $500,000 from March 28, 2020 Commenting on the quarter, David I. Bruce, President and CEO of IRIDEX, said, \"The worldwide suspension of non-urgent procedures for parts of the first and second quarters significantly impacted our short-term sales volumes. However, I am proud of the IRIDEX team's adjustments and ongoing commitment in this challenging environment. Despite the revenue impact, there were several encouraging catalysts. We saw a rebound begin in our Cyclo G6 probe shipments in May, followed by a significant step up in June. Conversion among U.S. customers to our recently revised glaucoma probe is largely completed, and international conversions have exceeded 50%, well ahead of our initial goals. The operations restructuring late last year and earlier this year significantly reduced operating expenses, and coupled with expense adjustments made during the pandemic, led to our net loss remaining nearly stable compared to the prior year and our net loss for the first half of 2020 was significantly less than the first half of 2019,” stated Mr. Bruce. “Treatment for glaucoma cannot be deferred indefinitely, and we are seeing a solid recovery path in our Cyclo G6 probe business as ambulatory surgical centers and hospitals resume treatment. Combining this recovery with significant additional physician awareness generated during COVID shelter-in-place periods by participation from over 2,500 physicians and partners in our virtual events, and renewed interest from both new and existing customers to adopt our revised MP3 probe, gives us c...

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