Business
Iridex Announces Second Quarter 2021 Financial Results
Achieved 116% Year-over-Year Revenue Growth and Record Cyclo G6 Probe SalesIncreases Full Year 2021 Guidance MOUNTAIN VIEW, Calif., Aug. 12, 2021 (GLOBE
About this update from Iridex Corporation
[{"type":"text","content":"Achieved 116% Year-over-Year Revenue Growth and Record Cyclo G6 Probe SalesIncreases Full Year 2021 Guidance MOUNTAIN VIEW, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX) today reported financial results for the second quarter ended July 3, 2021. Second Quarter Highlights Revenue of $13.4 million, highest since 2007, increased 116% from the prior year period, and 29% compared to second quarter 2019Gross profit of $6.1 million, also a 14-year quarterly high, on gross margin of 45.5%Cyclo G6® product family revenue of $3.6 million, an increase of 70% year-over-year Record 16,000 Cyclo G6 probes sold, a 103% year-over-year increase 47 Cyclo G6 Glaucoma Laser Systems sold, compared to 42 in the prior year periodRetina product revenue nearly tripled year-over-year to $7.6 million 28% of revenue from PASCAL® products acquired from Topcon Cash usage of $1.7 million leading to cash at quarter-end of $26.3 million Paycheck Protection Program loan forgiveness of $2.5 million contributed to net income of $1.4 million “Sales records this quarter demonstrate that Iridex is achieving new highs of performance, and we’re proud of the results our team has delivered,” said David I. Bruce, President and CEO of Iridex. “The measures we implemented more than a year ago to secure our business during the pandemic have enabled us to emerge even stronger today. We saw strength in both our glaucoma and retina markets, demonstrating the impact of our investments in sales and marketing, a broader distribution partnership, and product enhancements.” Second Quarter 2021 Financial ResultsRevenue for the three months ended July 3, 2021 increased 116% to $13.4 million from $6.2 million during the same period of the prior year. Excluding newly acquired PASCAL products, revenue increased 81% over the second quarter of 2020. Gross profit for the second quarter of 2021 increased to $6.1 million, a 45.5% gross margin, compared to $2.4 million, a 38.7% gross margin, in the same period last year. The gross margin increase was primarily attributable to the impact of production efficiency initiatives, greater overhead absorption due to higher revenue and continued increase in higher margin probes within the product mix. Operating expenses for the second quarter of 2021 increased 40% to $7.2 million compared to $5.2 million in the same period...