Business
IRIDEX Announces Third Quarter 2020 Financial Results
MOUNTAIN VIEW, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the third quarter ended
About this update from Iridex Corporation
[{"type":"text","content":"MOUNTAIN VIEW, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the third quarter ended September 26, 2020.\n Third Quarter Summary Total revenue of $8.8 million, a decline of 17% versus $10.7 million in the prior year period, and an increase of 42% sequentially from $6.2 million in the second quarter of 2020Sold 11,400 Cyclo G6 probes, a 6% increase over probes sold in the third quarter of 2019 and a 44% increase over the 7,900 probes sold in the second quarter of 2020Sold 37 Cyclo G6 Glaucoma Laser Systems compared to 82 in the prior year period, reflecting ongoing COVID-related capital purchase deferrals, as well as the Company's sales strategy shift to focus on deeper procedure adoption among existing users, repeat orders and thus increased probe salesCyclo G6® product family revenue was $2.8 million, down 6% compared to the third quarter of 2019, and up 31% from $2.1 million in the second quarter of 2020Ending cash balance was $11.9 million, an increase of approximately $0.3 million from June 27, 2020 and a year-to-date reduction of approximately $0.7 millionProduct portfolio advancements include FDA clearance of the Company’s new 810 laser platform with broad indications in glaucoma and retina treatment, and introduction of a new Laser Indirect Ophthalmoscope (LIO) delivery device that aids retinal disease specialists in performing laser procedures “We are encouraged by continued recovery from the trough we experienced during the second quarter as a result of COVID. We are particularly pleased to see our glaucoma probe volume exceed last year’s third quarter, despite the continuing worldwide impact of COVID on our customers and their patients,” said David I. Bruce, President and CEO of IRIDEX. \"In addition, by being effective with cost controls and cash preservation measures, we have maintained a healthy operating runway with cash on hand. Despite the challenges presented by COVID, the successful release and adoption of our revised MicroPulse P3 probe has aided us as we continue to focus on growing awareness and adoption of our non-incisional MicroPulse Transscleral Laser Therapy for glaucoma and strengthening our retina laser business which will drive our long-term growth. I am also pleased with the progress we've made on our new laser platform, including re...