Business
Iridex Announces Third Quarter 2021 Financial Results
Achieved 51% Year-over-Year Revenue Growth and Raises 2021 Revenue Guidance MOUNTAIN VIEW, Calif., Nov. 11, 2021 (GLOBE NEWSWIRE) -- Iridex Corporation
About this update from Iridex Corporation
[{"type":"text","content":"Achieved 51% Year-over-Year Revenue Growth and Raises 2021 Revenue Guidance\nMOUNTAIN VIEW, Calif., Nov. 11, 2021 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX) today reported financial results for the third quarter ended October 2, 2021. Third Quarter Highlights Revenue of $13.3 million, an increase of 51% from the prior year period, and 24% compared to third quarter 2019 Gross margin of 43.6%, an improvement over 41.5% in the same period last yearCash usage of $0.7 million leading to cash at quarter-end of $25.6 million Cyclo G6® product family revenue of $3.1 million, an increase of 13% year-over-year 13,400 Cyclo G6 probes sold, an 18% increase year-over-year42 Cyclo G6 Glaucoma Laser Systems sold, compared to 37 in the prior year period Retina product revenue increased 76% year-over-year to $7.8 million PASCAL® products acquired from Topcon contributed 24% of retina revenue MicroPulse® TLT Clinical Consensus Webinar presented on November 6, featured ten global KOLs highlighting broad patient applicablilty and effective procedure parameters “Strong third quarter results reflect our renewed focus on sales and marketing activities, including major clinical education programs, contributions from our broader distribution partnerships, and several product enhancements, all of which are designed to raise awareness and drive increased adoption in our retina and glaucoma treatment segments,” said David I. Bruce, President and CEO of Iridex. “Cyclo G6 probe sales year-over-year were strong even in a seasonally weaker quarter for ophthalmologic procedures. Additionally, our retina business continues to perform well, thanks to our restructuring of the US sales team to dedicated retina and glaucoma teams, strong contributions from PASCAL products, and our expanded international distribution network. Importantly, our increased operating investments were covered by the quarter’s business strength, limiting cash usage to under $1 million.” Third Quarter 2021 Financial ResultsRevenue for the three months ending October 2, 2021 increased 51% to $13.3 million from $8.8 million during the same period of the prior year. Excluding newly acquired PASCAL products, revenue increased 29% over the third quarter of 2020. Gross profit for the third quarter of 2021 increased to $5.8 million, a 43.6% gross margin, compared to $3.7 million, a 41.5%...