Business
Iridex Reports Fourth Quarter and Full Year 2022 Financial Results
Achieves Record Quarterly Glaucoma Probe Sales and 6% Full Year Revenue Growth MOUNTAIN VIEW, Calif., March 09, 2023 (GLOBE NEWSWIRE) -- Iridex Corporation
About this update from Iridex Corporation
[{"type":"text","content":"Achieves Record Quarterly Glaucoma Probe Sales and 6% Full Year Revenue Growth\nMOUNTAIN VIEW, Calif., March 09, 2023 (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 fourth quarter and year ended December 31, 2022 and issued 2023 financial guidance. Fourth Quarter 2022 & Recent Highlights Generated total revenue of $15.2 million, essentially unchanged from the prior year periodCyclo G6® product family revenue of $4.2 million, an increase of 9% year-over-year 16,400 Cyclo G6 probes sold, a quarterly record and 8% increase year-over-year79 Cyclo G6 Glaucoma Laser Systems sold, compared to 90 in the prior year period Retina product revenue decreased 11% year-over-year to $8.1 millionReceived FDA Clearance for the next-generation Iridex Pascal® scanning laser platform in November 2022 and announces FDA clearance of its new single-spot laser platform for the Iridex 532 and the Iridex 577 systems in February 2023Cash and cash equivalents totaled approximately $13.9 million as of December 31, 2022 Full Year 2022 Highlights Generated total revenue of $57.0 million, an increase of 6% compared to 2021Cyclo G6 product family revenue of $14.7 million, an increase of 5% year-over-year Sold 59,800 Cyclo G6 probes, compared to 58,200 in the prior yearExpanded Cyclo G6 Glaucoma Laser Systems installed base by 237 compared to 243 in the prior year, bringing the total global installed base to over 2,300 systems Retina product revenue increased 2% year-over-year to $31.7 million “The highlight of our fourth quarter results were record Cyclo G6 probe sales. We are pleased with our commercial and operational execution in the second half of the year resulting in improvements in gross margins and declining operating loss,” said David Bruce, President and CEO of Iridex. “In 2022 we continued to reestablish the foundation for customer adoption and market penetration with our Cyclo G6 glaucoma treatment platform. The broadening use of sweep management software combined with the establishment of the updated dosing recommendations published by our clinical consensus panel, have led users to report improved clinical outcomes and consistency with MPTLT. When coupled with the launch of our new Iri...