Business
Iridex Reports Second Quarter 2023 Financial Results
MOUNTAIN VIEW, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX), a provider of innovative ophthalmic laser-based medical products
About this update from Iridex Corporation
[{"type":"text","content":"MOUNTAIN VIEW, Calif., Aug. 10, 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 second quarter ended July 1, 2023. Second Quarter 2023 Highlights Generated total revenue of $12.9 million, a decrease of 7% year-over-yearCyclo G6® product family revenue of $3.7 million increased 5% year-over-year 41 Cyclo G6 Glaucoma Laser Systems sold, compared to 48 in the prior year period15,500 Cyclo G6 probes sold representing a 9% revenue increase and 4% unit increase year-over-year Retina product revenue was $6.9 million, a decrease of 9% year-over-year16 posters presented at the World Glaucoma Congress demonstrate rising clinical interest in MicroPulse® Transcleral Laser Therapy and the Cyclo G6 product familyCash and cash equivalents totaled approximately $9.8 million as of July 1, 2023 “Our second quarter results reflect continued modest glaucoma business growth offset by declines in surgical and medical retina systems and lower royalty revenue. Softer capital equipment shipments reflected elongated purchasing cycles that led to the decline in the retina business in the quarter, but we expect capital demand to stabilize during the second half of the year,” said David Bruce, Iridex President and CEO. “While our initiatives to accelerate G6 probe utilization are taking longer to gain traction, we remain confident we are building the foundation for long-term adoption in the large population of moderate stage glaucoma patients. We are making progress with Sweep Management software system upgrades, increasing awareness of the effective dosing guidance that enables consistent clinical outcomes, and advancing toward a planned large multicenter prospective trial to further validate the safety and effectiveness of MPTLT. We believe these initiatives coupled with increasing positive proof of efficacy and safety, such as those presented at this year’s World Glaucoma Congress, will increase our future growth rate.” Second Quarter 2023 Financial ResultsRevenue for the three months ended July 1, 2023 was $12.9 million compared to $13.8 million during the same period of the prior year. Total product revenue from the Cyclo G6 glaucoma product group was $3.7 million, an increase of 5% co...