IRIDEX Announces Preliminary Operational and Fiscal Benefits for Fourth Quarter and Comprehensive Yr 2020

MOUNTAIN View, Calif., Jan. 11, 2021 (Globe NEWSWIRE) — IRIDEX Corporation (Nasdaq: IRIX) currently offered preliminary unaudited operational and fiscal outcomes for the fourth quarter and whole yr finished January 2, 2021.

Fourth Quarter 2020

Whole revenue predicted to be $12.2 million to $12.4 million, vs . $11.8 million in the fourth quarter of 2019

Dollars and funds equivalents of roughly $11.6 million as of January 2, 2021, symbolizing a internet cash burn up of $.3 million in the fourth quarter, and $1. million for the comprehensive 12 months 2020

Marketed 13,500 Cyclo G6® probes in the fourth quarter of 2020, somewhat over the prior 12 months quarter
- U.S. income of Cyclo G6 probes greater by 8% as opposed to prior yr fourth quarter, and established a new quarterly document, even with the continuing impacts of COVID-19 limits

Marketed 56 Cyclo G6 Glaucoma Laser Methods in the fourth quarter, in comparison to 105 in the prior calendar year quarter, reflecting COVID-19 effects on cash equipment buys outside the house the US, and the Company’s change to concentrating on glaucoma process volumes rather than devices placements

Complete Year 2020

Total income anticipated to be $36.2 million to $36.4 million, around 16% under fiscal yr 2019 income of $43.4 million.

Offered 45,800 Cyclo G6 probes, in comparison to 51,500 in the prior 12 months, reflecting the important midyear affect of COVID 19 on ophthalmic procedure quantity

Offered 173 Cyclo G6 Glaucoma Laser Programs as opposed to 350 in the prior year reflecting a change in income emphasis in the direction of probe adoption and the impacts of COVID-19 on funds invest in volumes all over the world.

“As with quite a few other providers, our organization was impacted by COVID-19 for the duration of 2020, but our solid recovery and bettering momentum is apparent from the fourth quarter outcomes,” said David I. Bruce, President and CEO of IRIDEX. “Total revenue and Cyclo G6 probe gross sales exceeded the pre-pandemic stages from the prior yr quarter. This was realized at the same time with extremely targeted cost management, resulting in net cash burn up of only $1. million for the overall year.”

Bruce continued, “Product advancements contributed to the strength of our business enterprise in the two Glaucoma and Retina segments. Release of an enhanced MicroPulse P3 probe in late 2019 aided travel increased adoption in 2020, top to quarterly documents for Cyclo G6 probes profits in equally the third and fourth quarters. Energy in Retina products sales mirrored our enhanced competitive situation many thanks to several products enhancements produced in 2020, together with the introduction of the LIO As well as, a Laser Oblique Ophthalmoscope (LIO). Our momentum is predicted to proceed in the new yr, like the launch of a new 810 wavelength laser, the initially in a family of new lasers providing sizeable financial savings in manufacturing costs and gross margin advancement,” concluded Bruce.

These preliminary outcomes are based mostly on management’s initial evaluation of functions for the quarter and yr ended January 2, 2021 and are subject matter to completion of the Company’s calendar year-conclusion money reporting procedures, more inner evaluation and audit by the Company’s external auditors.

About IRIDEX
IRIDEX Corporation is a worldwide chief in acquiring, manufacturing, and marketing and advertising impressive and multipurpose laser-dependent health care units, shipping and delivery devices and consumable instrumentation for the ophthalmology sector. The Company’s proprietary MicroPulse® technology provides a differentiated remedy that delivers safe and sound, productive, and established treatment method for qualified sight-threatening eye problems. IRIDEX’s existing product line is utilized for the treatment of glaucoma and diabetic macular edema (DME) and other retinal ailments. IRIDEX products are bought in the United States through a immediate product sales pressure and internationally mainly by a community of impartial distributors into extra than 100 nations around the world. For further details, take a look at the IRIDEX website at www.iridex.com.

Protected Harbor Statement
This announcement incorporates ahead-wanting statements within the this means of Segment 27A of the Securities Act of 1933, as amended, and Segment 21E of the Securities Act of 1934, as amended, together with individuals statements regarding the demand for and utilization of the Company’s products and solutions, expectations for advancement, and the Company’s unaudited results for the fourth quarter and fiscal calendar year 2020. These statements are not guarantees of upcoming functionality and actual success may vary materially from these described in these ahead-searching statements as a end result of a amount of variables. Remember to see a thorough description of these and other risks contained in our Annual Report on Sort 10-K for the fiscal calendar year ended December 28, 2019, and Quarterly Reports on Sort 10-Q for subsequent fiscal quarters, every single of which was submitted with the Securities and Exchange Fee. Forward-on the lookout statements contained in this announcement are manufactured as of this date and will not be up to date.

Investor Relations Speak to
Leigh Salvo
(415) 937-5404
[email protected]