IRIDEX Announces Preliminary Operational and Fiscal Effects for Fourth Quarter and Entire Year 2020
4 min readMOUNTAIN View, Calif., Jan. 11, 2021 (Globe NEWSWIRE) — IRIDEX Corporation (Nasdaq: IRIX) nowadays offered preliminary unaudited operational and financial outcomes for the fourth quarter and total year finished January 2, 2021.
Fourth Quarter 2020
- Overall earnings predicted to be $12.2 million to $12.4 million, versus $11.8 million in the fourth quarter of 2019
- Dollars and funds equivalents of about $11.6 million as of January 2, 2021, symbolizing a internet funds melt away of $.3 million in the fourth quarter, and $1. million for the complete yr 2020
- Offered 13,500 Cyclo G6® probes in the fourth quarter of 2020, a bit earlier mentioned the prior yr quarter
- U.S. income of Cyclo G6 probes increased by 8% when compared to prior calendar year fourth quarter, and established a new quarterly file, regardless of the continuing impacts of COVID-19 limits
- Sold 56 Cyclo G6 Glaucoma Laser Systems in the fourth quarter, compared to 105 in the prior calendar year quarter, reflecting COVID-19 affect on capital tools purchases outdoors the US, and the Company’s change to focusing on glaucoma technique volumes instead than systems placements
Full 12 months 2020
- Full profits anticipated to be $36.2 million to $36.4 million, close to 16% below fiscal year 2019 revenue of $43.4 million.
- Bought 45,800 Cyclo G6 probes, as opposed to 51,500 in the prior year, reflecting the sizeable midyear influence of COVID 19 on ophthalmic technique quantity
- Offered 173 Cyclo G6 Glaucoma Laser Units as opposed to 350 in the prior yr reflecting a change in revenue aim towards probe adoption and the impacts of COVID-19 on capital acquire volumes globally.
“As with a lot of other corporations, our company was impacted by COVID-19 in the course of 2020, but our robust recovery and improving upon momentum is apparent from the fourth quarter success,” said David I. Bruce, President and CEO of IRIDEX. “Total earnings and Cyclo G6 probe sales exceeded the pre-pandemic amounts from the prior year quarter. This was accomplished simultaneously with extremely targeted expenditure management, ensuing in web money burn up of only $1. million for the complete calendar year.”
Bruce ongoing, “Product improvements contributed to the energy of our business in each Glaucoma and Retina segments. Release of an improved MicroPulse P3 probe in late 2019 served generate increased adoption in 2020, main to quarterly data for Cyclo G6 probes revenue in the two the 3rd and fourth quarters. Toughness in Retina solution gross sales reflected our improved aggressive situation many thanks to quite a few merchandise enhancements introduced in 2020, together with the introduction of the LIO In addition, a Laser Indirect Ophthalmoscope (LIO). Our momentum is envisioned to continue on in the new calendar year, which include the start of a new 810 wavelength laser, the very first in a spouse and children of new lasers supplying significant cost savings in producing costs and gross margin enhancement,” concluded Bruce.
These preliminary effects are primarily based on management’s preliminary assessment of functions for the quarter and year ended January 2, 2021 and are matter to completion of the Company’s calendar year-conclusion economical reporting processes, even more internal assessment and audit by the Company’s exterior auditors.
About IRIDEX
IRIDEX Corporation is a around the globe leader in building, manufacturing, and advertising progressive and flexible laser-primarily based health care programs, shipping gadgets and consumable instrumentation for the ophthalmology marketplace. The Company’s proprietary MicroPulse® technological know-how delivers a differentiated cure that presents harmless, efficient, and verified treatment for focused sight-threatening eye problems. IRIDEX’s current solution line is utilised for the treatment of glaucoma and diabetic macular edema (DME) and other retinal disorders. IRIDEX products are sold in the United States through a immediate product sales drive and internationally largely through a community of impartial distributors into much more than 100 international locations. For further more info, pay a visit to the IRIDEX website at www.iridex.com.
Safe and sound Harbor Assertion
This announcement includes forward-searching statements within the indicating of Segment 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, which include these statements regarding the demand for and utilization of the Company’s goods, expectations for expansion, and the Company’s unaudited results for the fourth quarter and fiscal 12 months 2020. These statements are not guarantees of long term general performance and actual success may vary materially from all those explained in these forward-searching statements as a outcome of a range of variables. You should see a specific description of these and other threats contained in our Annual Report on Type 10-K for the fiscal calendar year ended December 28, 2019, and Quarterly Studies on Type 10-Q for subsequent fiscal quarters, every of which was filed with the Securities and Exchange Commission. Forward-wanting statements contained in this announcement are built as of this date and will not be up-to-date.
Investor Relations Speak to
Leigh Salvo
(415) 937-5404
[email protected]
