Iridex Reports 2013 Fourth Quarter Results


The following excerpt is from the company's SEC filing.

Mountain View, Calif. – February 27, 2014 – IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the fourth quarter ended December 28, 2013.  

·Revenues were $10.6 million in the fourth quarter of 2013, up 15% from $9.2 million in the prior year comparable period and up sequentially from $9.5 million in the third quarter of 2013.

·Gross margin for the fourth quarter of 2013 was 48.6%, up from 47.0% in the prior year period and down from 49.6% reported in the 2013 third quarter.

·For the fourth quarter of 2013, operating income was $0.6 million compared with an operating inc ome of $0.3 million for the fourth quarter of 2012.  

·Net income from continuing operations was $0.4 million, or $0.04 per diluted share, for the fourth quarter of 2013, compared to a net income from continuing operations of $0.3 million, or $0.03 per diluted share, in the fourth quarter of 2012.

·Guidance for first quarter of 2014: The Company expects to achieve revenue between $9.8 million and $10.1 million, representing growth of between 9% and 13% over the prior year period. Gross margin is anticipated to come in between 48% and 50%, operating expenses between $4.3 million and $4.5 million, and the Company anticipates generating operating income.

President and CEO Will Moore said, “We saw strong sales in the fourth quarter, exceeding our revenue guidance. The trend of stronger system sales continued in the quarter as buying patterns trend up in the US, Micropulse™ adoption steadily improves, our recently launched TxCellTM pattern scanning delivery device has been met with strong demand and we continue to be successful in international tenders.”

“After finishing 2013 on a very strong note, we think 2014 will show these trends continuing and you will see us focus on bringing our Glaucoma product offerings to the forefront. We see the glaucoma market as one that we can penetrate using both MicroPulse technology for MLT procedures to drive system sales and we are developing a family of consumable products that can further improve patient outcomes. These steps will further enhance the IRIDEX brand and business model and consequently increase shareholder value,” continued Moore.  

Revenues for 2013 were $38.3 million, up 13% from $33.9 million in 2012. Operating income for 2013 was $2.6 million, up $3.5 million from an operating loss of $0.9 million in 2012. Net income from continuing operations for 2013 was $2.2 million compared to a loss from continuing operations of $0.2 million for 2012, or earnings of $0.22 per diluted share compared to a loss of $0.02 per share on a diluted basis.

During the fourth quarter 2013, the Company continued to execute its share repurchase program buying approximately 38,000 shares at an average price of $6.03. The original $3.0 million repurchase plan approved in February 2013 was for one year. Today the Board approved extending the plan for an additional year and $2.6 million remains available for stock repurchases.

IRIDEX management will conduct a conference call later today, Thursday, February 27, 2014 at 5:00 p.m. Eastern Time.  Interested parties may access the live conference call via telephone by dialing (888) 549-7880 (U.S.) or (480) 629-9770 (International) and quoting Conference ID 4669674, or by visiting the Company’s website at www.iridex.com. A telephone replay will be available beginning on Thursday, February 27, 2014 through Friday, March 7, 2014 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (International) and entering Access Code 4669674. In addition, later today an archived version of the webcast will be available on the Company’s website at www.iridex.com.

IRIDEX Corporation was founded in 1989 and is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market. We maintain a deep commitment to the success of our customers, with comprehensive technical, clinical, and service support programs. IRIDEX is dedicated to a standard of excellence, offering superior technology for superior results. IRIDEX products are sold in the United States through both direct and independent sales forces and internationally through a combination of a direct sales force and a network of approximately 70 independent distributors into over 100 countries. For further information, visit the Company’s website at http://www.iridex.com.

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, relating to the size and growth of markets in which the Company operates, US and international buying patterns, the success of the Company’s marketing and sales efforts and operational execution, the adoption of MicroPulse laser therapy, TxCell pattern scanning and the Company’s other products, anticipated new product releases and the Company’s guidance concerning fiscal 2014 first quarter financial results, including anticipated ranges of revenue, revenue growth rates, operating expenses and gross margin rates, and operating income. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Annual Report on Form 10-K for the fiscal year ended December 29, 2012 and Quarterly Reports on Form 10-Q for the fiscal quarters ended March 30, 2013, June 29, 2013 and September 28, 2013, which were filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and will not be updated.

  Three Months Ended     Year Ended     December 28,2013     December 29,2012     December 28,2013     December 29,2012   Total revenues $ 10,598     $ 9,228     $ 38,273     $ 33,859   Cost of revenues   5,448       4,890       19,686       17,513   Gross profit   5,150       4,338       18,587       16,346   Operating expenses:                               Research and development   881       1,091       3,684       4,385   Sales and marketing   2,380       2,034       7,720       7,895   General and administrative   1,333       908       5,023       4,926   Proceeds from demutualization of insurance carrier   0       0       (473 )     0   Total operating expenses   4,594       4,033       15,954       17,206   Income (loss) from operations   556       305       2,633       (860 ) Legal settlement   0       0       0       800   Other expense, net   (171 )     (18 )     (371 )     (210 ) Income (loss) from continuing operations before provision for (benefit from) income taxes   385       287       2,262       (270 ) Provision for (benefit from) income taxes   (27 )     34       31       (100 ) Income (loss) from continuing operations, net of tax   412       253       2,231       (170 ) Income (loss) from discontinued operations, net of tax   0       149       0       (264 ) Gain (loss) on sale of discontinued operations, net of tax   0       (160 )     0       1,872   Income (loss) from discontinued operations, net of tax   0       (11 )     0       1,608   Net income $ 412     $ 242     $ 2,231     $ 1,438   Net income (loss) per share:                               Basic                               Continuing operations $ 0.04     $ 0.03     $ 0.24     $ (0.02 ) Discontinued operations   0.00       0.00       0.00       0.18   Net income $ 0.04     $ 0.03     $ 0.24     $ 0.16   Diluted                               Continuing operations $ 0.04     $ 0.03     $ 0.22     $ (0.02 ) Discontinued operations   0.00       (0.01 )     0.00       0.18   Net income $ 0.04     $ 0.02     $ 0.22     $ 0.16    Weighted average shares used in computing net income (loss) per share                               Basic   9,848       8,820       9,245       8,935   Diluted   10,431       10,071       10,104       8,935  

  December 28,2013     December 29,2012   Assets               Current Assets:               Cash and cash equivalents $ 13,444     $ 11,901   Accounts receivable, net   7,345       5,480   Inventories   10,605       8,035   Prepaid and other current assets   576       1,129   Current assets of discontinued operations   0       510   Total current assets   31,970       27,055   Property and equipment, net   543       483   Intangible assets, net   328       554   Goodwill   533       533   Other long-term assets   303       287   Total assets $ 33,677     $ 28,912   Liabilities and Stockholders’ Equity               Current Liabilities:               Accounts payable $ 2,278     $ 2,105   Accrued compensation   1,891       1,563   Accrued expenses   1,592       1,242   Accrued warranty   468       453   Deferred revenue   1,133       1,004   Total current liabilities   7,362       6,367   Long-Term Liabilities:               Other long-term liabilities   461       640   Total liabilities   7,823       7,007   Stockholders’ Equity:               Convertible preferred stock   0       5   Common stock   104       94   Additional paid-in capital   40,671       38,958   Accumulated deficit   (14,921 )     (17,152 ) Total stockholders’ equity   25,854       21,905   Total liabilities and stockholders’ equity $ 33,677     $ 28,912  

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. IRIDEX Corporation next reports earnings on February 27, 2014.

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