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Date Announced: 05 Aug 2010
Medical laser company impacted by weak market for aesthetic procedures.
MOUNTAIN VIEW, Calif., Aug. 5 /PRNewswire-FirstCall/ -- IRIDEX Corporation (Nasdaq:IRIX - News) today reported financial results for the second quarter ended July 3, 2010.
For the second quarter ended July 3, 2010, IRIDEX reported revenue of $9.9 million compared to $10.5 million for the comparable quarter of the previous year.
Net income was $0.8 million, or $0.08 per diluted share, for the second quarter of 2010, compared with net income of $1.2 million, or $0.12 per diluted share for the second quarter of 2009. For the six months ended July 3, 2010, the Company reported revenue of $20.6 million and net income of $1.3 million, or $0.13 per diluted share, compared to $21.2 million and net income of $1.4 million, or $0.14 per diluted share for the six months ended July 4, 2009.
"Our second quarter performance was mixed. Excluding OEM revenue our Ophthalmology business was up from $7.2 million in the second quarter of 2009 to $7.4 million this quarter driven by strong international sales. We saw good sales of our IQ 577 Laser System with demand increasing and we launched our IQ 532 Laser System," stated Mr. Theodore A. Boutacoff, President and CEO.
"This was our sixth successive quarter of operating income and we continued to generate positive cash flows from operations, which given our weaker than anticipated revenues illustrates the progress we have made in creating an efficient business operation. The main weakness in our revenues came from our international Aesthetics sales as a consequence of the European economic crisis. International Aesthetics sales for the second quarter 2010 were $0.7 million lower than in the second quarter of 2009."
"A highlight in the quarter was closing the RetinaLabs acquisition and subsequent to the quarter end, we were granted a patent for our Adjustable Laser Probe, both significant steps to help grow our consumables revenues and in the execution of our stated growth strategy, which is a combination of organic initiatives and accretive acquisitions."
"Looking forward, sales in some segments of the market are historically lighter during the summer months; therefore we anticipate third quarter revenue to be between $10.0 million to $10.2 million, gross margins between 45% to 48% and operating expenses between $4.3 million and $4.5 million."
E-mail: info@iridex.com
Web Site: www.iridex.com
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