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IRIDEX Announces Preliminary Unaudited Revenues For 2012 Fourth Quarter And Year End

Stocks in this article: IRIX

MOUNTAIN VIEW, Calif., Jan. 22, 2013 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) reported preliminary revenues of approximately $9.2 million and $33.8 million for the fourth quarter and full year 2012, respectively.  Revenues in the fourth quarter exceeded the high end of the Company's prior guidance and were driven by a healthy uptick in sales of laser systems. Management had projected revenues to be between $8.4 million and $8.7 million in the 2012 fourth quarter.

CEO William M. Moore said, "We were very pleased to see strong sales growth in the fourth quarter of 2012 driven by increased demand for our laser systems, especially the IQ532 system with MicroPulse™ technology, which has been the central focus of recent marketing campaigns. While it is too early to call the strong growth in the period a trend, the sales organization has seen a positive response to a sharpened commercial message as well as the continued positive clinical data and accelerated adoption of MicroPulse technology."

The stronger than anticipated sales of laser systems also shifted the overall product mix toward capital equipment rather than higher margin consumable products. As a result, IRIDEX anticipates gross margins for the 2012 fourth quarter below the guidance range of 49% to 51%.

Moore continued, "During the fourth quarter, we also maintained excellent operating expense management and believe we will be close to guidance of $4.0 million for the period."

During the fourth quarter, the Company announced the FDA 510(k) and Conformité Européenne (CE) clearances of its TxCell™ Scanning Laser Delivery System and began shipping orders. The TxCell product saves significant time in a variety of laser photocoagulation procedures, including those using MicroPulse. The Company also entered into a license agreement with QUANTEL Medical that gives QUANTEL access to IRIDEX' MicroPulse technology, a further step towards making Fovea-friendly therapies using MicroPulse a new standard of care.

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