Fourth Quarter and 2016 Financial Highlights
- Total revenue of
$12.5 million for the fourth quarter of 2016, a 3.4% increase year over year. Full year total revenue of$46.2 million , an increase of 10.5% compared to full year 2015. - Cyclo G6™ glaucoma laser platform revenues in the fourth quarter of 2016 increased 67% year over year with a full year 2016 increase of 311% compared to full year 2015.
Recent Business Highlights
- Sold 96 Cyclo G6 systems and shipped approximately 8,000 G6 probes in the fourth quarter of 2016, bringing the total for the full year 2016 to 384 and 27,000, respectively.
- Increased U.S. sales organization to 17 direct sales representatives and added one Area Sales Manager.
Established IRIDEX GmbH to facilitate a direct sales initiative inGermany .- Commercially launched G-Probe™ Illuminate at the
American Glaucoma Society (AGS) Annual Meeting. The G-Probe Illuminate has built-in transillumination that optimizes placement of the probe and therapeutic outcomes in the treatment of glaucoma. The G-Probe Illuminate is the third disposable probe designed for use with the Cyclo G6 system. - Conducted live surgery webcast at the
Asia-Pacific Academy of Ophthalmology (APAO) meeting inSingapore .
"We are pleased that 2016 was a strong year for
Fourth Quarter 2016 Financial Results
Revenue for the three months ended
Gross profit for the fourth quarter of 2016 was
Operating expenses for the fourth quarter of 2016 were
Loss from operations for the fourth quarter of 2016 was
In the fourth quarter of 2016, the Company recorded a full valuation allowance against all its deferred tax assets and recorded a non-cash provision for income taxes of
Full Year 2016 Financial Results
Revenue for the year ended
Gross profit for the year was
Operating expenses for 2016 were
In 2016, the Company recorded a full valuation allowance against all its deferred tax assets and recorded a non-cash provision for income taxes of
Cash and cash equivalents were
Guidance for Full Year 2017
Webcast and Conference Call Information
About
Safe Harbor Statement
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, including those statements concerning revenue and Cyclo G6 projections for fiscal 2017, future demand and order levels for the Company's products, future operating expenses, changes in personnel, product development and intellectual property related matters, the adoption and effect of Company products on its results, the markets in which the Company operates, usage and efficacy of the Company's products, the Company's future financial results, and the Company's strategic plans and objectives. 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
IRIDEX Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited) |
|||||||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||||||
December 31, |
January 2, |
December 31, |
January 2, |
||||||||||||||
2016 |
2016 |
2016 |
2016 |
||||||||||||||
Total revenues |
$ |
12,530 |
$ |
12,113 |
$ |
46,158 |
$ |
41,757 |
|||||||||
Cost of revenues |
6,967 |
6,628 |
25,319 |
21,804 |
|||||||||||||
Gross profit |
5,563 |
5,485 |
20,839 |
19,953 |
|||||||||||||
Operating expenses: |
|||||||||||||||||
Research and development |
1,358 |
1,214 |
5,365 |
5,214 |
|||||||||||||
Sales and marketing |
3,069 |
2,438 |
10,281 |
8,901 |
|||||||||||||
General and administrative |
2,092 |
1,344 |
7,638 |
5,550 |
|||||||||||||
Impairment of intangible assets |
120 |
- |
120 |
- |
|||||||||||||
Total operating expenses |
6,639 |
4,996 |
23,404 |
19,665 |
|||||||||||||
(Loss) income from operations |
(1,076) |
489 |
(2,565) |
288 |
|||||||||||||
Other (expense) income, net |
(8) |
(131) |
(91) |
3 |
|||||||||||||
(Loss) income from operations before provision for (benefit from) income taxes |
(1,084) |
358 |
(2,656) |
291 |
|||||||||||||
Provision for (benefit from) income taxes |
9,731 |
(80) |
9,057 |
(183) |
|||||||||||||
Net (loss) income |
$ |
(10,815) |
$ |
438 |
$ |
(11,713) |
$ |
474 |
|||||||||
Net (loss) income per share: |
|||||||||||||||||
Basic |
$ |
(1.04) |
$ |
0.04 |
$ |
(1.15) |
$ |
0.05 |
|||||||||
Diluted |
$ |
(1.04) |
$ |
0.04 |
$ |
(1.15) |
$ |
0.05 |
|||||||||
Weighted average shares used in computing net (loss) income per share: |
|||||||||||||||||
Basic |
10,443 |
9,980 |
10,173 |
9,962 |
|||||||||||||
Diluted |
10,443 |
10,086 |
10,173 |
10,128 |
|||||||||||||
IRIDEX Corporation Condensed Consolidated Balance Sheets (In thousands and unaudited) |
||||||||
December 31, |
January 2, |
|||||||
2016 |
2016 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
23,747 |
$ |
9,995 |
||||
Accounts receivable, net |
10,025 |
9,282 |
||||||
Inventories |
11,643 |
11,106 |
||||||
Prepaids and other current assets |
450 |
386 |
||||||
Total current assets |
45,865 |
30,769 |
||||||
Property and equipment, net |
1,534 |
1,104 |
||||||
Intangible assets, net |
132 |
268 |
||||||
Goodwill |
533 |
533 |
||||||
Deferred income taxes-long term |
- |
8,985 |
||||||
Other long-term assets |
80 |
164 |
||||||
Total assets |
$ |
48,144 |
$ |
41,823 |
||||
Liabilities and Stockholders' Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
1,994 |
$ |
2,223 |
||||
Accrued compensation |
2,346 |
1,572 |
||||||
Accrued expenses |
2,135 |
1,722 |
||||||
Accrued warranty |
603 |
603 |
||||||
Deferred revenue |
1,383 |
1,311 |
||||||
Total current liabilities |
8,461 |
7,431 |
||||||
Long-Term liabilities: |
||||||||
Other long-term liabilities |
523 |
704 |
||||||
Total liabilities |
8,984 |
8,135 |
||||||
Stockholders' equity: |
||||||||
Common stock |
124 |
111 |
||||||
Additional paid-in capital |
55,158 |
37,986 |
||||||
Accumulated deficit |
(16,122) |
(4,409) |
||||||
Total stockholders' equity |
39,160 |
33,688 |
||||||
Total liabilities and stockholders' equity |
$ |
48,144 |
$ |
41,823 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iridex-announces-fourth-quarter-and-2016-financial-results-and-provides-full-year-2017-financial-outlook-300420562.html
SOURCE
Lynn Pieper Lewis or Leigh Salvo, (415) 937-5404, investors@iridex.com