Iridex Corp (IRIX) Prelim. Q3 Revenue Misses Expectations

October 11, 2016 4:07 PM EDT

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IRIDEX Corporation (Nasdaq: IRIX) reported preliminary revenues of approximately $9.6 to $9.7 million for the third quarter ended October 1, 2016 compared to prior revenue guidance of $11.0 to $11.3 million. (The Street was looking for revenue of $11.2 million.) While demand for the Company's new flagship Cyclo G6™ laser platform for glaucoma remained strong, revenues of certain retina products were below expectations although the Company ended the third quarter with a record high in back orders.

  • G6 Platform Update - For the 2016 third quarter, the Company sold approximately 90 Cyclo G6™ glaucoma laser systems and shipped approximately 7,000 G6 probes. "The G6 platform continues to outperform our expectations in terms of both systems sold and disposable probe utilization. The G6 platform is rapidly transforming our business and the treatment of glaucoma as evidenced by continued strong market acceptance of our products and clinical feedback from our customers," stated William A. Moore, President and CEO.
  • Retina Products - In the last several weeks of the 2016 third quarter, the Company experienced back orders for certain retina products as the Company evaluated potential supply chain and sales force training issues. "Our team is focused on providing our customers with products of high quality and reliability. We anticipate that we will resolve these issues and work through our back orders in the near term," stated Mr. Moore.

The Company expects to release its full results for the third quarter in early November 2016.

Recent Business Highlights

  • American Association of Ophthalmology (AAO) Conference - IRIDEX will deliver a robust summary of the clinical and economic advantages of the Company's MicroPulse® technology at the upcoming AAO Conference, including presentations by leading physicians from around the world regarding its glaucoma and retina product offerings.
  • U.S. Sales Team - In the last few weeks, IRIDEX has expanded the Company's U.S. sales team by two individuals.
  • FDA Authorization of New G6 Probe – The Company recently received FDA authorization for a new disposable probe for its G6 platform. IRIDEX believes this will be the first illuminated probe for the treatment of late stage glaucoma.

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