Iridex Corporation reported preliminary Q4 2024 revenue of $12.6-$12.7 million, maintaining probe sales while focusing on profitability.
Quiver AI Summary
Iridex Corporation announced its preliminary unaudited financial results for the fourth quarter and full year ending December 28, 2024. For Q4, total revenue is projected to be between $12.6 million and $12.7 million, slightly up from the previous year's quarter, with sales of Cyclo G6® probes remaining stable and an increase in Cyclo G6 Glaucoma Laser Systems sold. For the entire year, revenue is expected between $48.6 million and $48.7 million, a decline from 2023, alongside a drop in probe and laser system sales. CEO Patrick Mercer emphasized the company’s focus on achieving positive EBITDA and enhancing operational efficiency through restructuring, while also continuing discussions for strategic transactions to maximize shareholder value. These results are preliminary and subject to adjustments and audits.
Potential Positives
- Total revenue for Q4 2024 is expected to slightly increase compared to the prior year quarter, suggesting stability in sales.
- The company sold more Cyclo G6 Glaucoma Laser Systems in Q4 2024 compared to the prior year quarter, indicating positive demand for this product.
- The commitment to achieving positive EBITDA results in Q4 2024 and prioritizing profitability for 2025 demonstrates a clear focus on financial improvement.
- Ongoing discussions regarding potential transactions indicate efforts to maximize shareholder value, which is a positive signal for investors.
Potential Negatives
- Total revenue for the full year 2024 is expected to decline significantly from $51.9 million in 2023 to between $48.6 million and $48.7 million, indicating a potential loss of market competitiveness.
- Sales of Cyclo G6® Glaucoma Laser Systems decreased from 164 units in the prior year to 125 units, raising concerns about declining demand for key products.
- The ongoing strategic review and discussions with multiple parties about potential transactions may signal instability or challenges within the company's operations or future direction.
FAQ
What are Iridex Corporation's fourth quarter 2024 revenue expectations?
Total revenue is expected to be between $12.6 million and $12.7 million for Q4 2024.
How many Cyclo G6 Glaucoma Laser Systems were sold in 2024?
Iridex sold 125 Cyclo G6® Glaucoma Laser Systems in 2024, down from 164 in 2023.
What steps is Iridex taking towards profitability in 2025?
Iridex is focusing on cost restructuring initiatives to enhance operational efficiency and improve margins.
What changes did Iridex make in its workforce recently?
The company executed a headcount reduction as part of its strategic shift towards profitability.
What technology does Iridex use for treating eye conditions?
Iridex utilizes proprietary MicroPulse® technology for treating glaucoma and retinal diseases effectively.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$IRIX Hedge Fund Activity
We have seen 8 institutional investors add shares of $IRIX stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- AMH EQUITY LTD added 40,321 shares (+8.8%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC added 8,918 shares (+21.6%) to their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC removed 7,600 shares (-1.9%) from their portfolio in Q3 2024
- UBS GROUP AG added 6,251 shares (+64.8%) to their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 4,530 shares (+7.4%) to their portfolio in Q3 2024
- SIMPLEX TRADING, LLC removed 4,241 shares (-66.2%) from their portfolio in Q3 2024
- PERKINS CAPITAL MANAGEMENT INC added 4,200 shares (+9.9%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MOUNTAIN VIEW, Calif., Jan. 14, 2025 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX), a worldwide leader providing innovative and versatile laser-based medical systems and delivery devices for the treatment of glaucoma and retinal diseases, today announced preliminary unaudited operational and financial results for the fourth quarter and full year ended December 28, 2024.
Fourth Quarter 2024 Results
The Company’s strategic review remains ongoing with multiple parties
Total revenue is expected to be between $12.6 million and $12.7 million compared to $12.5 million in the prior year quarter
Sold 12,700 Cyclo G6
®
probes compared to 12,700 in the prior year quarter
Sold 47 Cyclo G6 Glaucoma Laser Systems, compared to 35 in the prior year quarter
Full Year 2024 Results
Total revenue is expected to be between $48.6 million and $48.7 million compared to $51.9 million in 2023
Sold 54,800 Cyclo G6
®
probes, compared to 55,200 in the prior year
Sold 125 Cyclo G6
®
Glaucoma Laser Systems compared to 164 in the prior year
“We remained steadfast in our commitment to achieving positive EBITDA results in Q4 2024 laying the foundation for prioritizing profitability in 2025. Progress with our ongoing cost restructuring initiatives is enhancing our operational efficiency, improving margins, and positioning the company for greater financial strength,” said Patrick Mercer, Iridex's President and CEO. “We are incredibly proud of our sales team for achieving Q4 results that match the performance of the same quarter last year. This accomplishment is especially commendable in light of our recent headcount reduction, a strategic step in our commitment to driving Iridex toward profitability.”
Mr. Mercer added, We remain committed to our strategic review process intended to maximize shareholder value and continue to be in discussion with multiple parties regarding a single or multiple transactions.”
These preliminary results are based on management's initial analysis of operations for the quarter and year ended December 28, 2024, and are subject to the completion of the Company’s year-end financial reporting processes, further internal review, potential adjustments, and audit by the Company's external auditors.
About Iridex Corporation
Iridex Corporation 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. The Company’s proprietary MicroPulse® technology delivers a differentiated treatment that provides safe, effective, and proven treatment for targeted sight-threatening eye conditions. Iridex’s current product line is used for the treatment of glaucoma and diabetic macular edema (DME) and other retinal diseases. Iridex products are sold in the United States through a direct sales force and internationally primarily through a network of independent distributors into more than 100 countries. For further information, visit the Iridex website at www.iridex.com.
MicroPulse® is a registered trademark of Iridex Corporation, Inc. in the United States, Europe and other jurisdictions. © 2024 Iridex Corporation. All rights reserved.
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 financial and operating results. The Company can provide no assurance that it will complete any value-maximizing transactions on behalf of its stockholders. 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 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2024. Forward-looking statements contained in this announcement are made as of this date and will not be updated.
Media Contact
Joan Staufer
jstauffer@iridex.com
Investor Relations Contact
Philip Taylor
Gilmartin Group
investors@iridex.com
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