MOUNTAIN VIEW, Calif., Dec. 18, 2024 (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 the publication of a landmark peer-reviewed study in Ophthalmology Therapy. This study highlights the sustained safety and efficacy of MicroPulse Transscleral Laser Therapy (TLT) (also referred to as Transscleral Cyclophotocoagulation) in managing b ...

MOUNTAIN VIEW, Calif., Nov. 19, 2024 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX), a worldwide leader providing innovative and versatile laser-based medical systems, delivery devices, and procedure probes for the treatment of glaucoma and retinal diseases, today confirms that Local Coverage Determination (LCD) L37531, relating to Micro-Invasive Glaucoma Surgery (MIGS), was adopted as scheduled and will be effective for services performed on or after November 17, 2024. The Company has previously rep ...

Financial Data and Key Metrics - Total revenue for Q3 2024 was $11.6 million, a 10% decline compared to $12.9 million in Q3 2023 [17] - Gross profit in Q3 2024 was $4.3 million, down from $5.6 million in Q3 2023, with gross margin declining to 37.3% from 43.7% [20] - Operating expenses decreased by $1.1 million to $6.2 million in Q3 2024 compared to $7.3 million in Q3 2023 [21] - Net loss in Q3 2024 was $1.9 million or $0.12 per share, compared to a net loss of $1.8 million or $0.11 per share in Q3 2023 [22] - Cash and cash equivalents totaled $3.9 million as of September 28, 2024, including $3.4 million from a convertible note offering [23] Business Line Data and Key Metrics - Cyclo G6 product family revenue was $3.1 million in Q3 2024, a 3% increase compared to Q3 2023 [17] - 13,600 Cyclo G6 probes were sold in Q3 2024, a 10% sequential decline from Q2 2024 [18] - Retina segment revenue was $6.5 million in Q3 2024, down 18% compared to Q3 2023 [19] - Other revenue, including royalties and services, was $2 million in Q3 2024, up from $1.9 million in Q3 2023 [19] Market Data and Key Metrics - The company experienced shipment delays in certain regions due to regulatory hurdles, which are expected to be resolved in Q4 2024 [12] - The glaucoma products family showed increasing momentum, with aggregate glaucoma probe and console sales up compared to the prior year [13] Company Strategy and Industry Competition - The company is actively discussing potential transactions with multiple entities, with an announcement possible before the end of 2024 [7] - Cost-cutting measures are being implemented to align expenses with operating cash flows, aiming for EBITDA breakeven or better in Q4 2024 [8][29] - The company is accelerating engagement with global contract manufacturing partners to improve gross margins through increased outsourcing [29] - The revised LCD reimbursement change for glaucoma, effective November 17, 2024, is expected to increase physician adoption of IRIDEX glaucoma products [31][32] Management Commentary on Operating Environment and Future Outlook - The company expects Q4 2024 to be EBITDA positive, driven by seasonal strength and cost optimization efforts [8][24] - Management believes the new LCD reimbursement landscape will significantly benefit IRIDEX by restricting MIGS device usage and increasing adoption of IRIDEX glaucoma products [32] - The company is focusing on competitive advantages and high-return opportunities as it reduces aggressive spending [30] Other Important Information - The company introduced the new I-5 laser platform at the American Academy of Ophthalmology meeting, generating promising leads [14] - The strategic review process has been accelerated, with strong interest expressed by third parties in IRIDEX's global brand and products [7] Q&A Session - No Q&A session was conducted during the call [5][34]

Exhibit 99.1 Iridex Reports Third Quarter 2024 Financial Results MOUNTAIN VIEW, Calif., November 12, 2024 -- Iridex Corporation (Nasdaq: IRIX), a worldwide leader providing innovative and versatile laser-based medical systems, delivery devices, and procedure probes for the treatment of glaucoma and retinal diseases, today reported financial results for the third quarter ended September 28, 2024. Third Quarter 2024 Financial and Recent Highlights • Expects to achieve EBITDA breakeven in the fourth quarter of ...

MOUNTAIN VIEW, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Iridex Corporation (NASDAQ: IRIX), a worldwide leader providing innovative and versatile laser-based medical systems, delivery devices, and procedure probes for the treatment of glaucoma and retinal diseases, today announced the Company will release financial results for the third quarter 2024 and provide a business update after the close of trading on Tuesday, November 12, 2024. The Company’s management team will host a corresponding conference call ...

MOUNTAIN VIEW, Calif., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX), a worldwide leader providing innovative and versatile laser-based medical systems, delivery devices, and procedure probes for the treatment of glaucoma and retinal diseases, today announced the appointment of Patrick Mercer as the Company's Chief Executive Officer and President effective October 1, 2024. Previously Mr. Mercer served as the Company's Chief Operating Officer and President. David Bruce, the Company's pr ...

Muriel de Seze/DigitalVision via Getty Images It's now been a year since IRIDEX (NASDAQ:IRIX) announced its strategic review to "unlock shareholder value." Thus far, the strategic review has been frustrating for shareholders (and, I imagine, the company!) as multiple events have taken place that has slowed down the ultimate sale of the company's assets, which clearly seems to be IRIX's end-game, in my view. The first major hurdle that came IRIX's way relates to a reimbursement issue I covered in a November ...

IRIDEX Corporation (NASDAQ:IRIX) Q2 2024 Earnings Conference Call August 8, 2024 5:00 PM ET Company Participants Philip Taylor – Investor Relations David Bruce – Chief Executive Officer Fuad Ahmad – Interim Chief Financial Officer Conference Call Participants Tom Stephan – Stifel Operator Good day, and thank you for standing by. At this time I would like to welcome everyone to IRIDEX Second Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the s ...

Iridex (IRIX) came out with a quarterly loss of $0.16 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to loss of $0.17 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -33.33%. A quarter ago, it was expected that this medical laser company would post a loss of $0.12 per share when it actually produced a loss of $0.21, delivering a surprise of -75%. Over the last four quarters, the company has su ...

Exhibit 99.1 Iridex Reports Second Quarter 2024 Financial Results MOUNTAIN VIEW, Calif., August 8, 2024 -- Iridex Corporation (Nasdaq: IRIX), a worldwide leader providing innovative and versatile laser-based medical systems, delivery devices, and procedure probes for the treatment of glaucoma and retinal diseases, today reported financial results for the second quarter ended June 29, 2024, and provided a business update. Second Quarter 2024 Financial and Recent Highlights • Generated total revenue of $12.6 ...