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 ...

Leadership Changes - Iridex Corporation appointed Patrick Mercer as the new Chief Executive Officer and President effective October 1, 2024, succeeding David Bruce [1] - Scott Shuda was appointed as Executive Chairman of the board of directors, having previously served as Chairman [1] Strategic Review Process - The board believes that the leadership change could accelerate progress towards a transaction under the strategic review process initiated last year [2] - The company is currently engaged in discussions with multiple entities regarding potential transactions [2] Company Overview - Iridex is a leader in developing and marketing laser-based medical systems for ophthalmology, focusing on treatments for glaucoma and retinal diseases [4] - The company's proprietary MicroPulse® technology offers safe and effective treatments for sight-threatening eye conditions [4] - Iridex products are distributed in over 100 countries, with a direct sales force in the United States and independent distributors internationally [4]

Strategic Review and Asset Sale - The company initiated a strategic review a year ago to unlock shareholder value, with the ultimate goal of selling its assets [1] - Despite initial expectations, no asset sale agreements have been reached as of late August 2024 [1] - The company remains committed to selling its assets, as evidenced by management restructuring to focus on strategic alternatives [5] Challenges and Investor Concerns - A major hurdle was a reimbursement issue, which was resolved in the company's favor but delayed the asset sale process [1] - Investor concerns include impatience with management's ability to close a deal, potential equity issuance for capital, and doubts about finding interested buyers [3][4] - The stock price has fallen back to pre-strategic review levels, reflecting investor frustration [2] Financial Sustainability and Recent Developments - The company's glaucoma business is a money-loser, while its retina business is profitable [6] - In early August, the company secured a convertible note financing, providing $3.5M in immediate liquidity and an additional $1.5M if needed, ensuring financial stability during the strategic review [6] - The financing strengthens the company's bargaining position with potential acquirers [6] Potential Asset Sale Scenarios - Selling the entire company at once could result in a quicker sale but potentially at a lower total share price [9] - Selling the profitable retina business first could significantly increase the share price, while retaining the glaucoma business for future potential [9] - Selling the glaucoma business first would provide immediate financial stability, as the retina business is cash-flow positive [9] Valuation and Expectations - The retina business is estimated to generate an annual net profit of $10M, with a potential valuation of $60-80M (6-8x multiple) [10] - The glaucoma business is estimated to have a $10M annual revenue run rate, with a potential valuation of $25M, though this may decrease due to delays in the strategic review [10] - Initial expectations for a total sale price of $6.00/share or more have been revised to $3.50-$4.50/share, reflecting the prolonged strategic review process [10] Conclusion and Outlook - The company remains serious about selling its assets, with management restructuring and financial measures in place to support the process [11] - The CEO expects an agreement for the sale of certain assets by the end of 2024 [7] - Patient investors could see a doubling of the current share price within the next 3-6 months, driven by the underlying value of the retina division [11]

Financial Performance - Iridex reported a quarterly loss of $0.16 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.12, representing an earnings surprise of -33.33% [1] - The company posted revenues of $12.63 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 1.32%, and down from $12.86 million a year ago [2] - Over the last four quarters, Iridex has surpassed consensus EPS estimates only once and has not beaten consensus revenue estimates during the same period [2] Stock Performance - Iridex shares have declined approximately 35.2% since the beginning of the year, contrasting with the S&P 500's gain of 9% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $12.6 million, and for the current fiscal year, it is -$0.49 on revenues of $50.4 million [7] Industry Outlook - The Lasers Systems and Components industry, to which Iridex belongs, is currently ranked in the bottom 17% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Iridex's stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

MOUNTAIN VIEW, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- IRIDEX Corporation ("Iridex", or the "Company") (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 it has executed definitive agreements related to a private placement financing (the "Financing") of a senior convertible promissory note (the "Initial Note") with Lind Global Asset Management IX LLC, an ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was $11.8 million, down $1.9 million from the prior year period, primarily due to loss of royalty revenue and continued softness in capital equipment purchases [34][38] - Gross profit for Q1 2024 was $4.5 million, compared to $5.9 million in the prior year, with a gross margin of 37.9%, down from 43.3% [21][22] - The net loss for Q1 2024 was $3.5 million or $0.25 per share, compared to a net loss of $2.1 million or $0.13 per share for the same period in 2023 [22] Business Line Data and Key Metrics Changes - In the glaucoma segment, Cyclo G6 revenue was $3.0 million, down from $3.7 million in Q1 2023, with 13,300 G6 probes sold, representing a 4% sequential growth from Q4 2023 [6][9] - Retina product revenue was $6.8 million, a decrease of 6% compared to Q1 2023, driven by lower medical and surgical system sales, partially offset by higher PASCAL system revenue [7][20] Market Data and Key Metrics Changes - The company experienced longer sales cycles and capital equipment purchase deferrals, impacting overall revenue [5][34] - There was a noted softness in U.S. probe sales, with concerns over potential reimbursement changes affecting new system purchases [32][41] Company Strategy and Development Direction - The company is focused on executing business line growth strategies to drive adoption of both retina and glaucoma technologies, with a refreshed product portfolio generating customer interest [14][15] - IRIDEX is actively engaged in a strategic review process, exploring potential transactions to unlock value for stockholders [29][13] Management Comments on Operating Environment and Future Outlook - Management acknowledged ongoing market headwinds but expressed confidence in the company's strong market position and the potential for revenue recovery driven by stabilized reimbursement for glaucoma procedures [15][17] - There are expectations for continued improvement in environmental factors affecting the business, with indications of firming orders in the second quarter [31][17] Other Important Information - Operating expenses in Q1 2024 were $7.8 million, down from $8.3 million in the same period last year, due to planned cost reduction initiatives [37] - Cash and cash equivalents totaled $5.4 million as of March 30, 2024, with a net cash reduction of $1.6 million in the quarter [38] Q&A Session Summary Question: Inquiry about future potential transactions and M&A appetite - Management confirmed that discussions with other parties are ongoing following the termination of a previous asset sale process, focusing on uncovering strategic value [24] Question: Clarification on G6 probe utilization and international strength - Management noted strength in international sales of G6 probes, with a stabilization in U.S. probe sales, but acknowledged lingering concerns over reimbursement affecting new adoption [25][27] Question: Outlook for 2024 revenue guidance - Management indicated that while they are not providing specific revenue guidance, there is an expectation of recovery and growth if current trends continue [43][45] Question: Cash balance and accounts payable outlook - Management expects cash burn to be materially lower in 2024 compared to 2023, with a typical cash usage of $1.5 million to $2 million per quarter [48][49]

Iridex (IRIX) came out with a quarterly loss of $0.21 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to loss of $0.13 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -75%. A quarter ago, it was expected that this medical laser company would post a loss of $0.05 per share when it actually produced a loss of $0.18, delivering a surprise of -260%. Over the last four quarters, the company has surp ...

Exhibit 99.1 Iridex Reports First Quarter 2024 Financial Results MOUNTAIN VIEW, Calif., May 14, 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 first quarter ended March 30, 2024, and provided a business update. First Quarter 2024 Financial Highlights "We saw some of the firming we expected during the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 0-27598 IRIDEX CORPORATION (Exact name of Registrant as specified in its charter) Delaware 77-0210467 (State or other jurisdiction of in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 0-27598 IRIDEX CORPORATION (Exact name of registrant as specified in its charter) Delaware 77-0210467 (State or other jurisdict ...