MOUNTAIN VIEW, Calif.,
Oct. 11, 2016 /PRNewswire/
-- IRIDEX Corporation (Nasdaq: IRIX) today 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. 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.
About IRIDEX
IRIDEX Corporation was founded in 1989
and 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. We maintain a deep commitment to the success
of our customers, with comprehensive technical, clinical, and
service support programs. IRIDEX is dedicated to a standard of
excellence, offering superior technology for superior results.
IRIDEX products are sold in the United
States through a direct sales force and internationally
through a combination of a direct sales force and a network of
approximately 70 independent distributors into over 100 countries.
For further information, visit the IRIDEX website at
http://www.iridex.com/.
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 its anticipated revenues for the quarter ended
October 1, 2016, demand for the G6
platform, FDA authorization for the G6 platform, the causes of back
orders with certain retina products and the Company's expectations
to resolve those issues and ship its back orders, and the timing of
the release of the Company's full financial results for 2016 third
quarter. 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, including: accounting adjustments made by
the Company in the process of closing the 2016 third quarter; the
Company's ongoing evaluation of the causes of the issues
experienced in the 2016 third quarter; quality and control and
production issues; defects in product design; risks associated with
international sales; general economic and political conditions
globally or regionally; business and economic conditions in the
industries in which the Company operates; the ability to develop
new products; the ability of new and existing products to achieve
and maintain market acceptance; increases in and effects of
competition; uncertainty regarding healthcare reform measures and
changes in third-party coverage and reimbursement policies; changes
in collaborative relationships; changes in unit pricing of
products; changes in sales force or distributor relationships; any
failure to manage growth in the Company's business, including
growth through acquisitions; any failure to maintain or
successfully protect intellectual property rights; any loss of key
personnel; any failure to accurately forecast demand for the
Company's products; reliance on sole and limited source suppliers;
the impact of FDA, environmental and other regulations on business;
any failure to comply with regulatory and legal requirements; loss
of reputation, including as a result of any misuse of products; any
recalls of products; and product liability and other legal
claims. Please see a detailed description of these and other
risks contained in the Company's Annual Report on Form 10-K for the
fiscal year ended January 2, 2016,
and Quarterly Reports on Form 10-Q for subsequent fiscal quarters,
each of which was filed with the Securities and Exchange
Commission. Forward-looking statements contained in this
announcement are made as of this date and will not be updated.
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SOURCE IRIDEX Corporation