Iridex Q2 revenue $13.8M (+2% YoY); net loss $2.2M; lowers FY22 guidance

IRIDEX CORP

2023-Q2 EPS reported -$0.29 revenue$27,142,000

Total revenue $13.8M, up 2% YoY; net loss $2.2M ($0.14/sh) vs net income $1.4M ($0.09) prior year due to one-time PPP loan forgiveness.
Gross margin 45.6% vs 45.5% YoY; operating expenses rose 16% to $8.4M on sales/marketing and R&D investment.
Cyclo G6 probe sales of 15,000 (-6% YoY); full-year probe guidance cut to 61k-63k from prior 67k-70k.
Revenue guidance lowered to $56M-58M from $57M-59M, reflecting 4%-8% growth; management cites macro headwinds and COVID surge.
Received NMPA clearance to market Cyclo G6 platform in China; sold initial systems and conducted clinical launch with 70 physicians.

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