Iridex Q3 revenue $12.9M (-12% YoY); five MACs restrict glaucoma reimbursement; guidance withdrawn

IRIDEX CORP

Q3 revenue $12.9M, down 12% YoY; net loss $1.8M ($0.11/share) flat vs prior year.
Cyclo G6 revenue $3.0M (-12% YoY); probes up 3% but system sales fell to 27 units (vs 54 prior year).
Five U.S. MACs issued LCDs restricting cyclophotocoagulation reimbursement (effective Dec 24); Iridex appealing and challenging the criteria.
Guidance withdrawn for FY2023 due to uncertainty from LCDs impacting Cyclo G6 system and probe sales.
Strategic review announced in August; Piper Sandler engaged as financial advisor to explore alternatives.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

IRIDEX CORP reported third quarter ended September 30, 2023 results: revenue $12.9 million, net income $1.8 million, or $0.11 per share, EPS $0.11 per share.

Period: third quarter ended September 30, 2023
Revenue: $12.9 million
Net income: $1.8 million, or $0.11 per share
EPS: $0.11 per share
Result: reported results

Exact text from the filing

diseases, today reported financial results for the third quarter ended September 30, 2023 and provided a business update. Recent Business Updates • Generated total revenue of $12.9 million, representing flat sequential quarter revenue and a decrease of 12% year-over-year • Cyclo G6® product family revenue in the third quarter of $3.0 million, representing a

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Source: SEC EDGAR

accession 0000950170-23-063762

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