Iridex Q1 revenue down 14% to $11.8M; net loss widens; strategic review ongoing after deal collapse

IRIDEX CORP

2024-Q1 EPS reported -$0.21 revenue$11,761,000

Q1 revenue $11.8M vs $13.7M YoY; net loss $3.5M ($0.21/share) vs $2.1M ($0.13/share).
Cyclo G6 revenue $3.0M (down 19% YoY); system sales fell to 22 units from 61.
Retina product revenue $6.8M, down 6% YoY; gross margin contracted to 37.9% from 43.3%.
Cash $5.4M as of March 30, 2024; used $1.6M in the quarter.
First expected asset sale terminated; strategic review continues with multiple parties on product lines or whole company.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

IRIDEX CORP reported first quarter ended March 30, 2024 results: revenue $11.8 million, net income $3.5 million, EPS $0.21 per share.

Period: first quarter ended March 30, 2024
Revenue: $11.8 million
Net income: $3.5 million
EPS: $0.21 per share
Result: reported results

Exact text from the filing

today reported financial results for the first quarter ended March 30, 2024, and provided a business update. First Quarter 2024 Financial Highlights • Generated total revenue of $11.8 million, compared to $13.7 million in the prior year period • Cyclo G6® product family revenue in the first quarter of $3.0 million, compared to $3.7 million in the prior year period o

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Source: SEC EDGAR

accession 0000950170-24-059624

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