Iridex reports strong third-quarter revenues

Iridex reported revenues of $9.5 million for the third quarter, up 21 percent from $7.9 million for the third quarter of 2012.

Net income from continuing operations was $500,000 for the third quarter of 2013, compared to a net loss of $600,000 for the third quarter of 2012. For the third quarter of this year, operating income was $700,000 compared with an operating loss of $600,000 for the third quarter of 2012.

The company reported strong sales of laser systems for the third quarter of this year, which is historically a lighter sales quarter.

"The market acceptance of our MicroPulse tissue sparing treatments for diabetes related vision loss and glaucoma continues to gain ground,” said Will Moore, Iridex’s president and CEO. "We saw increased sales of MicroPulse enabled laser units this quarter compared to last year's third quarter and standing room only in a recent training seminar at a large trade show in Amsterdam. Our observation that physicians and healthcare policy makers in industrialized and developing nations are adopting value-based medicine practices and policies continues to be validated and ties in to the tremendous value our MicroPulse and continuous wavelength laser systems provide both to our customers and their healthcare systems for the treatment of sight-threatening diseases."

For the fourth quarter of this year, the company expects to achieve revenue between $10.2 million and $10.5 million, representing growth of between 11 to 14 percent over the prior year period. Gross margin is anticipated to be between 49 and 51 percent and operating expenses between $4.4 million and $4.6 million. The company anticipates generating operating income.

Iridex also plans to introduce three new products at the 2013 Annual Meeting of the American Academy of Ophthalmology.