The following is a summary of the IRIDEX Corporation (IRIX) Q1 2024 Earnings Call Transcript:
Financial Performance:
In Q1 2024, IRIDEX recorded total revenue of $11.8 million, a significant decrease from the prior year period due to loss of royalty revenue and reduced capital equipment purchases.
Cyclo G6 product family revenue was $3 million, down from $3.7 million in Q1 2023. The Retina product revenue also decreased by 6% compared to the prior year period.
Gross profit for Q1 2024 was $4.5 million with a gross margin of 37.9%, lesser than in Q1 2023.
The net loss for Q1 2024 was $3.5 million or $0.25/share, which is an increase compared to the net loss in 2023.
Business Progress:
IRIDEX still holds global leadership in ophthalmic laser treatment systems used by Retina specialists despite market challenges.
New additions to the company's portfolio include the Pascal laser scanning platform with MicroPulse capability and operational rollout of new single spot platform.
The company started a strategic review process aimed at benefiting shareholders but faced setbacks with an attempted asset sale.
Longer sales cycles and purchase deferrals resulted in decreased sales volume, but the company expects a boost in future revenue due to customer interest in its new retina portfolio.
Despite reimbursement uncertainties, the company expects improved environmental factors and an uptick in capital equipment trends to drive growth in its retina business.
More details: IRIDEX IR
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