Q1 2024 IRIDEX Corp Earnings Call Transcript
Key Points
- IRIDEX Corp (IRIX) is actively engaged in a strategic review process, aiming to pursue transactions that benefit stockholders.
- The company maintains a global leadership position in the ophthalmic laser treatment market, with a strong installed base and market share.
- IRIDEX Corp (IRIX) has launched new products such as the Pascal laser scanning platform and new single spot platform, refreshing its retina portfolio.
- The company has driven adoption of its MicroPulse transscleral laser therapy (MPTLT) for glaucoma, expanding its market presence to over 2,000 laser consoles and delivering over 250,000 single-use probes.
- IRIDEX Corp (IRIX) is seeing signs of market recovery, with firming system orders and a supply chain capable of fulfilling these orders.
- The initial transaction discussed in the last earnings call regarding the sale of certain assets will not be going forward, impacting potential strategic moves.
- Total revenue for Q1 2024 was down $1.9 million from the prior year, primarily due to loss of royalty revenue and continued softness in capital equipment purchases.
- There is ongoing uncertainty in Medicare reimbursement, affecting the glaucoma procedures and system sales.
- The company reported a net loss of $3.5 million in Q1 2024, which increased from a net loss of $2.1 million in the same period the previous year.
- IRIDEX Corp (IRIX) is experiencing longer sales cycles and end-of-quarter capital equipment purchase deferrals, impacting revenue.
Good day, and thank you for standing by. Welcome to Q1 2024 IRIDEX earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Trip Taylor, Investor Relations. Please go ahead.
Thank you, and thank you all for participating in today's call. Joining me are David Bruce, Chief Executive Officer, and Fuad Ahmad, Interim Chief Financial Officer.
Earlier today, IRIDEX released financial results for the quarter ended March 30, 2024. A copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Any statements made during this call are not statements of historical fact, including, but not limited to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
