Q2 2024 IRIDEX Corp Earnings Call Transcript
Key Points
- IRIDEX Corp (IRIX) reported a sequential revenue growth of 7% in the second quarter of 2024, indicating a recovery in their business segments.
- The company saw a 12% increase in Cyclo G6 probe sales, driven by increased awareness of reimbursement stability in the US and a strong recovery internationally.
- The retina business segment showed notable strength, with Pascal scanning laser systems growing double digits year over year.
- IRIDEX Corp (IRIX) has strengthened its balance sheet through a private placement financing, securing $3.4 million with an option for an additional $1.5 million.
- Operating expenses decreased by $0.5 million compared to the same period last year, reflecting successful cost reduction initiatives.
- Total revenue for the second quarter was roughly flat compared to the same period in the prior year, indicating limited year-over-year growth.
- Glaucoma revenue was down $0.3 million compared to the second quarter of 2023, primarily due to softness in system sales.
- Gross margin declined from 41.7% in the second quarter of 2023 to 40.7% in the second quarter of 2024, due to a shift in product mix and reduced high-margin royalty revenue.
- The strategic review process has been ongoing for nearly a year, with no specific updates or transactions announced yet.
- Net loss for the second quarter was $2.7 million, only a slight improvement from the $2.8 million net loss in the same period of 2023.
Good day and thank you for standing by. At this time I would like to welcome everyone to IRIDEX second quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Trip Taylor, Investor Relations. Please go ahead.
Thank you, and thank you all for participating in today's call. Joining me from the company are David Bruce, Chief Executive Officer; and Fuad Ahmad, Interim Chief Financial Officer.
Earlier today, IRIDEX released financial results for the quarter ended June 29, 2024. 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 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 that are not statements of historical fact, including but not limited to
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