Iridex Earnings Hold Steady in Second Quarter
MOUNTAIN VIEW, Calif., Aug. 1, 2014 — Iridex Corp. earnings were relatively stable and revenue climbed 15 percent in the second quarter as the company continues to promote its laser eye treatment product.
Revenues were $10.6 million, compared to $9.2 million in the second quarter of 2013. Net income was $300,000, compared to net income in last year's second quarter of $400,000.
The company expects revenue of $10 million to $10.3 million, representing growth of 5 percent to 8 percent over last year’s third quarter.
Iridex CEO Will Moore said sales were strong for MicroPulse, a laser system for treating diabetes-related retinal disease. The results from a one-year, multicenter study of MicroPulse technology as a treatment for glaucoma were presented at the American Society of Cataract and Refractive Surgeons conference in April.
Meanwhile, Iridex’s board of directors recently established a new $3 million share repurchase program, following on another that involved buying approximately 377,000 shares at an average price of $7.97 since February 2013.
For more information, visit www.iridex.com