$IRIX reports strong financial results and 2023 guidance
Mar 9th 2023, 9:16 pm
Analyst Summary: Iridex Corporation (Nasdaq: IRIX) reported strong financial results for the fourth quarter and year ended December 31, 2022. The company reported $48.9 million in revenue for the full year, a 25.4% increase from the year prior, driven by strong capital equipment sales in the US, higher revenue recognition from the sale of distribution rights, and higher legacy probe sales. Gross margin for 2022 was 44.2%, up from 42.8% in the prior year, due to higher Cyclo G6 probe sales and higher product mix of U.S. laser systems sales. The company issued 2023 financial guidance, expecting revenue growth of 12-15% over 2022 to expand the Cyclo G6 systems installed base by 225 to 250 systems, with higher gross margin improving to 45% - 47%. Management highlighted the significant growth opportunity for their innovative offerings and the establishment of the updated dosing recommendations that have already led to improved clinical outcomes and consistency. The company plans to release its new single-spot platform in the US, following FDA approval for the new Iridex Pascal platform, which is well-positioned to build momentum in 2023. It is important to note that this announcement contains forward-looking statements that are subject to a number of risks that may impact actual results.