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IRIDEX Reports 2014 Second Quarter, Six-Month Results
Date:7/31/2014

MOUNTAIN VIEW, Calif., July 31, 2014 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the second quarter and six months ended June 28, 2014. 

  • Revenues were $10.6 million in the second quarter of 2014, up 15% from $9.2 million in the 2013 second quarter and up sequentially from $10.3 million in the first quarter of 2014. Revenues for the first six months of 2014 were $20.9 million, up 15% from $18.1 million in the first six months of last year.
  • Gross margin for the quarter was 50.0%, up from 48.7% in the second quarter of last year and up from 48.9% in the 2014 first quarter.
  • Operating income in the 2014 second quarter was $0.4 million compared with operating income of $0.5 million in last year's second quarter. 
  • Net income was $0.3 million, or $0.03 per diluted share, for the second quarter of 2014, compared to net income in last year's second quarter of $0.4 million, or $0.04 per diluted share.  Net income for the first half of 2014 was $0.8 million, or $0.07 per diluted share, compared to net income for the first half of 2013, which included a one-time insurance gain of $0.5 million in the 2013 first quarter, of $1.3 million, or $0.13 per diluted share.
  • Guidance for third quarter of 2014: The company expects to achieve revenue of $10.0 million to $10.3 million, representing growth of 5% to 8% over last year's third quarter. Gross margin is anticipated to come in between 48% and 50%, and operating expenses are expected to be $4.6 million to $4.8 million.
  • President and CEO Will Moore said, "The second quarter was the fifth straight quarter of double digit percentage revenue growth and, clearly, was the strongest quarter of domestic system sales in the company's history.  Sales of these systems grew by more than 80% over the prior year quarter, which we see as continued
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