Iridex Q1-2018 Revenues Decrease 9 Percent following Recall

May 4, 2018: By Jon Swedien

Iridex’ revenues for Q1-2018 were $9.5 million, down 9 percent compared with Q1-2017 revenues, the Mountain View, California, company reported May 3.

The company said the decrease in revenues was primarily due to its voluntary recall of its TruFocus LIO Premiere laser indirect ophthalmoscope.

Iridex issued the recall after reports of adverse events during procedures using the laser accessory, including focal cataracts and iris burns. The LIO is a head-mounted indirect ophthalmoscope that connects to an Iridex laser console and is used to view and perform laser treatments.

The decrease was partially offset by growth from G6 product revenues, Iridex said.

In Q1-2018, Iridex shipped 99 Cyclo G6 systems—compared with 64 in Q1-2017—and a record 11,600 G6 probes—compared with 6,600 in Q1-2017—the company said. The laser system is designed to reduce intraocular pressure without incisions or implants, potentially extending the time before more invasive measures are required.

Iridex had cash and cash equivalents of $18.5 million as of March 31, the company reported.

The company provided revenue guidance of $37 million to $41 million for the full year.

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