IRIDEX Corporation Reports Financial Results for Quarter Ended June 29 2024
Intellectia.AI Updated: 1970-01-01
IRIDEX Corporation Reports Financial Results for Quarter Ended June 29, 2024
IRIDEX Corporation reported its financial results for the quarter ending June 29, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Consensus Estimate | Quarter-over-Quarter Change |
|---|---|---|---|---|---|
| Total Revenue | $12.6 million | $12.9 million | -2.3% | $12.8 million | -1.7% |
| Earnings Per Share (EPS) | -$0.15 | -$0.10 | -50% | -$0.12 | -50% |
Interpretation: For Q2 2024, IRIDEX reported a slight decline in total revenue year-over-year and quarter-over-quarter. The company missed the consensus revenue estimate of $12.8 million and reported a larger-than-expected EPS loss of -$0.15, compared to the consensus estimate of -$0.12.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Year-over-Year Change |
|---|---|---|---|
| Glaucoma | $5.3 million | $5.3 million | 0% |
| Medical Retina | $3.8 million | $3.6 million | +5.6% |
| Surgical Retina | $2.4 million | $2.7 million | -11.1% |
| Other | $1.1 million | $1.3 million | -15.4% |
Interpretation: The Glaucoma segment remained stable with no year-over-year revenue growth. The Medical Retina segment exhibited modest growth, driven primarily by sales of the PASCAL product line. However, the Surgical Retina and Other segments experienced declines, affecting overall performance.
Operational Data
| Q2 2024 | Q2 2023 | Year-over-Year Change | |
|---|---|---|---|
| Gross Profit | $5.1 million | $5.3 million | -3.8% |
| Gross Margin | 40.7% | 41.7% | -1% |
| R&D Expenses | $1.5 million | $1.8 million | -18.6% |
| Sales and Marketing Expenses | $3.5 million | $4.3 million | -18.6% |
| General and Admin Expenses | $2.8 million | $2.2 million | +27.3% |
Interpretation: Gross profit and gross margin declined slightly due to a decrease in total revenue and lower royalty income. Improved operational efficiencies led to lower R&D and sales & marketing expenses. However, general and administrative expenses increased significantly, largely due to higher consulting and legal costs.
Stock Price Movement
The stock price increased by approximately 2.75% following the earnings release.
Summary: IRIDEX Corporation reported lower-than-expected financial performance for Q2 2024 with slight declines in total revenue and a larger EPS loss compared to estimates. Segment performance was mixed, with growth in Medical Retina offset by declines in other segments. Operating cost efficiencies were achieved but higher general and administrative expenses impacted overall profitability. The stock price saw a modest increase following the earnings release.
This concise earnings summary ensures data accuracy based on provided and reported information.
