Iridex Reports Revenue Dip in 2015

Iridex Corp. has reported 2015 full-year operating incoming of $0.3 million, compared to $2.6 million for the full year 2014. The decline in operating income for the year was due primarily to both lower revenues and gross margin, and increased operating expenses of $0.8 million, the company said.

For the full year 2015, revenues were $41.8 million compared to $42.8 million for the full year 2014. The company reported that full-year revenues were negatively impacted by supply chain issues that forced the company to slow shipments of laser systems throughout the second and third quarters of 2015.

Net income for the full year 2015 was $0.5 million, or $0.05 per diluted share, compared to net income of $10 million, or $0.97 per diluted share, for the full year 2014.

Iridex said it expects revenue growth for the full year 2016 to be in the low double-digits, with stronger growth in the second half of the year as the installed base of Cyclo G6 glaucoma laser systems grows and drives an increase in revenues of the company's disposable probes.

Iridex develops, manufactures and markets laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market.