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Iridex (IRIX) Beats on Q4 Earnings, Revenues Increase Y/Y
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Iridex (IRIX - Free Report) reported fourth-quarter 2020 loss of 1 cent per share that beat the Zacks Consensus Estimate by 90.9% and was narrower than the year-ago quarter’s loss of 11 cents.
Revenues of $12.3 million increased 4.6% year over year. The figure also beat the consensus mark by 0.4%.
Quarter Details
In fourth-quarter 2020, Iridex Sold 13,500 Cyclo G6 probes, unchanged year over year. U.S. sales of Cyclo G6 probes increased by 8%.
Iridex sold 57 Cyclo G6 Glaucoma Laser Systems, compared with 107 in the year-ago quarter.
IRIDEX Corporation Price, Consensus and EPS Surprise
Moreover, Retina-related product revenues grew nearly 11% year over year.
In the quarter under review, gross profit increased 15.1% year over year to $5.6 million. Gross margin expanded 410 basis points (bps) to 45.4%.
GAAP research & development expenses as percentage of revenues increased 50 bps on a year-over-year basis to 7.2%.
GAAP sales & marketing expenses as percentage of revenues decreased 430 bps to 27.9%. Moreover, GAAP general & administrative expenses as percentage of revenues decreased 340 bps to 12.7%.
Total operating expenses decreased 9% year over year to $5.9 million.
Operating loss of $0.3 million was narrower than the year-ago quarter’s loss of $1.6 million.
Balance Sheet
As of Jan 2, 2021, Iridex had cash and cash equivalents of $11.6 million.
Strategic Collaboration
Iridex entered into a partnership with Topcon. Markedly, Topcon purchased distribution rights in certain Asia Pacific and EMEA markets. Moreover, Topcon purchased approximately 10% of Iridex equity.
Additionally, Iridex purchased the PASCAL product line.
Amkor Technology is likely to report its quarterly results on Apr 26. Both Apple and Arrow are likely to report the same on Apr 29.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Iridex (IRIX) Beats on Q4 Earnings, Revenues Increase Y/Y
Iridex (IRIX - Free Report) reported fourth-quarter 2020 loss of 1 cent per share that beat the Zacks Consensus Estimate by 90.9% and was narrower than the year-ago quarter’s loss of 11 cents.
Revenues of $12.3 million increased 4.6% year over year. The figure also beat the consensus mark by 0.4%.
Quarter Details
In fourth-quarter 2020, Iridex Sold 13,500 Cyclo G6 probes, unchanged year over year. U.S. sales of Cyclo G6 probes increased by 8%.
Iridex sold 57 Cyclo G6 Glaucoma Laser Systems, compared with 107 in the year-ago quarter.
IRIDEX Corporation Price, Consensus and EPS Surprise
IRIDEX Corporation price-consensus-eps-surprise-chart | IRIDEX Corporation Quote
Moreover, Retina-related product revenues grew nearly 11% year over year.
In the quarter under review, gross profit increased 15.1% year over year to $5.6 million. Gross margin expanded 410 basis points (bps) to 45.4%.
GAAP research & development expenses as percentage of revenues increased 50 bps on a year-over-year basis to 7.2%.
GAAP sales & marketing expenses as percentage of revenues decreased 430 bps to 27.9%. Moreover, GAAP general & administrative expenses as percentage of revenues decreased 340 bps to 12.7%.
Total operating expenses decreased 9% year over year to $5.9 million.
Operating loss of $0.3 million was narrower than the year-ago quarter’s loss of $1.6 million.
Balance Sheet
As of Jan 2, 2021, Iridex had cash and cash equivalents of $11.6 million.
Strategic Collaboration
Iridex entered into a partnership with Topcon. Markedly, Topcon purchased distribution rights in certain Asia Pacific and EMEA markets. Moreover, Topcon purchased approximately 10% of Iridex equity.
Additionally, Iridex purchased the PASCAL product line.
Zacks Rank & Stocks to Consider
Currently, Iridex carries a Zacks Rank #4 (Sell).
Amkor Technology (AMKR - Free Report) , Apple (AAPL - Free Report) and Arrow Electronics (ARW - Free Report) are better-ranked stocks in the broader computer and technology sector. While Amkor sports a Zacks Rank #1 (Strong Buy), both Apple and Arrow Electronics carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Amkor Technology is likely to report its quarterly results on Apr 26. Both Apple and Arrow are likely to report the same on Apr 29.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>