IRIDEX CORP Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>IRIDEX CORP (IRIX) filed its Q1 2024 10-Q, detailing financial performance and disclosures with references to key partners like Topcon Corporation.</b>

AI Summary

IRIDEX CORP (IRIX) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Filing is a 10-Q for IRIDEX CORP (IRIX) for the period ending March 30, 2024. The filing includes data related to various financial statement line items and disclosures. Key dates mentioned include March 30, 2024, December 31, 2023, and April 1, 2023. Specific entities like Topcon Corporation and Topcon America Corporation are referenced in relation to revenue and accounts receivable. The filing pertains to the ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS industry (SIC 3845).

Why It Matters

For investors and stakeholders tracking IRIDEX CORP, this filing contains several important signals. This 10-Q filing provides a quarterly update on IRIDEX CORP's financial health and operational status, crucial for investors to assess recent performance. The mention of specific customers like Topcon Corporation highlights potential customer concentration risks and revenue dependencies.

Risk Assessment

Risk Level: medium — IRIDEX CORP shows moderate risk based on this filing. The company's reliance on specific customers, such as Topcon Corporation, as indicated by references to customer concentration risk for accounts receivable and sales revenue, presents a medium risk.

Analyst Insight

Investors should analyze the revenue breakdown and customer concentration disclosures to understand potential risks and growth drivers for IRIDEX CORP.

Key Numbers

• 2024-03-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-14 — Filing Date (FILED AS OF DATE)
• 000-27598 — SEC File Number (SEC FILE NUMBER)
• 1212 TERRA BELLA AVE — Business Street (BUSINESS ADDRESS)
• MOUNTAIN VIEW — Business City (BUSINESS ADDRESS)
• CA — Business State (BUSINESS ADDRESS)
• 94043 — Business Zip (BUSINESS ADDRESS)
• 6509404300 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• IRIDEX CORP (company) — FILER
• IRIX (company) — ticker symbol
• Topcon Corporation (company) — customer concentration risk
• Topcon America Corporation (company) — distribution rights
• ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 3845 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 2024-03-30 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-14 (date) — FILED AS OF DATE

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risk due to concentration of revenue and accounts receivable from a limited number of customers, specifically mentioning Topcon Corporation.

Key Dates

• 2024-03-30: Quarter End — Period covered by the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share IRIX Nasdaq Global Market

Filing Documents

• irix-20240330.htm (10-Q) — 1372KB
• irix-ex31_1.htm (EX-31.1) — 14KB
• irix-ex31_2.htm (EX-31.2) — 14KB
• irix-ex32_1.htm (EX-32.1) — 7KB
• irix-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-059771.txt (&nbsp;) — 6191KB
• irix-20240330.xsd (EX-101.SCH) — 937KB
• irix-20240330_htm.xml (XML) — 979KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5 Item 1. Condensed Consolidated Financial Statements (Unaudited) 5 Unaudited Condensed Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023 5 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 30, 2024 and April 1, 2023 6 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 30, 2024 and April 1, 2023 7 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 30, 2024 and April 1, 2023 8 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 30, 2024 and April 1, 2023 9 Notes to Unaudited Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

OTHER INFORMATION

PART II. OTHER INFORMATION 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 45

Signatures

Signatures 46 2 NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (including changes in sales and marketing, research and development and general and administrative expenses), and our ability to achieve and maintain future profitability; our ability to alleviate concerns related to our ability to operate as a going concern; macroeconomic conditions, including impact of global pandemics or other public health emergencies or outbreaks, foreign exchange fluctuation, inflation concerns, heightened interest rates and recessionary fears and uncertainty in the global banking and financial services market, on our business and results of operations; customer acceptance and purchase of our existing products and new products; our ability to maintain and expand our customer base; competition from other products; the impact of foreign currency exchange rate and interest rate fluctuations on our results and sales;

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Condensed Consolidated F inancial Statements (Unaudited)

Item 1. Condensed Consolidated F inancial Statements (Unaudited) IRIDEX Corporation CONDENSED CONSOLIDA TED BALANCE SHEETS (Unaudited, in thousands except share and per share data) March 30, 2024 December 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 5,419 $ 7,034 Accounts receivable, net 6,525 6,727 Receivable from related party 2,621 2,927 Inventories 11,003 9,906 Prepaid expenses and other current assets 2,010 856 Total current assets 27,578 27,450 Property and equipment, net 265 351 Intangible assets, net 1,558 1,642 Goodwill 965 965 Operating lease right-of-use assets, net 2,402 2,632 Other long-term assets 1,324 1,396 Total assets $ 34,092 $ 34,436 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,681 $ 4,499 Payable to related party 310 228 Accrued compensation 2,256 1,619 Accrued expenses 1,112 1,996 Other current liabilities 1,265 1,233 Deferred revenue, current 2,447 2,404 Operating lease liabilities, current 995 995 Total current liabilities 16,066 12,974 Long-term liabilities: Deferred revenue 9,708 10,025 Operating lease liabilities 1,526 1,751 Other long-term liabilities 304 164 Total liabilities 27,604 24,914 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock, $ 0.01 par value, 2,000,000 shares authorized, no shares issued and outstanding — — Common stock, $ 0.01 par value: Authorized: 30,000,000 shares; Issued and outstanding 16,252,813 shares as of March 30, 2024 and December 30, 2023 172 172 Additional paid-in capital 88,838 88,444 Accumulated other comprehensive loss ( 16 ) ( 52 ) Accumulated deficit ( 82,506 ) ( 79,042 ) Total stockholders' equity 6,488 9,522 Total liabilities and stockholders' equity $ 34,092 $ 34,436 The accompanying notes a

View Full Filing

View this 10-Q filing on SEC EDGAR