IRIDEX CORP Files Q2 2024 10-Q

TL;DR

IRIDEX CORP's Q2 2024 10-Q is in. Check financials.

AI Summary

IRIDEX CORP filed its 10-Q for the period ending June 29, 2024. The company, based in Mountain View, CA, reported on its financial performance. Key financial data and business operations are detailed in this filing, which covers the second quarter of the fiscal year.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for IRIDEX CORP, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing mentions customer concentration risk with Topcon Corporation, indicating a potential dependency on a single large customer.

Key Numbers

• 2024-06-29 — Period End Date (The 10-Q covers financial data up to this date.)
• 2023-12-31 — Previous Year End (Used for comparative financial analysis.)
• 2024-03-31 — Previous Quarter End (Used for sequential financial analysis.)

Key Players & Entities

• IRIDEX CORP (company) — Filer of the 10-Q
• 2024-06-29 (date) — End of reporting period
• Mountain View, CA (location) — Company headquarters
• Topcon Corporation (company) — Customer with concentration risk
• Topcon America Corporation (company) — Related entity to Topcon Corporation

FAQ

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share IRIX Nasdaq Capital Marke

Filing Documents

• irix-20240629.htm (10-Q) — 1829KB
• irix-ex31_1.htm (EX-31.1) — 15KB
• irix-ex31_2.htm (EX-31.2) — 15KB
• irix-ex32_1.htm (EX-32.1) — 7KB
• irix-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-094090.txt ( ) — 7479KB
• irix-20240629.xsd (EX-101.SCH) — 1007KB
• irix-20240629_htm.xml (XML) — 1281KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5 Item 1. Condensed Consolidated Financial Statements (Unaudited) 5 Unaudited Condensed Consolidated Balance Sheets as of June 29, 2024 and December 30, 2023 5 Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 29, 2024 and July 1, 2023 6 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 29, 2024 and July 1, 2023 7 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 29, 2024 and July 1, 2023 8 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 29, 2024 and July 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 25 Item 4.

Controls and Procedures

Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46

Signatures

Signatures 47 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; success of our strategic alternatives; macroeconomic conditions, including impact of global pandemics or other public health emergencies or outbreaks, foreign exchange fluctuation, inflation concerns, and changing interest rates 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; the pace of change and innovation in the markets in which we participate and the competitive nature of those markets; our business str

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) June 29, 2024 December 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 4,111 $ 7,034 Accounts receivable, net 6,269 6,727 Receivable from related party 1,773 2,927 Inventories 11,124 9,906 Prepaid expenses and other current assets 1,730 856 Total current assets 25,007 27,450 Property and equipment, net 209 351 Intangible assets, net 1,475 1,642 Goodwill 965 965 Operating lease right-of-use assets, net 2,172 2,632 Other long-term assets 1,421 1,396 Total assets $ 31,249 $ 34,436 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,767 $ 4,499 Payable to related party 619 228 Accrued compensation 2,139 1,619 Accrued expenses 868 1,996 Other current liabilities 1,467 1,233 Deferred revenue, current 2,290 2,404 Operating lease liabilities, current 995 995 Total current liabilities 16,145 12,974 Long-term liabilities: Deferred revenue 9,261 10,025 Operating lease liabilities 1,294 1,751 Other long-term liabilities 303 164 Total liabilities 27,003 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 16,449,283 shares as of June 29, 2024 and 16,252,813 as of December 30, 2023 172 172 Additional paid-in capital 89,257 88,444 Accumulated other comprehensive income (loss) 2 ( 52 ) Accumulated deficit ( 85,185 ) ( 79,042 ) Total stockholders' equity 4,246 9,522 Total liabilities and stockholders' equity $ 31,249 $ 34,436 The accom

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View this 10-Q filing on SEC EDGAR