Iridex reports 23.5% increase in second-quarter net income
Iridex recorded $415,000 in net income for the quarter ended June 29, up 23.5% over the $336,000 net income from the same period last year, according to a company news release.
The company reported total revenue of $9.2 million for the quarter, an increase of 9.1% over total revenue of $8.4 million in the same quarter last year.
Total operating expenses for the period fell to $3.97 million from $4.46 million, based on drops in research and development expenses, as well as sales and marketing expenses. General and administrative expenses increased from numbers reported during the same time period last year.
The company’s gross margin for the second quarter, 48.7%, matched the gross margin from the second quarter of 2012 and showed an increase over the 47.3% margin reported in the first quarter of this year.
For the first half of the year, Iridex recorded $1.29 million in net income, down from $1.94 million in the first 6 months of 2012. Total revenue for the 6-month period was $18.15 million in 2013 and $16.75 million in 2012.