Iridex reports 16% revenue increase in 2014
Iridex Corporation reported revenue of $10.3 million in the first quarter of 2014, up 16% from $8.9 million in the first quarter of 2013, according to a press release.
The company also reported an increase in gross margin to 48.9%, up from 47.3% in the first quarter of 2013.
Net income was reported at $0.5 million, or $0.05 per diluted share, for the first quarter of 2014, with a one-time insurance gain of $0.9 million, or $0.09 per diluted share.
The company’s operating income was $0.6 million in the first quarter of 2014, compared with $0.9 million — including a one-time, $0.5 million demutualization of the insurance carrier — during the same period last year.
The company anticipates a $10.3 million to $10.6 million revenue for the second quarter of 2014, a gross margin between 48% and 50%, and operating expenses of $4.4 million to $4.6 million, according to the release.