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Iridex reports drop in second-quarter net income
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Second-quarter total revenues for Iridex increased by $360,000 compared to the same period last year, while the company’s net income fell to $336,000 from $909,000, according to a company news release.
The second-quarter operating expenses increased to $4.5 million from $3.7 million in the prior year, according to the release.
“We anticipate that our increased investments in people and programs across the organization will drive overall sales growth in the second half of the year, and we intend to balance our investments in line with our revenue growth to maintain profitability for the year,” Dominik Beck, president and CEO of Iridex, said in the release.
Iridex experienced gross margins of 48.7% for the second quarter, equaling those for the same period in the previous year, the release said.
The number was below the company’s predictions as a result of several non-recurring adjustments during the quarter, according to the release.
For the third quarter, Iridex expects to achieve gross margins between 49% and 51%, revenues between $8.4 million and $8.8 million, and operating expenses between $4.2 million and $4.4 million, resulting in the company breaking even for operating income, according to the release.