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Iridex posts $12.8 million net loss in 2018

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Iridex reported a net loss of $2.9 million, or $0.21 per share, in 2018’s fourth quarter compared with a net loss of $5.2 million, or $0.44 per share, in the fourth quarter of 2017, according to a press release.

For the full year, the company had a net loss of $12.8 million, or $1.05 per share, compared with 2017’s net loss of $12.9 million, or $1.11 per share.

Revenue increased 12% for the quarter from $10.2 million to $11.5 million and 2.4% for the full year from $41.6 million in 2017 to $42.6 million in 2018.

Operating expenses increased from $7.4 million to $7.6 million for the quarter and from $28.4 million to $30.3 million for the year.

As of Dec. 29, 2018, Iridex had $21.2 million in cash and cash equivalents.