IRIDEX Corporation (IRIX) swung to a net loss for the quarter ended Oct. 01, 2016. The company has made a net loss of $0.67 million, or $ 0.07 a share in the quarter, against a net profit of $0.44 million, or $0.04 a share in the last year period. Revenue during the quarter went down marginally by 0.26 percent to $9.79 million from $9.82 million in the previous year period. Gross margin for the quarter contracted 596 basis points over the previous year period to 43.37 percent. Operating margin for the quarter stood at negative 12.74 percent as compared to a positive 1.46 percent for the previous year period.
Operating loss for the quarter was $1.25 million, compared with an operating income of $0.14 million in the previous year period.
"The G6 platform continues to outperform our expectations in terms of both systems sold and disposable probe utilization. The G6 platform is rapidly transforming our business and the treatment of glaucoma as evidenced by continued strong market acceptance of our products and clinical feedback from our customers,” stated William M. Moore, President and Chief executive officer.
Iridex Corp projects revenue to be in the range of $12.40 million to $12.90 million for financial year 2016.
Working capital decreases marginally
IRIDEX Corporation has witnessed a decline in the working capital over the last year. It stood at $23.86 million as at Oct. 01, 2016, down 1.71 percent or $0.42 million from $24.28 million on Oct. 03, 2015. Current ratio was at 4.16 as on Oct. 01, 2016, down from 4.40 on Oct. 03, 2015. Cash conversion cycle (CCC) has decreased to 138 days for the quarter from 223 days for the last year period. Days sales outstanding went up to 71 days for the quarter compared with 70 days for the same period last year.
Days inventory outstanding has decreased to 104 days for the quarter compared with 195 days for the previous year period. At the same time, days payable outstanding went down to 37 days for the quarter from 42 for the same period last year.
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