IRIX 8-K

Iridex Corp (IRIX)

8-K 2020-03-12 For: 2020-03-12

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 8‑K CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	March 12, 2020
(Date of Report (date of earliest event reported)

IRIDEX CORPORATION
(Exact name of registrant as specified in its charter)

Delaware			0-27598	77-0210467
(State or other jurisdiction of incorporation or organization)			(Commission File Number)	(I.R.S. Employer Identification Number)
1212 Terra Bella Avenue Mountain View, California 94043
(Address of principal executive offices, including zip code)
		(650) 940-4700
		(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Exhibit No.		Description

99.1		Press Release dated March 12, 2020.




		IRIDEX CORPORATION

By:		/s/ David I. Bruce
		David I. Bruce President and Chief Executive Officer

	Three Months Ended						Twelve Months Ended
	December 28,			December 29,			December 28,			December 29,
	2019			2018			2019			2018

Total revenues	$	11,762		$	11,467		$	43,447		$	42,600
Cost of revenues		6,912			6,762			25,508			25,129
Gross profit		4,850			4,705			17,939			17,471

Operating expenses:
Research and development		788			852			3,682			4,006
Sales and marketing		3,791			4,420			14,852			16,782
General and administrative		1,888			2,342			8,379			9,551
Total operating expenses		6,467			7,614			26,913			30,339

Loss from operations		(1,617	)		(2,909	)		(8,974	)		(12,868	)
Other income, net		82			76			209			92
Loss from operations before provision for income taxes		(1,535	)		(2,833	)		(8,765	)		(12,776	)
Provision for income taxes		26			23			48			37
Net loss	$	(1,561	)	$	(2,856	)	$	(8,813	)	$	(12,813	)

Net loss per share:
Basic	$	(0.11	)	$	(0.21	)	$	(0.64	)	$	(1.05	)
Diluted	$	(0.11	)	$	(0.21	)	$	(0.64	)	$	(1.05	)

Weighted average shares used in computing net loss per share
Basic		13,783			13,599			13,707			12,199
Diluted		13,783			13,599			13,707			12,199

	December 28,			December 29		,
	2019			2018
Assets
Current assets:
Cash and cash equivalents	$	12,653		$	21,194
Accounts receivable, net		9,323			9,083
Inventories		8,174			8,794
Prepaid expenses and other current assets		401			547
Total current assets		30,551			39,618
Property and equipment, net		730			1,220
Intangible assets, net		84			100
Goodwill		533			533
Operating lease right-of-use assets, net		2,764			-
Other long-term assets		151			201
Total assets	$	34,813		$	41,672

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	2,592		$	2,516
Accrued compensation		2,398			2,962
Accrued expenses		1,544			2,763
Accrued warranty		380			622
Deferred revenue		1,450			1,639
Operating lease liabilities		1,414			-
Total current liabilities		9,778			10,502

Long-term liabilities:
Accrued warranty		156			238
Deferred revenue		360			586
Operating lease liabilities		1,795			-
Other long-term liabilities		19			385
Total liabilities		12,108			11,711

Stockholders' equity:
Common stock		147			145
Additional paid-in capital		73,093			71,548
Accumulated other comprehensive income		80			70
Accumulated deficit		(50,615	)		(41,802	)
Total stockholders' equity		22,705			29,961

Total liabilities and stockholders' equity	$	34,813		$	41,672



(d)	Exhibits