IRIX 8-K

Iridex Corp (IRIX)

8-K 2020-08-06 For: 2020-08-06

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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
	August 6, 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 August 6, 2020.




		IRIDEX CORPORATION

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

	Three Months Ended						Six Months Ended
	June 27,			June 29,			June 27,			June 29,
	2020			2019			2020			2019

Total revenues	$	6,219		$	10,426		$	15,240		$	21,021
Cost of revenues		3,813			5,877			8,918			12,215
Gross profit		2,406			4,549			6,322			8,806

Operating expenses:
Research and development		807			929			1,526			1,887
Sales and marketing		2,693			3,462			5,845			7,553
General and administrative		1,690			2,626			3,388			4,870
Total operating expenses		5,190			7,017			10,759			14,310

Loss from operations		(2,784	)		(2,468	)		(4,437	)		(5,504	)
Other income, net		9			58			18			52
Loss from operations before provision for income taxes		(2,775	)		(2,410	)		(4,419	)		(5,452	)
Provision for income taxes		5			9			12			15
Net loss	$	(2,780	)	$	(2,419	)	$	(4,431	)	$	(5,467	)

Net loss per share:
Basic	$	(0.20	)	$	(0.18	)	$	(0.32	)	$	(0.40	)
Diluted	$	(0.20	)	$	(0.18	)	$	(0.32	)	$	(0.40	)

Weighted average shares used in computing net loss per share
Basic		13,792			13,648			13,789			13,639
Diluted		13,792			13,648			13,789			13,639

	June 27,			December 28,
	2020			2019
Assets
Current assets:
Cash and cash equivalents	$	11,624		$	12,653
Accounts receivable, net		5,784			9,323
Inventories		7,847			8,174
Prepaid expenses and other current assets		508			401
Total current assets		25,763			30,551
Property and equipment, net		589			730
Intangible assets, net		76			84
Goodwill		533			533
Operating lease right-of-use assets, net		2,156			2,764
Other long-term assets		158			151
Total assets	$	29,275		$	34,813

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	557		$	2,592
Accrued compensation		1,552			2,398
Accrued expenses		1,445			1,544
Current portion of PPP loan		1,110			-
Accrued warranty		244			380
Deferred revenue		1,222			1,450
Operating lease liabilities		1,445			1,414
Total current liabilities		7,575			9,778

Long-term liabilities:
PPP Loan		1,387			-
Accrued warranty		130			156
Deferred revenue		302			360
Operating lease liabilities		1,068			1,795
Other long-term liabilities		19			19
Total liabilities		10,481			12,108

Stockholders' equity:
Common stock		148			147
Additional paid-in capital		73,619			73,093
Accumulated other comprehensive income		73			80
Accumulated deficit		(55,046	)		(50,615	)
Total stockholders' equity		18,794			22,705

Total liabilities and stockholders' equity	$	29,275		$	34,813



(d)	Exhibits