IRIX 8-K

Iridex Corp (IRIX)

8-K 2024-03-26 For: 2024-03-26

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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 26, 2024
(Date of Report (date of earliest event reported)

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

Delaware		000-27598	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 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 26, 2024.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


		IRIDEX CORPORATION

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

Date: March 26, 2024


	Three Months Ended						Twelve Months Ended
	December 30, 2023			December 31, 2022			December 30, 2023			December 31, 2022
Total revenues	$	12,458		$	15,195		$	51,869		$	56,972
Cost of revenues		7,573			8,531			30,062			31,604
Gross profit		4,885			6,664			21,807			25,368
Operating expenses:
Research and development		1,694			1,450			6,829			7,175
Sales and marketing		3,867			4,826			16,237			18,178
General and administrative		2,405			1,798			8,748			7,557
Total operating expenses		7,966			8,074			31,814			32,910
Loss from operations		(3,081	)		(1,410	)		(10,007	)		(7,542	)
Other income, net		181			276			527			60
Loss from operations before provision for income taxes		(2,900	)		(1,134	)		(9,480	)		(7,482	)
Provision for income taxes		60			14			90			65
Net loss	$	(2,960	)	$	(1,148	)	$	(9,570	)	$	(7,547	)
Net loss per share:
Basic	$	(0.18	)	$	(0.07	)	$	(0.59	)	$	(0.47	)
Diluted	$	(0.18	)	$	(0.07	)	$	(0.59	)	$	(0.47	)
Weighted average shares used in computing net loss per common share:
Basic		16,245			15,990			16,128			15,938
Diluted		16,245			15,990			16,128			15,938


	FY 2023			FY 2022
	December 30, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	7,034		$	13,922
Accounts receivable, net		9,654			9,768
Inventories		9,906			10,608
Prepaid expenses and other current assets		856			1,468
Total current assets		27,450			35,766
Property and equipment, net		351			462
Intangible assets, net		1,642			1,977
Goodwill		965			965
Operating lease right-of-use assets, net		2,632			1,665
Other long-term assets		1,396			1,455
Total assets	$	34,436		$	42,290
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,727		$	3,873
Accrued compensation		1,619			2,448
Accrued expenses		1,996			1,548
Other current liabilities		925			968
Accrued warranty		308			168
Deferred revenue		2,404			2,411
Operating lease liabilities		995			1,037
Total current liabilities		12,974			12,453
Long-term liabilities:
Accrued warranty		138			106
Deferred revenue		10,025			11,742
Operating lease liabilities		1,751			732
Other long-term liabilities		26			26
Total liabilities		24,914			25,059
Stockholders’ equity:
Common stock		172			169
Additional paid-in capital		88,444			86,802
Accumulated other comprehensive loss		(52	)		(24	)
Accumulated deficit		(79,042	)		(69,716	)
Total stockholders’ equity		9,522			17,231
Total liabilities and stockholders’ equity	$	34,436		$	42,290



(d)	Exhibits