$IRIX
IRIDEX CORP

2021 Q3 Form 10-Q Financial Statement

#000156459021044004 Filed on August 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q2 2020 Q1
Revenue $13.43M $6.219M $9.021M
YoY Change 52.52% -40.35% -14.86%
Cost Of Revenue $7.318M $3.813M $5.105M
YoY Change 42.1% -35.12% -19.48%
Gross Profit $6.108M $2.406M $3.916M
YoY Change 67.16% -47.11% -8.08%
Gross Profit Margin 45.49% 38.69% 43.41%
Selling, General & Admin $5.574M $4.383M $4.850M
YoY Change 20.39% -28.01% -23.44%
% of Gross Profit 91.26% 182.17% 123.85%
Research & Development $1.672M $810.0K $719.0K
YoY Change 92.41% -12.81% -24.95%
% of Gross Profit 27.37% 33.67% 18.36%
Depreciation & Amortization $225.0K $140.0K $140.0K
YoY Change 87.5% 0.0% -33.33%
% of Gross Profit 3.68% 5.82% 3.58%
Operating Expenses $7.246M $4.383M $5.569M
YoY Change 31.75% -37.54% -23.64%
Operating Profit -$1.138M -$2.784M -$1.653M
YoY Change -38.35% 12.8% -45.55%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.539M $9.000K $9.000K
YoY Change 1780.74% -84.48% -250.0%
Pretax Income $1.401M -$2.775M -$1.644M
YoY Change -181.88% 15.15% -45.96%
Income Tax $8.000K $5.000K $7.000K
% Of Pretax Income 0.57%
Net Earnings $1.393M -$2.780M -$1.651M
YoY Change -181.04% 14.92% -45.83%
Net Earnings / Revenue 10.38% -44.7% -18.3%
Basic Earnings Per Share $0.09 -$0.20 -$0.12
Diluted Earnings Per Share $0.09 -$0.20 -$119.7K
COMMON SHARES
Basic Shares Outstanding 15.65M 13.79M 13.79M
Diluted Shares Outstanding 16.31M 13.79M

Balance Sheet

Concept 2021 Q3 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.26M $11.62M $11.14M
YoY Change 120.11% -25.66% -35.16%
Cash & Equivalents $26.26M $11.62M $11.14M
Short-Term Investments
Other Short-Term Assets $911.0K $510.0K $690.0K
YoY Change 68.7% -13.56% -10.39%
Inventory $7.962M $7.850M $8.160M
Prepaid Expenses
Receivables $8.599M $5.780M $6.990M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.73M $25.76M $26.98M
YoY Change 71.09% -22.6% -23.05%
LONG-TERM ASSETS
Property, Plant & Equipment $3.467M $2.750M $3.170M
YoY Change 62.01% 177.5% -33.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $56.00K $160.0K $140.0K
YoY Change -62.67% -18.37% -26.32%
Total Long-Term Assets $6.789M $3.520M $3.920M
YoY Change 134.1% -32.33% -30.12%
TOTAL ASSETS
Total Short-Term Assets $43.73M $25.76M $26.98M
Total Long-Term Assets $6.789M $3.520M $3.920M
Total Assets $50.52M $29.28M $30.90M
YoY Change 77.51% -23.92% -24.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.249M $560.0K $1.500M
YoY Change 51.96% -74.5% -37.5%
Accrued Expenses $4.475M $4.690M $4.950M
YoY Change -12.94% 128.22% -10.16%
Deferred Revenue $2.005M $1.222M $1.382M
YoY Change 87.03% -19.29% -20.67%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.110M
YoY Change -100.0%
Total Short-Term Liabilities $10.92M $7.580M $7.835M
YoY Change 18.59% -22.4% -18.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.390M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $12.72M $1.520M $19.00K
YoY Change 1146.86% 8841.18% -99.47%
Total Long-Term Liabilities $12.72M $2.910M $19.00K
YoY Change 539.1% 17017.65% -99.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.92M $7.580M $7.835M
Total Long-Term Liabilities $12.72M $2.910M $19.00K
Total Liabilities $23.64M $10.48M $9.747M
YoY Change 110.88% -18.48% -26.27%
SHAREHOLDERS EQUITY
Retained Earnings -$52.27M
YoY Change
Common Stock $73.33M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.88M $18.79M $21.15M
YoY Change
Total Liabilities & Shareholders Equity $50.52M $29.28M $30.90M
YoY Change 77.51% -23.92% -24.03%

Cashflow Statement

Concept 2021 Q3 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $1.393M -$2.780M -$1.651M
YoY Change -181.04% 14.92% -45.83%
Depreciation, Depletion And Amortization $225.0K $140.0K $140.0K
YoY Change 87.5% 0.0% -33.33%
Cash From Operating Activities -$1.231M -$1.990M -$1.453M
YoY Change -400.24% 46.32% -61.73%
INVESTING ACTIVITIES
Capital Expenditures -$55.00K -$10.00K $68.00K
YoY Change 450.0% -75.0% 1.49%
Acquisitions
YoY Change
Other Investing Activities -$3.000K $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$48.00K -$10.00K -$68.00K
YoY Change -93.33% -58.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -433.0K 2.490M -2.000K
YoY Change 2065.0% -25000.0% -97.85%
NET CHANGE
Cash From Operating Activities -1.231M -1.990M -1.453M
Cash From Investing Activities -48.00K -10.00K -68.00K
Cash From Financing Activities -433.0K 2.490M -2.000K
Net Change In Cash -1.712M 490.0K -1.514M
YoY Change -538.97% -132.24% -62.33%
FREE CASH FLOW
Cash From Operating Activities -$1.231M -$1.990M -$1.453M
Capital Expenditures -$55.00K -$10.00K $68.00K
Free Cash Flow -$1.176M -$1.980M -$1.521M
YoY Change -380.0% 50.0% -60.64%

Facts In Submission

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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.73
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.59
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1548400
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.77
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4297000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1388531
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.84
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3815000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.73
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1599000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
70000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1200000
CY2021Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
us-gaap Net Income Loss
NetIncomeLoss
-4431000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13789000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
427000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13792000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14996000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13789000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6219000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25385000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15240000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6219000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25385000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15240000

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