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Iridex Shares Up 25% On Revenue Outlook

Shares of Iridex Corp. (IRIX) jumped 25% in extended trading session on Monday after the medical devices maker issued a strong outlook for the fourth-quarter and full-year 2020.

Total revenues are expected to be $12.2 million to $12.4 million, compared to $11.8 million in the fourth quarter of 2019. For the full year 2020, the company expects revenues to be $36.2 million to $36.4 million, about 16% below last year revenues of $43.4 million.

"As with many other companies, our business was impacted by COVID-19 during 2020, but our strong recovery and improving momentum is evident from the fourth quarter results," said CEO David Bruce. "Total revenue and Cyclo G6 probe sales exceeded the pre-pandemic levels from the prior year quarter. This was achieved simultaneously with highly focused expense management, resulting in net cash burn of only $1.0 million for the entire year."

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