Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

On February 23, 2018, we initiated a voluntary recall of a specific laser accessory called the TruFocus LIO Premiere™ (“LIO”).  On April 27, 2018, Iridex began shipments of the updated TruFocus LIO Premiere device to countries outside the United States that do not require FDA clearance (or do not require supplemental device registration for the updated device) under applicable U.S. export regulations.  Return of the LIO device to the U.S. market will likely require FDA clearance of a 510(k) Premarket Notification.  

Based on this, we have reversed the sales return reserve and warranty expense associated with products shipped outside of the United States that were accrued in December 2017, specifically $172 thousand in sales return reserve and $368 thousand in materials and other warranty related expense as these reserves are no longer deemed required.

As of March 31, 2018, there is an accrual for approximately $1.5 million consists of $637 thousand in sales return reserve and $853 thousand in materials and other warranty related costs associated with the voluntary recall of LIO products in the United States.