IRIDEX Corporation
- Open
- 0.72
- Day high
- 0.73
- Day low
- 0.71
- Prev close
- 0.71
- Volume
- 25K
- Mkt cap
- $13M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.5
- P/S
- 0.2
- Yield
- —
- Per share
- —
- ▲Insiders net buying $14K over the last 3 months (6 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
IRIDEX Corporation (IRIX) is a Healthcare company listed on NASDAQ. The stock is down 46% over the past year. Over the trailing 3 months, insiders filed 6 open-market buys and 0 sales (SEC Form 4).
IRIDEX Corporation (IRIX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IRIX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 18, 2026 | $-0.01 | $-0.07 | -600.0% | $13M | -7.5% |
| May 19, 2026 | $-0.07 | $-0.03 | +57.1% | $12M | -0.9% |
| Mar 26, 2026 | $-0.02 | $-0.01 | +50.0% | $15M | -0.1% |
| Aug 12, 2025 | $-0.09 | $-0.06 | +33.3% | $14M | +3.6% |
| Mar 27, 2025 | $-0.05 | $-0.05 | +0.0% | $13M | -0.8% |
| Aug 8, 2024 | $-0.12 | $-0.16 | -33.3% | $13M | +0.2% |
| May 14, 2024 | $-0.12 | $-0.21 | -75.0% | $12M | -2.0% |
| Nov 14, 2023 | $-0.13 | $-0.11 | +15.4% | $13M | -10.6% |
| Aug 10, 2023 | $-0.11 | $-0.17 | -54.5% | $13M | -9.7% |
| May 11, 2023 | $-0.12 | $-0.13 | -8.3% | $14M | -4.5% |
| Mar 9, 2023 | $-0.11 | $-0.07 | +36.4% | $15M | +0.2% |
| Nov 10, 2022 | $-0.15 | $-0.11 | +26.7% | $15M | +5.5% |
IRIX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 24, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Buy | 1,300 | $0.75 |
| Aug 24, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Buy | 5,368 | $0.75 |
| Jul 14, 2026 | Mercer Patrickdirector, officer: President and CEO | Grant | 100,000 | — |
| Jul 14, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Grant | 30,000 | — |
| Jul 14, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Grant | 170,000 | $1.10 |
| Jul 14, 2026 | Mercer Patrickdirector, officer: President and CEO | Grant | 200,000 | $1.10 |
| Jun 16, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Tax | 2,691 | $1.12 |
| Jun 16, 2026 | Mercer Patrickofficer: President and CEO | Tax | 3,990 | $1.12 |
| Jun 15, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Buy | 975 | $1.14 |
| Jun 12, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Buy | 1,675 | $1.14 |
| Jun 9, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Buy | 2,400 | $1.12 |
| Jun 8, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Buy | 2,521 | $1.15 |
| Jun 3, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Buy | 2,400 | $1.17 |
| May 26, 2026 | Mercer Patrickofficer: President and CEO | Tax | 19,233 | $1.01 |
| May 26, 2026 | Dizon Romeo Rofficer: Chief Financial Officer | Buy | 5,004 | $1.00 |
Source: IRIX SEC Form 4 filings, latest Aug 24, 2026. For informational purposes only — not investment advice.
See the full IRIX insider & 13F page →IRIDEX Corporation company profile
Overview
IRIDEX Corporation (NASDAQ:IRIX) is a specialized ophthalmic medical technology company founded in 1989 and headquartered in Mountain View, California. The company went public in 1996 and has established itself as a provider of therapeutic laser systems and related devices for treating sight-threatening eye diseases. IRIDEX focuses primarily on two major areas of ophthalmology: glaucoma and retinal disorders, serving eye care professionals worldwide through both direct sales and international distribution networks.
Business
IRIDEX operates in the ophthalmic medical device industry, developing and manufacturing laser-based therapeutic systems for treating serious eye conditions that can lead to blindness. The company's products are designed to help ophthalmologists treat patients with glaucoma and various retinal diseases using minimally invasive laser procedures. The company's business is organized around two primary product segments. The Glaucoma product line centers on the Cyclo G6 laser system, which represents approximately 25-30% of total revenue based on recent quarters. This system uses MicroPulse technology to perform transscleral laser therapy, a procedure that reduces intraocular pressure in glaucoma patients by targeting the ciliary body (the part of the eye that produces fluid). The treatment is non-incisional and repeatable, making it attractive for patients who have not responded well to medications or other treatments. The system works with disposable probes, creating a recurring revenue stream from consumables. The Retina product segment generates approximately 55-60% of revenue and includes various laser photocoagulation systems such as the IQ 532, IQ 577, and PASCAL platforms. These systems treat diabetic retinopathy, macular edema, retinal tears, and other retinal disorders by using precise laser energy to seal leaking blood vessels or create therapeutic burns that help preserve vision. The PASCAL system features pattern scanning technology that allows physicians to deliver multiple laser spots simultaneously, improving treatment efficiency. The remaining 15-20% of revenue comes from other products and services, including delivery devices, consumable instruments, and various accessories that complement the main laser systems. These products include slit lamp adapters, indirect ophthalmoscopes, and specialized probes for different surgical procedures.
Revenue model
IRIDEX generates revenue through a combination of capital equipment sales and recurring consumable sales. The business model centers on selling laser systems (capital equipment) to ophthalmologists, hospitals, and surgical centers, then generating ongoing revenue from disposable probes, accessories, and service contracts. The company's primary customers are ophthalmologists working in private practices, hospitals, ambulatory surgical centers, and academic medical centers. For the glaucoma business, customers include both glaucoma specialists and comprehensive ophthalmologists who treat glaucoma patients. The retina business primarily serves retinal specialists who focus on treating diabetic retinopathy and other retinal diseases. Revenue streams include upfront system sales ranging from tens of thousands to over $100,000 per unit, depending on the configuration. The consumable business provides recurring revenue, with the Cyclo G6 probes selling for hundreds of dollars each and typically used once per patient treatment. Recent quarters show probe sales of 13,000-15,000 units, indicating steady procedural volume. Several factors influence the company's margins and profitability. Positive margin drivers include the shift toward higher-value consumables, successful cost reduction initiatives that have lowered operating expenses by millions of dollars, and economies of scale in manufacturing. The company has also benefited from manufacturing most products in the United States, reducing supply chain risks and potential tariff exposure. Margin pressures come from reimbursement challenges, particularly Medicare coverage restrictions that have limited some glaucoma procedures. Competition from alternative treatments like minimally invasive glaucoma surgery (MIGS) devices and traditional surgical options can pressure pricing. International sales through distributors typically carry lower margins than direct sales, and currency fluctuations can impact international revenue when converted to dollars.
Competitive moat
IRIDEX operates in a specialized niche within ophthalmology but faces meaningful competitive pressures that limit its defensive positioning. The company's primary competitive advantage lies in its clinical expertise and established relationships within the ophthalmic community, built over more than three decades of operation. The MicroPulse technology platform provides some differentiation, particularly for glaucoma treatments where the non-incisional, repeatable nature offers advantages over traditional surgical approaches. However, the company's moat appears relatively narrow. In the glaucoma market, IRIDEX competes against a growing array of MIGS devices that offer similar minimally invasive benefits with potentially better reimbursement profiles. Traditional surgical options and newer drug delivery systems also provide alternative treatment pathways for physicians. The retinal laser market is more established but faces competition from larger medical device companies with greater resources and broader product portfolios. The company's small size and limited financial resources constrain its ability to invest heavily in research and development or maintain extensive sales and marketing operations compared to larger competitors. Recent Medicare coverage restrictions for certain glaucoma procedures have highlighted the vulnerability of the business model to regulatory and reimbursement changes. Potential disruption could come from continued advances in MIGS technology, new pharmaceutical approaches to treating glaucoma and retinal diseases, or next-generation surgical techniques that make laser therapy less relevant. The company's dependence on aging laser technology platforms also creates risk if newer treatment modalities gain broader adoption among physicians.
Risks & safety
The margin of safety appears limited given the company's financial constraints and operational challenges. • Cash and liquidity concerns: Cash declined from $7.0 million to $2.4 million during 2024 before receiving a $10 million strategic investment from Novel Innovations. Operating cash flow has been consistently negative, ranging from -$1.1 million to -$7.3 million across recent quarters. • Debt and solvency: Debt-to-equity ratio of 2.21 indicates significant leverage. Current ratio of 1.42 provides minimal working capital cushion. The company has been burning cash and required external financing to maintain operations. • Valuation metrics: Trading at negative P/E ratios due to losses. Price-to-book ratio of 13.1 appears elevated given the operational challenges. EV/EBITDA ratios are negative due to negative EBITDA in most recent periods. • Other considerations: The company achieved its first positive adjusted EBITDA of $0.4 million in Q4 2024, indicating some operational progress. However, the small size, limited resources, and dependence on external financing create ongoing solvency risks if operational improvements don't continue.
Recent development
Over the past few years, IRIDEX has undergone significant strategic and operational changes in response to financial pressures and market challenges. The company initiated a formal strategic review process in 2023, engaging investment bankers to explore potential transactions including asset sales or business combinations to unlock shareholder value. Leadership and operational restructuring has been a major focus, with Patrick Mercer being promoted to CEO and the company implementing aggressive cost reduction programs that have lowered quarterly operating expenses by approximately $2.5 million. These efforts culminated in achieving the company's first positive adjusted EBITDA of $0.4 million in Q4 2024. The company secured a crucial $10 million strategic investment from Novel Innovations in late 2024, with the potential for an additional $10 million investment. This partnership is expected to facilitate product portfolio expansion through distribution agreements, partnerships, or small acquisitions, addressing the company's historically narrow product focus. Product development initiatives include the introduction of new laser platforms such as the I-5 system and updated versions of the PASCAL scanning laser platform. The company has also been working to modernize its manufacturing processes and expand its clinical evidence base, particularly for the MicroPulse glaucoma therapy. Market positioning efforts have focused on navigating Medicare reimbursement challenges for glaucoma procedures while capitalizing on potential opportunities created by new Local Coverage Determinations that may restrict competing MIGS procedures. The company has also been working to expand internationally, particularly in markets like China where it received regulatory clearance for the Cyclo G6 system.
IRIX company profile · for informational purposes only — not investment advice.
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